MONTREAL, May 24, 2022
/CNW Telbec/ - Aya Gold &
Silver Inc. (TSX: AYA) (OTCQX: AYASF) ("Aya" or the
"Corporation") is pleased to announce that it has completed
airborne geophysics surveys at its Boumadine and Imiter bis
Projects and is launching the 2022 drill exploration program at
Boumadine in the Kingdom of Morocco. The Corporation will complete its
airborne geophysics survey at Zgounder Regional in June 2022 and start exploration drilling
thereafter.
Highlights
Boumadine
- Two drills are mobilized on Boumadine as part of its
7,500-meter ("m") scheduled diamond drill hole ("DDH") exploration
program
-
- Three zones (North Zone, Central Zone and South Zone) will be
test drilled before year-end
- Completion of an airborne geophysics survey (magnetic, VTEM and
radiometric) (349 kilometers ("km"))
-
- Preliminary data reflect a very wide alteration system and may
show the presence of an intrusive below the central part of the
licence
Imiter bis
- Completion of an airborne geophysics survey (magnetic, VTEM and
radiometric) (554km)
- A total of 4,754m, the first
phase of 2022 drilling, has been completed on the property with
results pending
Zgounder Regional
- To date, 60% of the Zgounder block (of the 8,543km grid) has
been covered by the airborne geophysics survey (magnetic, VTEM and
radiometric) for expected completion in June
2022
- Geological mapping and grab sampling are ongoing with 573
samples taken so far
"We are very encouraged by the preliminary data from Boumadine
that suggest the presence of a very wide alteration system on our
permits. Several drill exploration targets have been identified on
the North, Central and South Zones where there is a clearly defined
circular low-MAG and several known mineralized structures. The
presence of these features on Boumadine strongly indicates the
potential for identifying additional mineralization through our
drilling program on these zones, " said Benoit La Salle, President & CEO.
Boumadine
Boumadine is a mineralized polymetallic (Au-Ag-Cu-Pb-Zn)
structure in a large high-sulfidation epithermal system that hosts
several high-grade gold ("Au") and silver ("Ag") zones. Despite
historical data at surface and years of high-grade mining,
Boumadine remains largely underexplored both at surface and at
depth. The very large and intensely advanced clay alteration with
vuggy silica supports a major epithermal event, and the newly
described chloritic alteration (black iron-rich chlorite) supports
the potential of a volcanogenic massive sulphide ("VMS")-style
input into the mineralization system. Furthermore, the presence of
mineralization in andesitic tuff (beneath the felsic tuff) was
documented for the first time. As mineralization was previously
believed to be confined only to the felsic units, this observation
considerably expands the exploration potential laterally and at
depth.
Earlier this year, the geological team reviewed all the
historical data and completed a 10-day field program with the help
of Dr. Damien Gaboury, a specialist
in VMS systems. The Corporation subsequently launched a
7,500m DDH exploration program to
test a new geological model and extend the known mineralization
along strike and at depth. The Corporation is focused on the North,
Central and South Zones (Figure 1), with long fences through the
whole altered system (high sulfidation mineralization style in some
felsic tuff) but also with some deeper drill holes to test at depth
(in the andesitic tuff) where mineralization seems more confined
and continuous.
The preliminary geophysics data from the airborne and
hyperspectral surveys, coupled with field work and historical
results, show the potential for a much larger mineralized system
than previously believed.
Imiter bis
The Corporation recently completed an initial drill exploration
program at Imiter bis including 24 DDH for 4,754m (Figure 2). The Corporation followed up on
several 2021 discovery intercepts within the Middle Zone including
1.81 g/t Au over 2.2m and
1.10 g/t Au over 2.3m (PR
01-03-2022), and successfully tested the Northwest, Dilatation,
Daoud and the Northeast-Extension Zones. Results are expected in
June 2022. Additionally, the airborne
geophysical survey was completed in April
2022.
Zgounder Regional
Initial fieldwork including prospecting, geological mapping and
grab sampling is currently being conducted at Zgounder Regional
(Figure 3). Each major structure, alteration zone and vein is
systematically being sampled, with a total of 573 grab samples
collected to date on 8 of 13 exploration permits surrounding the
Zgounder Mine. In addition, approximately 60% of the airborne
geophysical survey is complete. This fieldwork will define drill
targets for later this year.
Next Steps
Zgounder Regional
The Corporation is planning a stream sediment geochemistry
program in the coming months as well as channel sampling of the
most promising targets generated by the grab sample results. The
objective is to generate drill-ready targets for the 7,000m regional drill exploration program
scheduled in Q4-2022 and potentially add satellite deposits at
Zgounder.
Boumadine
A new geological interpretation and model of Boumadine is being
completed in addition to metallurgical tests and drill exploration
programs along strike and at depth. Multi-element
litho-geochemistry will also be undertaken throughout the drill
section to better define alteration, mineralization and
zonalities.
Imiter Bis
Once the drill results are received in June 2022, Aya will review the data and evaluate
phase two drilling at Imiter bis.
Qualified Person
The scientific and technical information contained in this press
release have been reviewed by David
Lalonde, B. Sc, Head of Exploration, Qualified Person, for
accuracy and compliance with National Instrument 43-101.
About Aya
Gold & Silver Inc.
Aya Gold & Silver Inc. is a
rapidly growing, Canada-based
silver producer with operations in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the
high-grade Zgounder Silver Mine and is exploring its properties
along the prospective South-Atlas Fault, several of which have
hosted past-producing mines and historical resources. Aya's
Moroccan mining assets are complemented by its Tijirit Gold Project
in Mauritania, which is being
advanced to feasibility.
Aya's management team is focused on maximising shareholder value
by anchoring sustainability at the heart of its production,
resource, governance, and financial growth plans.
For additional information, please visit Aya's website at
www.ayagoldsilver.com.
Forward-Looking Statements
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"), which reflects
management's expectations regarding Aya's future growth and
business prospects (including the timing and development of new
deposits and the success of exploration activities) and other
opportunities. Wherever possible, words such as "potential",
"could", "opportunity", "support", "suggest", "expected",
"probably", and similar expressions or statements that certain
actions, events or results "may", "could", "would", "might",
"will", or are "likely" to be taken, occur or be achieved, have
been used to identify such forward-looking information. Specific
forward-looking statements in this press release include, but are
not limited to, statements and information with respect to the
exploration and development potential of Zgounder and the
conversion of Inferred Mineral Resources into Measured and
Indicated Mineral Resources, future opportunities for enhancing
development at Zgounder, and timing for the release of the
Company's disclosure in connection with the foregoing. Although the
forward-looking information contained in this press release reflect
management's current beliefs based upon information currently
available to management and based upon what management believes to
be reasonable assumptions, Aya cannot be certain that actual
results will be consistent with such forward-looking information.
Such forward-looking statements are based upon assumptions,
opinions and analysis made by management in light of its
experience, current conditions, and its expectations of future
developments that management believe to be reasonable and relevant
but that may prove to be incorrect. These assumptions include,
among other things, the closing and timing of financing, the
ability to obtain any requisite governmental approvals, the
accuracy of Mineral Reserve and Mineral Resource Estimates
(including, but not limited to, ore tonnage and ore grade
estimates), silver price, exchange rates, fuel and energy costs,
future economic conditions, anticipated future estimates of free
cash flow, and courses of action. Aya cautions you not to place
undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking
statements include, among others: the inherent risks involved in
exploration and development of mineral properties, including
government approvals and permitting, changes in economic
conditions, changes in the worldwide price of silver and other key
inputs, changes in mine plans (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics) and other factors, such as project execution
delays, many of which are beyond the control of Aya, as well as
other risks and uncertainties which are more fully described in
Aya's 2021 Annual Information Form dated March 31, 2022, and in other filings of Aya with
securities and regulatory authorities which are available on SEDAR
at www.sedar.com. Aya does not undertake any obligation to update
forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Aya securities. All
references to Aya include its subsidiaries unless the context
requires otherwise.
SOURCE Aya Gold & Silver
Inc