Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce new high-grade exploration drill results, which confirm the extension of mineralization by 20% south of the main mineralized trend and confirm the discovery of several parallel structures at Boumadine, in the Kingdom of Morocco.

Key Highlights¹

• Definition of new mineralization and extension of the South Zone. The main mineralized trend, which now extends over 3.2 kilometres, is open at both ends along strike and at depth.
  • BOU-DD22-080 intercepted 2,715 g/t silver equivalent over 1.40m (2.86 g/t Au, 1,717 g/t Ag, 9.6% Zn, 3.5% Pb and 0.7% Cu)
  • BOU-DD22-041 intercepted 609 g/t AgEq over 3.6m (4.02 g/t Au, 101 g/t Ag, 0.5% Zn, 2.5% Pb and 0.2% Cu) and 664 g/t AgEq over 1.70m (5.08 g/t Au, 106 g/t Ag, 0.8% Zn, 0.5% Pb and 0.2% Cu)
  • BOU-DD22-053 intercepted 736 g/t AgEq over 2.2m (6.24 g/t Au, 41 g/t Ag, 1.4% Zn, 1.0% Pb and 0.02% Cu)
  • BOU-DD22-050 intercepted 276 g/t AgEq over 9.5m (1.11 g/t Au, 94 g/t Ag, 1.0% Zn, 0.4% Pb and 0.1% Cu) including 3.9m at 431 g/t AgEq
  • BOU-DD22-077 intercepted 385 grams per tonne AgEq over 6.6 metres (3.22 g/t Au, 26 g/t Ag, 0.7% Zn, 0.5% Pb and 0.03% Cu) including 1.2m at 1,037 g/t AgEq
• 18,335m of drilling completed as of December 31, 2022, for a total of 86 diamond drill holes
• Extension of the main mineralized trend to the south, extending mineralization to over 3.2 km of strike length, and remaining open in all directions
• Confirmation of a satellite mineralization body at Tizi, and discovery of new parallel structures along the main trend
• Currently, three rigs are drilling at Boumadine as part of the 36,000m program planned for 2023

“We are excited with these drill results at Boumadine, which extend mineralization by 20% to over 3.2 kilometres and confirm the existence of parallel zones that significantly increase the potential to add high-grade ounces,” said Benoit La Salle, President & CEO. “The 2023 drill exploration program has nearly doubled in size over last year’s program, with the objective of extending the main mineralized trend to the south and delineating the known mineralization to deliver a resource statement over the next 12 months.”

Table 1 – Significant Intercepts from 2022 Boumadine Drill Exploration Program (core lengths)

2022 Exploration Results and 2023 Drilling Programs

The 2022 drill exploration program at Boumadine completed 86 DDH for a total of 18,335m (Appendix 2). The drilling was completed on five targets: Central, South, Imariren, Tizi and the Southwest Zones (Figure 1).

All of the 2022 drilling results have been received except for hole BOU-DD22-086 (Table 1 and Appendix 1). Figures 5 to 8 present each of the sections drilled along the main trend, its significant results, and geological interpretation.

Results from the second phase of drilling along the main trend, both north (BOU-DD22-041and BOU-DD22-050) and south (BOU-DD22-077), extend the known mineralization to over 3.2 km strike length which remains open in all directions. Drilling to date also confirms discovery of parallel structures as shown by significant intersects, including BOU-DD22-078 and BOU-DD22-083. A mineralized satellite zone was also confirmed at Tizi.

The mineralization consists generally of 1m to 4m widths (locally reaching over 10m width) N340- oriented massive sulfide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are composed mainly of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite.

In 2023, Aya intends to complete a 36,000m drill program, of which 21,000m will be allocated to delineation drilling along the main trend with the aim of building a resource (Figure 2). The remaining 15,000m will target new zones as well as extensions of the main trend along strike and at depth. The new 3D interpretation and model of the VTEM survey (Figure 3) will allow the Corporation to clearly follow the conductive anomaly, in addition to directly helping the exploration and the delineation programs.

Next Steps

The 36,000m drilling program is expected to be completed by mid 2023. The relogging and resampling of historic drill holes is ongoing for expected completion this year. Aya expects to use both data in estimating an NI 43-101-compliant resource update within the next 12 months. In addition, detailed surface mapping of the area is ongoing and is expected to be completed in the first half of this year.

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, Head of 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 is being advanced to feasibility.

Aya’s management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

Appendix 1 – Full Drill Results from Boumadine (core lengths)

Appendix 2 – Drillhole Coordinates of 2022 Boumadine Exploration Program

Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2022 Drill Holes (CNW Group/Aya Gold & Silver Inc)

Figure 2 – Surface Plan of Boumadine Property with VTEM Data (Slice 75m), 2022 Drill Holes and Planned Drill Holes for 2023 Drill Program (CNW Group/Aya Gold & Silver Inc)

Figure 3 – Interpreted 3D Conductor (Main Trend) from VTEM Data (CNW Group/Aya Gold & Silver Inc)

Figure 4 – Section North of Boumadine’s Main Trend with BOU-DD22-049 and BOU-DD22-050 (CNW Group/Aya Gold & Silver Inc)

Figure 5 – Section Central-North of Boumadine’s Main Trend with BOU-DD22-040 and BOU-DD22-041 (CNW Group/Aya Gold & Silver Inc)

Figure 6 – Section Central-South of Boumadine’s Main Trend with BOU-DD22-080 and BOU-DD22-082 (CNW Group/Aya Gold & Silver Inc)

Figure 7 – Section South 5 of Boumadine’s Main Trend with BOU-DD22-077 (CNW Group/Aya Gold & Silver Inc)