In the latest discovery of precious metals in Morocco, Aya Gold & Silver, listed on the Toronto Stock Exchange, announced the strongest mineral intercept to date in its multi-metallic project at the Boumédien mine, not far from the border with Algeria.
The company stated in a press release on Wednesday, November 26, that hole BOU-MP25-087 revealed 15 meters of high-quality ore at a depth of 138 meters. With grades of 3.31 grams of gold per ton, 1.900 grams of silver, 4.8% zinc, 1.8% lead, and 0.03% copper.
The best intersection within the hole included 8.7 meters with higher grades: 5.37 grams of gold, 3.208 grams of silver, 6.3% zinc, and 2.8% lead.
According to experts interviewed by the specialized website “Mining,” the drilling results enhance the potential for expanding mineral resources in Boumédien, whether through infill or expansion drilling.
These discoveries come about three weeks after the publication of a preliminary economic assessment (PEA). It showed that the company could recover its investment in just one year if gold prices remain high.
Company Stocks
The news of the results pushed Aya’s stock up by 7.7% on the Toronto Stock Exchange, reaching 15.91 Canadian dollars. This gave the company a market value close to 2.3 billion US dollars.
The company estimates the net present value of the project at 3 billion dollars, with an internal rate of return of 77% and a payback period of 1.2 years.
Boumédien Secrets
The Boumédien mine is characterized by the presence of lenses and veins of sulfides primarily composed of pyrite, with significant proportions of sphalerite (zinc), galena (lead), and chalcopyrite (copper), with thicknesses usually ranging between one and four meters.
The CEO of Aya Gold & Silver, Benoit La Salle, stated that the recent discoveries “clearly indicate ongoing resource growth and potential expansion of open-pit and future mines.”
85% of the project belongs to the company, which plans to develop it through six open-pit mining sections and three underground mines. This is over an expected mine life of 11.1 years, with a daily processing capacity of 8,000 tons.
Algerian Borders
The project is located in the Errachidia region, about 220 km east of Ouarzazate, in a sensitive area due to its proximity to the Moroccan-Algerian border. Aya’s rights cover an area of 339 km², along with an additional 600 km² licensed for exploration.
The project contains approximately 76.8 million ounces of silver, 2.4 million ounces of gold, 615,000 tons of zinc, and 237,000 tons of lead.
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