Aya Gold & Silver Announces At-Depth High-Grade Results Including New Mineralized Zone Within Rhyolite at Zgounder

MONTREAL, March 05, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

Key Highlights (all intersections are in core lengths)

• From surface, diamond drill hole ("DDH") ZG-23-60 intercepted 347 grams per tonne ("g/t") silver ("Ag") over 12.5 meters ("m") including 1.0m at 2,504 g/t Ag; and ZG-24-70 intercepted 718 g/t Ag over 4.5m
  
  
• In the Central Zone from the 1,950m level:
  
  
  • hole ZG-SF-23-084 intercepted 1,089 g/t Ag over 13.5m, including 1,700 g/t Ag over 7.5m and 4,469 g/t Ag over 4.5m inside the rhyolite near the granite contact
  • hole ZG-SF-23-092 intercepted 322 g/t Ag over 17.6m, including 1,877 g/t Ag over 1.5m inside the rhyolite near the granite contact
    
    
• In the Central Zone from the 1,975m level:
  
  
  • hole TD28-24-1975-013 intercepted 1,081 g/t Ag over 6.0m

• In the Eastern Zone from the 2,050m level:
  
  
  • hole DZG-SF-24-004 intercepted 1,489 g/t Ag over 5.0m, including 3,363 g/t Ag over 2.0m
  • hole DZG-SF-24-007 intercepted 2,511 g/t Ag over 4.0m, including 18,760 g/t Ag over 0.5m
    
    
• In the Eastern Zone from the 2,125m level:
  
  
  • hole YAKD-24-2125-004 intercepted 677 g/t Ag over 10.8m, including 1,586 g/t Ag over 3.6m

"Today's drilling results including holes ZG-SF-23-084 and ZG-SF-23-092 continue to confirm high-grade silver mineralization near the granite contact," said Benoit La Salle, President & CEO. "Notably, the latter results are hosted within the rhyolite, which was previously believed to be barren, opening a new area for exploration. Four underground rigs are now mobilized with the objective of expanding mineral resources at depth and delivering value for all stakeholders."

2024 Exploration Results

Results received since end January 2024 (Table 1 and Appendix 1) confirm the high grade of Zgounder mineralization at depth near the granite contact (Figure 1). Holes ZG-SF-23-084 and ZG-SF-23-092 both returned native silver mineralization within the rhyolitic unit (Figure 2), highlighting a very rare case of mineralization in this unit. Previous known mineralized intervals in rhyolite were small and always associated with breccias. The geological implication of "typical" Zgounder fractures filled with native silver mineralization in relatively fresh rhyolite remains unknown but offers new potential to increase the global mineralized envelope. Typically, before 2023, rhyolitic units were not sampled. All historical rhyolite intervals are currently being sampled, with priority to historical holes in the vicinity of the recent drill results.

Included in this release are results for 113 holes, which include 52 underground DDH, 19 surface DDH, 40 T28 and 2 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

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

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.

Figure 1: Location of Drill Results at Zgounder

Figure 2: Native Silver Mineralization in Rhyolite

Quality Assurance

For core drilling, all individual samples represent approximately one meter 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 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, B.Sc. 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.

Or contact

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 "validate", "confirm", "significant", "continue", "objective", "expand", 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 in particular the nature of the deposit as it hits the granite and the continuation of down-plunge extensions, the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources and future opportunities for enhancing development at Zgounder including the possible expansion of the mineral resource at depth. 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, 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 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. 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)

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.

Photos accompanying this announcement are available at:

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