CEO.CA Chairman's Briefing

MONTREAL, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade drill exploration results from its 2024 program of 120,000 meters (“m”) at Boumadine in the Kingdom of Morocco. Today’s results extend the main mineralized trend by 400m and continue to demonstrate continuity of the Boumadine Main Zone, which remains open in all directions.

Key Highlights¹

• Extension of Boumadine strike length to 5.4 kilometers (“km”):
  • BOU-DD24-376 intercepted 462 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 2.8m (2.25 g/t gold (“Au”), 49 g/t silver (“Ag”), 7.8% zinc (“Zn”), 0.6% lead (“Pb”) and 0.1% copper (“Cu”) including 2.0m at 494 g/t AgEq
  • BOU-DD24-365 intercepted 520 g/t AgEq over 1.2m (5.30 g/t Au, 37 g/t Ag, 1.4% Zn, 1.0% Pb and 0.9% Cu)
• New style of mineralization with very high silver grade:
  • BOU-DD24-329 intercepted 1,937 g/t Ag and 1.66% Cu over 1.9m
• Ongoing high grade and continuity of Tizi Zone:
  • BOU-DD24-340 intercepted 412 g/t AgEq over 3.1m (1.22 g/t Au, 199 g/t Ag, 3.0% Zn, 1.0% Pb and 0.1% Cu), including 1.1m at 708 g/t AgEq
• Receipt of all deliverables from the Mobile MT geophysical survey:
  • Identification of multiple new targets which will be tested in the coming months

“We are thrilled with today’s exceptional high-grade drill results, including BOU-DD24-376 in the southern part of the Main Trend, which extend the Boumadine strike length to 5.4km. Additionally, BOU-DD24-329 indicates a new style of very high-grade mineralization, which reaffirms the significant potential for resource growth,” said Benoit La Salle, President & CEO. “The positive geophysical results and the upcoming 3D inversion will be invaluable in identifying parallel zones and expanding Boumadine along strike and at depth. We look forward to drilling up these promising geophysical targets in the coming months.”

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1 All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; and 1% Zn: 28.1 g/t Ag.

Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

* True width remains undetermined at this stage; all values are uncut.

** Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; and 1% Zn: 28.1 g/t Ag.

Figure 1 - Surface Plan of Boumadine Property with Apparent Conductivity at 175Hz and 2024 Drill Holes

2024 Exploration Results

This year, 129 diamond drill holes (“DDH”) and 2 reverse circulation holes (“RC”) for 63,469m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was conducted on strike along the Main Trend (North and South Zones), Tizi and North-West Zones as well as on some east-west structures. The majority of results have been received for drill holes up to BOU-DD24-376 (Table 1, Figure 3, Figure 4, and Appendix 1).

Results received since May 2024 including hole BOU-DD24-376 and BOU-DD24-369 confirm the high-grade continuity of the Main Trend and extend the mineralized strike length to 5.4km. The Main Trend remains open in all directions. Today’s results, with BOU-DD24-310 and BOU-DD24-340, also confirm the high grade and continuity of the Tizi Zone. The Tizi Zone also remains open in all directions.

Hole BOU-DD24-329 returned high-grade silver results including 1,937 g/t Ag over 1.9m in an east-west structure. This new structure is a stockwork of brecciated carbonate-quartz-pyrite-chalcopyrite +/- tetrahedrite veinlets with low temperature texture.

The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imarriren share the same characteristics except for their N000 orientation. Figure 2 presents the results of the Boumadine Main Zone on a longitudinal section along the deposit.

Figure 5 gives the 3D inversion of the Mobile MT survey for the section 3476300N, where a similar geophysical signature to Boumadine 5km west is clearly visible. The figure includes the planned drill holes to test the west conductive target. In Figure 6, the geophysical survey of section 6000N returned very strong low resistivity anomalies at depth beneath the Boumadine mineralized body. The proposed drill program will test both 100m below hole BOU-DD23-095, which returned 129.4m at 192 g/t AgEq (press release of April 19, 2023), and the high apparent conductivity seen at depth.

Figure 2 – Longitudinal View of Boumadine Main Zone

Figure 3 – Surface Plan of North & Tizi Zones with New 2024 DDH Results

Figure 4 – Surface Plan of South Zone with New 2024 DDH Results

Figure 5 – Section 3476300 with 3D Inversion and the West Conductivity Target

Figure 6 – Section 6000N with 3D Inversion and Deep Boumadine Conductivity Target

Next Steps

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km and remains open in all directions. Currently, the Corporation has mobilized ten drill rigs to complete the 120,000m 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 supplemented by this year’s hyperspectral and geophysical surveys. The results from ongoing geology work will determine additional development work.

Technical Information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

Qualified Person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Vice-President 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, subject to the announcement of September 12, 2024, is being developed by Mx2 Mining, a new spinout gold-growth company.

Aya’s management team maximizes 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 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 “extend”, “indicate”, “potential”, “expanding”, “look forward”, “promising”, “remains”, “extend”, 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 Boumadine and the advancement of and success of the exploration program at Boumadine , 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 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 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Furthermore, Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. 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 – Full Drill Results from Boumadine (core lengths)

* True width remains undetermined at this stage; all values are uncut.

** Ag equivalent is based on 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% resulting on the following ratios: 1 g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; and 1% Zn: 28.1 g/t Ag.

Appendix 2 – New Drillhole Coordinates of 2024 Boumadine Exploration Program (completed holes)

Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c139503a-d670-4a62-8d1e-a945fb1cd958
https://www.globenewswire.com/NewsRoom/AttachmentNg/49b50832-b47d-40e4-b35f-1c1cf18c6e60
https://www.globenewswire.com/NewsRoom/AttachmentNg/81983234-cbb0-4f73-a3b0-0ccf5277b9a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3a99351-9988-46da-b595-f009832fad67
https://www.globenewswire.com/NewsRoom/AttachmentNg/76ccf77b-3ac2-4075-92d5-682e80e1a768
https://www.globenewswire.com/NewsRoom/AttachmentNg/62cf91e3-1bce-44cd-94c0-7d3fcd9e7016

Figure 1

Surface Plan of Boumadine Property with Apparent Conductivity at 175Hz and 2024 Drill Holes

Figure 2

Longitudinal View of Boumadine Main Zone

Figure 3

Surface Plan of North & Tizi Zones with New 2024 DDH Results

Figure 4

Surface Plan of South Zone with New 2024 DDH Results

Figure 5

Section 3476300 with 3D Inversion and the West Conductivity Target

Figure 6

Section 6000N with 3D Inversion and Deep Boumadine Conductivity Target