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/C O R R E C T I O N -- Aya Gold & Silver Inc/

21.12.2022  |  CNW

In the news release, Aya Gold & Silver Extnds High-Grade Silver Mineralization at Depth at Zgounder, issued 21-Dec-2022 by Aya Gold & Silver Inc. over CNW, the headline should read "Aya Gold & Silver Extends High-Grade Silver Mineralization at Depth at Zgounder" as incorrectly transmitted by CNW. The complete, corrected release follows:

Aya Gold & Silver Extends High-Grade Silver Mineralization at Depth at Zgounder

MONTREAL, Dec. 21, 2022 - Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce additional drill exploration results, confirming the extension of high-grade silver mineralization at depth at the Zgounder Silver Mine in the Kingdom of Morocco.

Key Highlights (all intersections are in core lengths)

  • At the central zone just below 2,000 meter ("m") level extending the high-grade zone discovered recently,
    • hole TD28-22-2000-308 intercepted 3,956 grams per tonne ("g/t") silver ("Ag") over 21.60m including
      • 5,792 g/t Ag over 14.40m
    • hole TD28-22-2000-305 intercepted 5,691 g/t Ag over 9.60m including
      • 8,840 g/t Ag over 6.00m
    • hole TD28-22-2000-307 intercepted 1,972 g/t Ag over 15.60m including
      • 2,538 g/t Ag over 12.00m
  • Surface drilling including ZG-DCD-22-06 at the bottom contact with the granite intersected 1,220 g/t Ag over 6.50m and 5,132 g/t over 2.50m. ZG-22-64, intersected 2,074 g/t over 3.50m, confirming high-grade mineralization at, or near, the contact with the granite.
  • From diamond definition drilling, DZG-SF-22-129 intercepted 708 g/t Ag over 11.00m, DZG-SF-122 intercepted 646 g/t over 11.00m and DZG-SF-135 intercepted 423 g/t over 13.50m upward from level 2,030m.

"Today's surface drilling results are part of our drill exploration program aimed at extending the high-grade mineralization at depth towards the granite contact at Zgounder," said Benoit La Salle, President & CEO. "We are very pleased with the overall continuity of the deposit, which continues to expand the known mineralization and deliver high-grade ounces."

Included in this release are results for 105 holes, which include 19 surface diamond drill hole ("DDH"), 13 underground DDH, 56 T28 and 17 YAK (T28 & YAK: percussion drilling using an air-compressed hammer) holes. For a full summary of today's results, refer to Appendix 1.

Table 1 - Significant Intercepts from Drilling at Zgounder (core lengths)

DDH No.

From

To

Ag

(g/t)

Length
(m)*

Ag x
width

Surface DDH

DZG-SF-22-122

32.5

43.5

646

11.0

7,105

DZG-SF-22-127

29.0

37.0

645

8.0

5,162

DZG-SF-22-129

40.5

51.5

708

11.0

7,787

DZG-SF-22-135

85.0

98.5

423

13.5

5,704

ZG-DCD-22-06

267.5

274.0

1,220

6.5

7,928

Including

272.5

273.5

5,322

1.0

5,322

ZG-DCD-22-06

421.5

424.0

5,132

2.5

12,829

Including

421.5

422.5

12,560

1.0

12,560

Underground DDH

ZG-22-64

336.5

340.0

2,074

3.5

7,259

Including

337.0

339.0

3,535

2.0

7,070

Underground T28

TD28-22-1950-331

16.8

21.6

1,993

4.8

9,568

TD28-22-2000-305

16.8

26.4

5,691

9.6

54,631

Including

18.0

24.0

8,840

6.0

53,042

TD28-22-2000-306

19.2

25.2

939

6.0

5,636

TD28-22-2000-307

2.4

18.0

1,972

15.6

30,770

Including

2.4

14.4

2,538

12.0

30,454

TD28-22-2000-308

1.2

22.8

3,956

21.6

85,459

Including

3.6

18.0

5,792

14.4

83,403

TD28-22-2075-349

3.6

10.8

846

7.2

6,091

Underground YACK

YAKD-22-1950-100

30.0

50.4

620

20.4

12,649

Including

31.2

37.2

1,588

6.0

9,526

YAKD-22-2075-086

0.0

3.6

1,415

3.6

5,092

1 Holes were drilled at various angles; true widths are not known at this time.

2 All assay results are above the cut-off grade of 75 g/t Ag.


Quality Assurance

For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the Zgounder Mine Laboratory ("ZMSM") or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, Bc.S. P. Geo, Head of Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release 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 has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, 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 "confirm", "extend", "continuity", "potential", "continue", "expand", "seems", 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, the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources and future opportunities for enhancing development at Zgounder. 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 ability to obtain any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, 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 gold 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 June 16, 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.

Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)

DDH No.

From

To

Ag

(g/t)

Length
(m)*

Ag x
width

Surface DDH

DZG-SF-22-119

33.0

46.0

204

13.0

2,654

DZG-SF-22-119

49.0

53.0

158

4.0

633

DZG-SF-22-121

31.0

35.5

585

4.5

2,633

DZG-SF-22-121

77.0

78.5

218

1.5

327

DZG-SF-22-121

84.5

96.0

354

11.5

4,068

DZG-SF-22-122

32.5

43.5

646

11.0

7,105

DZG-SF-22-122

49.5

52.5

135

3.0

404

DZG-SF-22-122

55.0

57.5

98

2.5

244

DZG-SF-22-122

101.0

102.5

200

1.5

300

DZG-SF-22-124

3.0

4.0

342

1.0

342

DZG-SF-22-124

34.0

37.5

170

3.5

595

DZG-SF-22-126

1.5

3.0

246

1.5

369

DZG-SF-22-126

34.0

35.5

370

1.5

555

DZG-SF-22-126

42.0

45.5

1,353

3.5

4,734

DZG-SF-22-126

59.5

60.5

200

1.0

200

DZG-SF-22-126

103.0

104.5

430

1.5

645

DZG-SF-22-127

29.0

37.0

645

8.0

5,162

DZG-SF-22-127

44.5

51.5

335

7.0

2,345

DZG-SF-22-127

80.0

83.0

223

3.0

669

DZG-SF-22-127

101.5

104.5

165

3.0

496

DZG-SF-22-129

3.0

4.5

1,678

1.5

2,516

DZG-SF-22-129

40.5

51.5

708

11.0

7,787

DZG-SF-22-130

3.0

4.5

1,532

1.5

2,298

DZG-SF-22-130

34.0

35.0

274

1.0

274

DZG-SF-22-130

39.0

41.0

373

2.0

746

DZG-SF-22-131

1.5

4.5

133

3.0

398

DZG-SF-22-132

3.0

4.5

140

1.5

210

DZG-SF-22-132

20.0

21.5

150

1.5

225

DZG-SF-22-132

30.5

35.5

468

5.0

2,340

DZG-SF-22-132

42.0

46.5

166

4.5

746

DZG-SF-22-132

80.5

81.5

261

1.0

261

DZG-SF-22-133

18.0

19.5

1,196

1.5

1,794

DZG-SF-22-134

39.5

42.5

402

3.0

1,207

DZG-SF-22-134

48.0

49.5

174

1.5

261

DZG-SF-22-134

83.5

85.0

143

1.5

215

DZG-SF-22-135

34.5

37.5

95

3.0

285

DZG-SF-22-135

41.5

55.0

127

13.5

1,709

DZG-SF-22-135

59.0

65.5

204

6.5

1,327

DZG-SF-22-135

71.0

74.0

271

3.0

812

DZG-SF-22-135

85.0

98.5

423

13.5

5,704

DZG-SF-22-137

64.5

66.0

2,303

1.5

3,455

DZG-SF-22-138

52.0

55.0

131

3.0

393

DZG-SF-22-138

83.0

84.5

195

1.5

292

DZG-SF-22-140

2.5

3.5

433

1.0

433

ZG-DCD-22-05

342.0

343.5

364

1.5

545

ZG-DCD-22-06

267.5

274.0

1,220

6.5

7,928

Including

272.5

273.5

5,322

1.0

5,322

ZG-DCD-22-06

380.0

380.5

848

0.5

424

ZG-DCD-22-06

421.5

424.0

5,132

2.5

12,829

Including

421.5

422.5

12,560

1.0

12,560

Underground DDH

ZG-22-60

181.0

182.5

460

1.5

690

ZG-22-61

66.0

66.5

1,884

0.5

942

ZG-22-61

177.5

180.5

287

3.0

862

ZG-22-61

244.5

245.0

982

0.5

491

ZG-22-62

175.0

176.0

343

1.0

343

ZG-22-62

229.0

229.5

1,388

0.5

694

ZG-22-63

177.0

178.5

166

1.5

249

ZG-22-63

201.0

205.5

253

4.5

1,138

ZG-22-64

105.5

108.5

102

3.0

307

ZG-22-64

191.0

195.5

261

4.5

1,174

ZG-22-64

336.5

340.0

2,074

3.5

7,259

Including

337.0

339.0

3,535

2.0

7,070

ZG-22-64

361.5

363.0

203

1.5

304

ZG-22-64

370.5

380.0

233

9.5

2,209

Including

378.0

379.5

823

1.5

1,235

ZG-22-64

385.0

393.0

209

8.0

1,670

ZG-22-66

104.5

106.0

2,940

1.5

4,410

ZG-22-66

184.0

185.5

327

1.5

490

ZG-22-67

47.5

48.0

712

0.5

356

ZG-22-67

54.0

54.5

1,076

0.5

538

ZG-22-69

9.0

12.0

457

3.0

1,371

ZG-22-69

32.0

33.5

218

1.5

327

ZG-22-73

357.5

359.5

237

2.0

473

ZG-22-73

366.0

367.5

323

1.5

485

ZG-22-74

20.5

23.0

585

2.5

1,463

ZG-22-74

182.0

183.0

327

1.0

327

ZG-22-74

191.5

193.0

154

1.5

231

Underground T28

TD28-22-1950-254

16.8

19.2

105

2.4

252

TD28-22-1950-255

16.8

21.6

154

4.8

740

TD28-22-1950-259

0.0

2.4

341

2.4

818

TD28-22-1950-282

9.6

13.2

361

3.6

1,301

TD28-22-1950-283

3.6

14.4

149

10.8

1,610

TD28-22-1950-285

0.0

2.4

504

2.4

1,210

TD28-22-1950-298

6.0

7.2

474

1.2

569

TD28-22-1950-298

9.6

10.8

183

1.2

219

TD28-22-1950-298

16.8

18.0

270

1.2

324

TD28-22-1950-300

14.4

16.8

100

2.4

241

TD28-22-1950-301

9.6

15.6

231

6.0

1,389

TD28-22-1950-325

2.4

4.8

102

2.4

244

TD28-22-1950-326

21.6

24.0

418

2.4

1,004

TD28-22-1950-327

14.4

16.8

134

2.4

320

TD28-22-1950-328

14.4

26.4

277

12.0

3,318

TD28-22-1950-329

3.6

6.0

968

2.4

2,323

TD28-22-1950-330

4.8

7.2

254

2.4

611

TD28-22-1950-331

3.6

8.4

346

4.8

1,658

TD28-22-1950-331

16.8

21.6

1,993

4.8

9,568

TD28-22-1950-339

0.0

2.4

105

2.4

251

TD28-22-1968-345

16.8

24.0

466

7.2

3,352

TD28-22-1968-346

14.4

19.2

242

4.8

1,163

TD28-22-1968-378

9.6

12.0

178

2.4

427

TD28-22-1968-379

9.6

13.2

78

3.6

279

TD28-22-1975-101

0.0

2.4

143

2.4

343

TD28-22-2000-279

10.8

14.4

179

3.6

644

TD28-22-2000-286

1.2

2.4

217

1.2

260

TD28-22-2000-286

18.0

20.4

213

2.4

510

TD28-22-2000-287

18.0

21.6

288

3.6

1,035

TD28-22-2000-304

9.6

10.8

333

1.2

399

TD28-22-2000-305

16.8

26.4

5,691

9.6

54,631

Including

18.0

24.0

8,840

6.0

53,042

TD28-22-2000-306

1.2

3.6

105

2.4

252

TD28-22-2000-306

19.2

25.2

939

6.0

5,636

TD28-22-2000-307

2.4

18.0

1,972

15.6

30,770

Including

2.4

14.4

2,538

12.0

30,454

TD28-22-2000-307

21.6

22.8

174

1.2

209

TD28-22-2000-308

1.2

22.8

3,956

21.6

85,459

Including

3.6

18.0

5,792

14.4

83,403

TD28-22-2000-386

7.2

12.0

381

4.8

1,829

TD28-22-2000-389

3.6

4.8

169

1.2

202

TD28-22-2075-319

7.2

8.4

518

1.2

622

TD28-22-2075-319

18.0

22.8

151

4.8

726

TD28-22-2075-321

8.4

14.4

208

6.0

1,248

TD28-22-2075-321

18.0

26.4

127

8.4

1,068

TD28-22-2075-323

4.8

16.8

250

12.0

3,005

Including

10.8

13.2

541

2.4

1,299

TD28-22-2075-324

4.8

9.6

549

4.8

2,634

TD28-22-2075-349

3.6

10.8

846

7.2

6,091

TD28-22-2075-349

14.4

15.6

407

1.2

488

TD28-22-2075-350

7.2

9.6

138

2.4

331

TD28-22-2125-238

0.0

3.6

165

3.6

593

TD28-22-2125-242

3.6

7.2

598

3.6

2,151

TD28-22-2125-243

9.6

14.4

989

4.8

4,747

TD28-22-2125-245

13.2

15.6

491

2.4

1,178

Underground YACK

YAKD-22-1950-099

30.0

37.2

573

7.2

4,125

YAKD-22-1950-100

30.0

50.4

620

20.4

12,649

Including

31.2

37.2

1,588

6.0

9,526

YAKD-22-1950-101

32.4

33.6

285

1.2

341

YAKD-22-1950-101

38.4

40.8

109

2.4

262

YAKD-22-1950-103

13.2

15.6

275

2.4

661

YAKD-22-1950-103

20.4

24.0

126

3.6

454

YAKD-22-1950-106

31.2

38.4

337

7.2

2,429

YAKD-22-1950-110

7.2

9.6

694

2.4

1,664

YAKD-22-1950-127

44.4

46.8

85

2.4

205

YAKD-22-2075-074

2.4

7.2

703

4.8

3,374

YAKD-22-2075-078

8.4

15.6

654

7.2

4,712

YAKD-22-2075-079

8.4

12.0

818

3.6

2,944

YAKD-22-2075-086

0.0

3.6

1,415

3.6

5,092

YAKD-22-2075-086

43.2

45.6

117

2.4

281

YAKD-22-2075-086

50.4

52.8

136

2.4

327

YAKD-22-2075-087

0.0

2.4

137

2.4

329

YAKD-22-2075-087

42.0

43.2

170

1.2

204

YAKD-22-2075-088

44.4

48.0

481

3.6

1,730

YAKD-22-2075-089

31.2

34.8

332

3.6

1,194

1 Holes were drilled at various angles, true widths are not known at this time.

2 All assay results are above the cut-off grade of 75 g/t Ag.

SOURCE Aya Gold & Silver Inc.



Contact
Benoit La Salle, FCPA FCA, President & CEO, benoit.lasalle@ayagoldsilver.com; Alex Ball, VP, Corporate Development & IR, alex.ball@ayagoldsilver.com
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