AYA.TO · 2024-04-16

Aya Gold & Silver Announces Robust Mineral Resource Estimate at Boumadine

Resource Estimates

PRESS RELEASE

Aya Gold & Silver Announces Robust Mineral Resource Estimate at Boumadine

Montreal, Quebec, April 16, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce a Mineral Resource Estimate (“MRE”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) at its Boumadine Project in the Kingdom of Morocco. The MRE contains an Inferred Mineral Resource of 23.6 million tonnes (“Mt”) at 85 grams per tonne (“g/t”) silver (“Ag”), 2.62 g/t gold (“Au”), 2.32% zinc (“Zn”) and 0.84% lead (“Pb”) containing an estimated 64.7 million ounces (“Moz”) of Ag, 1.98 Moz of Au, 546 thousand tonnes (“kt”) of Zn and 198 kt of Pb and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn and 22 kt of Pb.

Highlights

Indicated Mineral Resources of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn and 22 kt of Pb.
Inferred Mineral Resources of 23.6 Mt at 85g/t Ag, 2.62 g/t Au, 2.32% Zn and 0.84% Pb containing an estimated 64.7 Moz of Ag, 1.98 Moz of Au, 546 kt of Zn and 198 kt of Pb.
41% of the Inferred Mineral Resource is pit-constrained and reported above a cut-off net smelter royalty (“NSR”) value of $95/t, and 59% deemed for underground development NSR cut-off value of US$125/t.
Additional Mineral Resource potential exists to expand the deposit in all directions for future Mineral Resource estimation. Less than 10% of the Boumadine land package has been drilled, and new targets are being generated by the ongoing geophysical airborne survey.

“We are thrilled to announce a Mineral Resource update at Boumadine, which represents a significant milestone for the Corporation,” said Benoit La Salle, President & CEO. “In under two years, we have delivered 72 Moz of silver and 2.1 Moz of Au or 352 Moz AgEq at 427 g/t AgEq in all classifications from a mineralized footprint that continues to grow and remains open in all directions. This result implies presence of 4.1 Moz AuEq at 5 g/t AuEq. Additionally, drilling has focused solely on the mining permit, a small portion of the overall mineralized footprint. We will continue to consolidate the area and aggressively drill the extensions of the main trend with a view to growing the Mineral Resource.

I am extremely pleased with the improvement of the most important metric, silver oz per share (AgEq/share), which has increased from 0.12 AgEq per share in April 2020 to 3.5 AgEq per share following this Mineral Resource Estimate. This Mineral Resource Estimate clearly demonstrates that Boumadine has the potential to become a generational asset.”

Boumadine Mineral Resource

The MRE has an effective date of April 15, 2024, and incorporates drilling from 2018 until December 7, 2023, with the addition of 4 later drill holes with results received in early 2024. The MRE database consists of 336 surface diamond drill holes totalling 96,301m.

Historical mining was not depleted from the MRE since the exact position and physical extent could not be measured accurately. From the historical production reports, approximately 261 kt of mineralized material were extracted and processed (approximately 1% of the current MRE), therefore it is considered not material. Historical tailings were excluded from the MRE since the bulk density, volumes and grades were not properly evaluated at this phase. Molybdenum was excluded both from the cut-off and AgEq / AuEq calculation since the process recoveries were not evaluated at this stage.

Table 1 –Boumadine MRE, as of April 15, 2024 (1-12)

	Cutoff		Tonnes	Average Grade							Contained Metal
				Ag	Au	Cu	Pb	Zn	AgEq	AuEq	Ag	Au	Cu	Pb	Zn	AgEq	AuEq
		NSR	(kt)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)	(g/t)	(koz)	(koz)	(kt)	(kt)	(kt)	(koz)	(koz)
		US$/t
Pit- constrained Indicated	95		995	145	2.71	0.17	1.58	5.92	634	7.40	4,647	87	2	16	59	20,299	237
Pit- constrained Inferred	95		8,474	103	2.97	0.10	0.79	2.54	475	5.54	28,087	808	8	67	215	129,478	1,510
Out-of-pit Indicated	125		1,046	82	2.33	0.11	0.58	2.79	402	4.69	2,751	78	1	6	29	13,533	158
Out-of-pit Inferred	125		15,096	76	2.42	0.07	0.87	2.19	389	4.53	36,653	1,175	11	131	330	188,663	2,198
Total Indicated	95/125		2,042	113	2.51	0.14	1.07	4.32	515	6.01	7,398	165	3	22	88	33,832	395
Total Inferred	95/125		23,569	85	2.62	0.08	0.84	2.32	420	4.89	64,740	1,983	19	198	546	318,141	3,708

1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.

2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time.

4. A silver price of US$21/oz with a process recovery of 89%, a gold price of US$1,900/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag price/oz*Ag recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Ag price/oz*Ag recovery)*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au price/oz*Au recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Au price/oz*Au recovery)*685.7147973.

7. The constraining pit optimization parameters were US$3/t for mineralized material mining. US$2/t for waste mining US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.

8. The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off The out-of-pit Mineral Resource grade blocks were quantified above the US$125 NSR cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the long hole underground mining method.

9. Individual calculations in tables and totals may not sum due to rounding of original numbers.

10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.

11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m³ determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m³ was used.

12. 1.0 m composites were used during grade estimation.

Table 2 – Cut-Off Sensitivity MRE (1-12)

Indicated Out-of-Pit Resources
Cutoff	Tonnes	Ag	Ag	Au	Au	Cu	Pb	Zn	AgEq	AgEq	AuEq	AuEq
NSR US$/t	(kt)	(g/t)	(koz)	(g/t)	(koz)	(%)	(%)	(%)	(g/t)	(koz)	(g/t)	(koz)
145	895	88	2,529	2.48	71	0.12	0.59	2.98	428	12,307	4.99	144
140	930	86	2,585	2.44	73	0.12	0.59	2.94	422	12,609	4.92	147
135	962	85	2,636	2.41	75	0.12	0.59	2.90	416	12,872	4.85	150
130	997	84	2,690	2.37	76	0.12	0.59	2.86	410	13,153	4.78	153
125	1,046	82	2,751	2.33	78	0.11	0.58	2.79	402	13,533	4.69	158
120	1,110	79	2,815	2.28	81	0.11	0.58	2.72	392	13,999	4.57	163
115	1,202	75	2,888	2.22	86	0.11	0.58	2.62	379	14,649	4.42	171
110	1,250	73	2,944	2.18	88	0.10	0.58	2.58	373	14,983	4.34	175
105	1,288	72	2,988	2.15	89	0.10	0.58	2.56	368	15,236	4.29	178

Inferred Out-of-Pit Resources
Cutoff	Tonnes	Ag	Ag	Au	Au	Cu	Pb	Zn	AgEq	AgEq	AuEq	AuEq
NSR US$/t	(kt)	(g/t)	(koz)	(g/t)	(koz)	(%)	(%)	(%)	(g/t)	(koz)	(g/t)	(koz)
145	11,525	82	30,503	2.78	1031	0.08	0.90	2.22	429	159,110	5.00	1,854
140	12,169	81	31,662	2.71	1060	0.08	0.89	2.21	421	164,749	4.91	1,920
135	12,960	79	33,068	2.62	1093	0.08	0.89	2.20	412	171,489	4.80	1,998
130	13,867	78	34,627	2.53	1129	0.07	0.88	2.20	401	178,959	4.68	2,085
125	15,096	76	36,653	2.42	1175	0.07	0.87	2.19	389	188,663	4.53	2,198
120	16,295	74	38,554	2.33	1220	0.07	0.85	2.17	377	197,736	4.40	2,304
115	17,362	72	40,051	2.26	1263	0.07	0.83	2.13	368	205,358	4.29	2,393
110	18,602	70	41,635	2.19	1310	0.07	0.82	2.09	358	213,877	4.17	2,492
105	20,004	67	43,277	2.12	1366	0.06	0.79	2.03	347	222,949	4.04	2,598

Indicated In-Pit Resources
Cutoff	Tonnes	Ag	Ag	Au	Au	Cu	Pb	Zn	AgEq	AgEq	AuEq	AuEq
NSR US$/t	(kt)	(g/t)	(koz)	(g/t)	(koz)	(%)	(%)	(%)	(g/t)	(koz)	(g/t)	(koz)
120	948	151	4,587	2.80	85	0.18	1.62	6.10	655	19,968	7.65	233
115	957	150	4,600	2.78	86	0.18	1.61	6.06	651	20,034	7.60	234
110	975	148	4,627	2.74	86	0.18	1.60	6.01	643	20,170	7.51	235
105	982	147	4,636	2.73	86	0.18	1.59	5.98	640	20,221	7.47	236
100	989	146	4,641	2.72	86	0.17	1.59	5.94	637	20,265	7.43	236
95	995	145	4,647	2.71	87	0.17	1.58	5.92	634	20,299	7.40	237
90	1,000	145	4,652	2.70	87	0.17	1.58	5.90	632	20,330	7.37	237
85	1,010	144	4,665	2.68	87	0.17	1.57	5.86	628	20,384	7.32	238
80	1,032	142	4,698	2.63	87	0.17	1.55	5.78	618	20,503	7.21	239
75	1,042	141	4,709	2.61	87	0.17	1.54	5.74	614	20,552	7.16	240
70	1,048	140	4,714	2.60	88	0.17	1.53	5.71	611	20,582	7.12	240

Inferred In-Pit Resources
Cutoff	Tonnes	Ag	Ag	Au	Au	Cu	Pb	Zn	AgEq	AgEq	AuEq	AuEq
NSR US$/t	(kt)	(g/t)	(koz)	(g/t)	(koz)	(%)	(%)	(%)	(g/t)	(koz)	(g/t)	(koz)
120	6,952	116	25,827	3.48	778	0.12	0.77	2.47	531	118,680	6.19	1,384
115	7,259	113	26,331	3.37	786	0.11	0.78	2.48	519	121,011	6.05	1,411
110	7,564	110	26,833	3.26	792	0.11	0.79	2.49	507	123,269	5.91	1,438
105	7,878	108	27,301	3.15	798	0.11	0.79	2.51	496	125,505	5.78	1,464
100	8,201	105	27,736	3.05	803	0.10	0.79	2.53	484	127,722	5.65	1,490
95	8,474	103	28,087	2.97	808	0.10	0.79	2.54	475	129,478	5.54	1,510
90	8,711	101	28,383	2.90	812	0.10	0.78	2.55	467	130,929	5.45	1,527
85	8,890	100	28,590	2.85	815	0.10	0.78	2.55	462	131,957	5.38	1,539
80	9,050	99	28,759	2.81	817	0.10	0.77	2.54	456	132,818	5.32	1,549
75	9,167	98	28,878	2.78	819	0.10	0.77	2.53	453	133,408	5.28	1,556
70	9,300	97	28,999	2.75	821	0.09	0.77	2.52	448	134,037	5.23	1,563

Figure 1 – Location of Zones included in Boumadine Mineral Resource Estimate, with drill holes and magnetic data (residual total field)

Figure 2 – Surface Plan of Boumadine with mineralized envelope included in the Mineral Resource Estimate

Figure 3 – Longitudinal projection of the block model of Boumadine Mineral Resource Estimate

Figure 4 – Typical vertical cross-section of the Central Zone of Boumadine (Section 8850N)

Figure 5 – Typical vertical cross-section of the South Zone of Boumadine (Section 6525N)

Resource-supporting Information

Geology and Geological Interpretation

The Boumadine Project is located within the Anti-Atlas belt, on the northwest side of the Ougnat Massif. The geology of the Ougnat Inlier is formed by late-Precambrian (PIII) predominantly calc-alkaline volcanic and intrusive rocks. Mineralization is hosted within polymetallic massive Au-Ag-Zn-Pb sulphide vein systems oriented N340. Mineral assemblage is characterized by high concentration of pyrite and variable amounts of arsenopyrite, sphalerite, and galena with local trace of chalcopyrite. Veins are subvertical to steeply dipping (>70°) with thickness generally varying from 1 to 5 m; locally reaching over 10m.

Mineralized boundaries for the current Mineral Resource Estimate have been determined using a combination of logged sulphide percentage and mineralization grade assay.3D wireframes were created using interval selection with the Seequent software Leapfrog Geo^TM.

Sampling and Sub-sampling Techniques

Only DDH samples were used for the Mineral Resource Estimate of the Boumadine Deposit.

Diamond drill holes were cut and sampled at nominal 1m lengths, except where lengths were altered to match geological boundaries. Sampling was undertaken along the entire length of the DDH. Circa 2 to 4 kg samples were submitted to the laboratory for analysis.

Sample Analysis Method

Samples were prepared by African Laboratory for Mining and Environment (“Afrilab”) at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total of 250 g of pulverized sample material was then submitted for analysis to Afrilab Marrakech. Inductively Coupled Plasma (“ICP”) spectrometry was used for Ag, Zn, Pb, Cu, Mo. Fire assaying was conducted for Au and Ag results above 200 ppm.

QA/QC samples were inserted at a 5% rate. For a batch of 25 samples: 1 certified reference material, 1 blank and 1 drill core duplicate were inserted. At the end of each month, a selection of 5% from the coarse rejects was submitted to Afrilab; and a selection of 5% of the pulp residues was sent to ALS Sevilla, Spain acting as an umpire lab.

Regular reviews of the sampling and QA/QC protocols were carried out by Aya’s project geologist under the supervision of Aya’s Qualified Person, to ensure all procedures were followed and best industry practices carried out. Monitoring of results of duplicates, blanks and certified reference materials was conducted by the database administrator each time an assay batch was imported in the Geotic database.

Drilling Techniques

Drilling was carried out by Geosond Maroc SARL using CT20 and CS140 drill rigs. Holes were drilled at HQ and NQ diameters. Surveys were completed in each hole with a first reading at 12 m and then every 25 m by reflex Ez-shot and Devico-deviflex. All drill hole collars were surveyed by a DGPS.

Drill and Data Spacing

Most of the Deposit has been drilled on a 100 x 50-meter spacing grid through N70 cross-sections. In the northern and southern sections, the spacing was extended to 200 x 100 meters. The Indicated Mineral Resource was infilled to 50 x 50-meter spacing.

Mineral Resource and Estimation Methodology

90% of the Mineral Resource Estimate is classified as Inferred, and the remaining 10% in the Indicated category.

Data was composited to 1m. Top cuts were applied to Au, Ag, Zn, Pb, Cu & Mo after review of composite log-normal histograms.

Veins were interpolated independently. For the main vein, ordinary kriging was carried out for grade estimation, while other veins with less composites were estimated by inverse square distance. Wireframe modelling was developed using Seequent Leapfrog Geo^TM. Statistics, variography and estimation were completed using the Geovariances Isatis Neo^TMsoftware. Open-pit optimization was developed using the NPV Scheduler^TMsoftware.

Bulk density measurements were collected systematically within mineralized zones and outside boundaries of mineralized zones. Different bulk density values were allocated by veins based on the vein average bulk density value. Transitional materials were also allocated a different bulk density value.

Cut-off Grades

The geological domain boundaries were determined using a cut-off grade of 100 g/t Ag equivalent. Mineral Resources are reported using NSR values of US$125/t for the out-of-pit and US$95/t for the open-pit.

NSR, Ag equivalent and Au equivalent are calculated using the following parameters and formulas (Table 3).

Table 3 – Parameters and formulas used to calculate NSR, Ag equivalent & Au equivalent


	Prices in $USD	$1,900	$21	$1.20	$1.00	$4.00
	Recovery in %	85.2%	89.1%	72.0%	84.5%	75.3%
NSR ($/t)		(Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + (Cu% x 63.08)
Ag Equivalent (g/t)		Ag(g/t) + (Au(g/t) Au price/ozAu recovery)/(Ag price/ozAg recovery) + Zn(%)Zn price/lb* Zn recovery/(Ag price/ozAg recovery)685.7147973 + Pb(%)Pb price/lb Pb recovery/(Ag price/ozAg recovery)685.7147973 + Cu(%)Cu price/lb Cu recovery/(Ag price/ozAg recovery)685.7147973
Au Equivalent (g/t)		Au(g/t) + (Ag(g/t) Ag price/ozAg recovery)/(Au price/ozAu recovery) + Zn(%)Zn price/lb* Zn recovery/(Au price/ozAu recovery)685.7147973 + Pb(%)Pb price/lb Pb recovery/(Au price/ozAu recovery)685.7147973 + Cu(%)Cu price/lb Cu recovery/(Au price/ozAu recovery)685.7147973

Mining and Metallurgical Parameters

The mineralization at Boumadine starts at surface and continues down to more than 600 m in depth, making the MRE appropriate for a combination of open pit and underground mining.

Mining dimensions or mining dilution were not considered as part of the Pit Optimization work, and a block dimension of 2.5m x 5m x 5m was used, which is considered acceptable in terms of a potential smaller selective mining unit. Similarly, a crown pillar has not been accounted for between the Open Pit and the Underground Mineral Resources.

The preliminary metallurgical recoveries that have been used for the NSR calculation are presented (Table 3) along with the NSR calculation formula, and are 85.2% for Au, 89.1% for Ag, 72% for Zn, 84.5% for Pb, and 75.3% for Cu.

The NSR US$/t value was based on estimated metallurgical recoveries derived from a series of testwork, assumed metal prices, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.

Next Steps

Prior to 2020, the Boumadine Project had seen limited near-mine drilling and no regional exploration. Since 2022, the Aya team has conducted over 94,000 m of DDH programs on the mining permit with the goal of delivering a Mineral Resource Estimate.

Significant upside potential exists to expand the Boumadine Main Trend, which currently covers 4.2 square km and remains open in all directions. Through 2024, the Corporation plans to mobilize seven drill rigs to complete the 120,000 m drilling program. Half of the program will test the continuation of the known trend and infill. The remaining 50% will focus on geological targets generated by 2023 work and will be informed by the ongoing hyperspectral and high-resolution geophysical surveys. A total of 12 new permits have been acquired in the vicinity of the Boumadine permits since June 2023 (Figure 6). Hyperspectral and the geophysical surveys began in early 2024 and results are expected in late Q2- 2024. The results from ongoing geology work will determine additional development work.

Figure 6 – Location of new Boumadine permits

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