MONTREAL, June 29,
2023 /CNW/ - Aya
Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF)
("Aya" or the "Corporation") is pleased to announce it has acquired
the Tirzzit Project ("Tirzzit"), a collection of seven permits
located 25 kilometers from the Zgounder Silver Mine in the Kingdom
of Morocco. This acquisition adds
a historical mine with a significant amount of proprietary data as
well as a prolific land package with tremendous potential.
Transaction Highlights
On close of the Tirzzit acquisition,
- Aya will control 100% of Tirzzit in Morocco
- Aya is paying a total consideration of approximately
US$4.9 million1 including
US$800,000 in cash as well as
622,728 Aya shares
- Aya acquires the following:
-
- Seven permits, comprising five exploration permits and two
mining licenses, one of which hosts a high-grade historical copper
("Cu") mine
- Historical data including drill results and geophysics,
which Aya will use to launch fieldwork to enhance its
understanding of Tirzzit
- A property totaling 67.7 square kilometers ("km")
The transaction remains subject to final TSX approval and
regulatory approval in the Kingdom of Morocco. The Aya shares issued pursuant to the
transaction are subject to 4-month statutory hold period, in
accordance with applicable Canadian securities law.
_____________________________
|
1 Total
value estimated using a share price of CAD$8.666/share and an
exchange rate USD/CAD: 1.3162
|
Tirzzit Potential
- Historical copper mine offering near-surface silver and
copper mineralization potential, with historical drilling
intercepts of up to 3.5% Cu
- Mineralization of historical deposit remains open in three
directions
- No systematic exploration program using modern methods
- Easy road access and proximity to infrastructure
"The acquisition of Tirzzit fits with our objective of expanding
our mineralized footprint in Morocco, and accretively growing our resource
base. It also provides long-term exposure to a new potential mining
district within trucking distance of Zgounder. Very little
exploration has been carried out to date on the new permits,
offering our team an opportunity to quickly unlock value for all
stakeholders. We look forward to launching an exploration program
and maximizing value in the near term," said Benoit La Salle, President & CEO.
Next Steps
Aya will adopt a systematic approach to its exploration of
Tirzzit, starting with a deeper analysis of historical data,
including drilling data, and by launching a fieldwork program on
the properties before year-end 2023. Depending on the results, a
first drill program is envisaged in 2024.
Mineralization
The Tirzzit deposit lies within the western segment of the
Tazoult inlier. The geology of the properties is composed by
Precambrian and Infra-Cambrian formations, so-called "Série de
Base" overlain by dolomites and limestones. The copper
mineralization is mainly hosted within calcareous siltstones and
sandstones to sandy dolomites in the upper portion of the "Série de
Base" Formation.
Access
The Tirzzit properties are located some 225 km from Agadir on
well-maintained paved highways, N10 and P1706, that run east for
205 km to Taliouine in the Taroudant province. Most of the
remaining 12 km to the property are traveled on a paved road to the
village of Tassousfi. The seven permits are located almost
contiguously, within 25 km of Zgounder.
Qualified Person
The technical disclosure in this news release has been approved
by David Lalonde, BSc, Head of
Exploration, and a Qualified Personas defined in National
Instrument 43-101. He has not verified the data disclosed,
including sampling, analytical and test data, underlying the
technical information in this news release since such data is
historical and the original drill core is not available.
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 maximises 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 "plans", "expects",
"does not expect", "deliver", "plan", "scheduled", "trends",
"indications", "potential", "estimates", "predicts", "anticipate",
"to establish", "does not anticipate", "believe", "intend",
"ability to" 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
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 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.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
SOURCE Aya Gold & Silver
Inc