MONTREAL – Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) has provided a comprehensive year-end exploration update for 2025, detailing the results of its extensive drilling programs at the Zgounder Silver Mine and the Boumadine Project in the Kingdom of Morocco. The company reported substantial progress in both locations, with over 175,000 metres of drilling completed throughout the year.
Leadership Comments on Exploration Success
Benoit La Salle, President and CEO of Aya Gold & Silver, emphasized the company's achievements in 2025. "Our exploration programs at Zgounder and Boumadine demonstrated our exploration leadership, supported asset growth, produced outstanding intercepts, and underscored the potential to add significant high-grade ounces in the near term," La Salle stated. He highlighted that the combination of extensive drilling and advanced technology has been central to these results, identifying new opportunities for the corporation.
With the acquisition of 16 new permits expanding its Moroccan footprint, Aya remains focused on creating shareholder value through continued exploration efforts. "We are building on this momentum into 2026," La Salle added, underscoring the company's commitment to growth in the region.
Zgounder Mine Exploration Highlights
The exploration activities at the Zgounder Silver Mine yielded impressive results, confirming significant mineralization at depth and extending known resources. Key drilling intercepts include:
- Hole DZG-SF-24-228 intercepted 3,794 grams per tonne (g/t) silver (Ag) over 10.0 metres (m).
- Hole DZG-SF-24-412 intercepted 3,279 g/t Ag over 8.0 m, including a high-grade section of 6,425 g/t Ag over 4.0 m.
- Hole ZG-SF-24-259 intercepted 1,082 g/t Ag over 8.5 m, with 2,133 g/t Ag over 2.7 m.
- Hole ZG-SF-25-290 intercepted 823 g/t Ag over 10.0 m and 2,055 g/t Ag over 4.5 m.
- Hole ZG-RC-24-413 intercepted 1,001 g/t Ag over 28.0 m, including 2,787 g/t Ag over 7.0 m.
- Hole ZG-RC-24-452 intercepted 1,364 g/t Ag over 14.0 m, including 2,433 g/t Ag over 6.0 m.
In total, 28,495 m of drilling was completed at Zgounder, exceeding the full-year target of 20,000–25,000 m. The company added six exploration permits, expanding the Zgounder exploration footprint to 378.8 square kilometres (km²).
Reserve and Resource Growth at Zgounder
As of December 2025, the Proven and Probable (P&P) Reserves at Zgounder stand at 73 million ounces (Moz) Ag at 145 g/t, contained within 15.7 million tonnes (Mt). This represents a 4% increase in silver ounces from the prior estimate, net of depletion, with reserves calculated using a silver price assumption of $26 per ounce.
Measure & Indicated Resources (M&I Resources) increased to 100 Moz Ag at 165 g/t Ag, contained in 18.9 Mt, marking a 5% rise in total silver ounces from the previous estimate, also net of depletion.
Boumadine Project Exploration Achievements
At the Boumadine Project, exploration efforts focused on the Boumadine Main Trend, yielding significant mineralized intercepts. Notable results include:
- Hole BOU-MP25-087 intercepted 2,323 g/t silver equivalent (AgEq) over 15.0 m, with grades of 3.31 g/t gold (Au), 1,900 g/t Ag, 4.8% zinc (Zn), 1.8% lead (Pb), and 0.03% copper (Cu). A high-grade section within this hole showed 3,858 g/t AgEq over 8.7 m.
- Hole BOU-RC25-026 intercepted 3,336 g/t AgEq over 6.0 m, including an exceptional section of 8,163 g/t AgEq over 2.0 m with 102.38 g/t Au.
- Extension of the Tizi Zone to 2.2 km was confirmed, with intercepts such as hole BOU-DD25-550 showing 272 g/t AgEq over 4.6 m.
The company completed 569 drillholes totalling 150,325 m within the Boumadine main trend and other targets. Additionally, 10 exploration permits were added, expanding the Boumadine exploration footprint to 340.7 km².
Updated Mineral Resources Estimate for Boumadine
As of February 2025, the Indicated Mineral Resource at Boumadine is estimated at 5.2 Mt, with grades of 91 g/t Ag, 2.78 g/t Au, 2.8% Zn, and 0.85% Pb. This contains an estimated 15.1 Moz of Ag, 449 thousand ounces (koz) of Au, 145 thousand tonnes (kt) of Zn, and 44 kt of Pb, representing a 19% increase from the prior estimate.
The Inferred Mineral Resource stands at 29.2 Mt, containing an estimated 76.8 Moz of Ag, 2.4 Moz of Au, 615 kt of Zn, and 237 kt of Pb. The updated Mineral Resources Estimate (MRE) was effective February 24, 2025, and does not include most of the 2025 drilling campaign, highlighting significant potential for additional resources in the future.
Future Outlook and Strategic Focus
Aya Gold & Silver's 2025 exploration update underscores the company's strong position in Morocco's mining sector. With substantial drilling results and expanded permit holdings, the corporation is well-positioned to continue its growth trajectory. The focus remains on leveraging advanced technology and extensive drilling to identify new opportunities and enhance shareholder value.
As the company moves into 2026, it aims to build on the momentum generated in 2025, with ongoing exploration efforts expected to further delineate resources at both Zgounder and Boumadine. This update reflects Aya's commitment to sustainable and profitable mining operations in Morocco.
