MONTREAL, QUÉBEC–(Marketwired – March 2, 2018) – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE: MYA) is pleased to announce that its drilling program at Boumâadine(1) continues to deliver positive results as all the verification holes, to date have intersected polymetallic sulfide mineralization.
In spite of severe weather conditions, affecting the exploration operations, the company has completed 1756.9m of drilling as of February 26th 2018.
The holes are drilled in Ignimbrite and Andesite. These rocks are intruded by hydrothermal breccia, veinlets, veins, disseminated and massive sulfides. The sulfides are mainly pyrite, sphalerite, galena and to a lesser level chalcopyrite.
The intersections are very close to the scheduled target depth planned by GoldMinds Geoservices Inc.’s model projection. The core is being logged and sampled with a half core sample being sent to an independent laboratory. Due to hazardous road conditions in the last months, the decision was made to postpone assaying and send the mineralized intersections in batches. Results will be disclosed once received, interpreted and validated.
The following links figures present the results of the holes drilled in the central zone and the south zone.
“The drill holes at Boumâadine are encouraging as they intersect the mineralization. As previously stated, we will have to wait for the assay results to better evaluate our success. The severe weather conditions in the area with snow and heavy rains will have the benefit of filling the aquifers for agriculture as well as for exploration and processing purposes. We are continuing our development to bring value in the company for the benefits of all shareholders. Come and visit us at PDAC Toronto next week. We will be there to discuss and answer any questions you may have, “said Noureddine Mokaddem, President and CEO of Maya.
The Boumâadine Agreement is a joint venture with L’Office National des Hydrocarbures et des Mines, referred to as ONHYM, whereby Maya is to acquire 85% of the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of eastern Morocco. ONHYM has awarded Boumâadine to Maya after evaluating international tenders. The Boumâadine polymetallic deposit has historical estimate (1992) of 4,096,000t grading 3.8% Zn, 1.5% Pb, 200 g/t Ag (23.9M oz) and 3.50 g/t Au (418,000 oz) and has a great potential for resources expansion within the 32 square kilometers property.
- Historical Production (1964 to 1989)*: 261,485 t @ 3.8 % Zn, 1.5 % Pb, 200 g/t Ag and 3.50 g/t Au. A selective flotation process produced Pb-Zn concentrates and only 18-23% Ag and 10-14% Au were recovered.
- Historical estimates (1992)*: 4,096,000 t grading 3.8 % Zn, 1.5 % Pb, 200 g/t Ag (23.9M oz) and 3.50 g/t Au (418,000 oz).
- From 1964 to 1992, 32,800 m of drilling was conducted at Boumâadine and 6,036 m of adits/raises and 638 m of shaft were excavated.
- Surface tailings-mineralized material*: ~240,000t @ 224 g/t Ag (1.6 M oz), 2.73 g/t Au (19,000 oz), 0.20 % Pb, 0.62 % Zn and 21.50% S
The Boumâadine polymetallic deposit is interpreted as low-intermediate sulphidation epithermal silver-gold base metal deposit, with the potential of discovering copper and gold porphyry-type mineralization at depth.
ONHYM is a state-owned company responsible for the promotion of the mining and oil activities of the Kingdom of Morocco. Based on previous works at Boumâadine, ONHYM has estimated in 1992 historical estimates* of 3,837,970 t.
- Historical Measured estimates: 1,043,010 t at 0.77% Pb, 3.65 % Zn, 186 g/t Ag and 3.66 g/t Au
- Historical Indicated estimates: 869,960 t at 0.65 % Pb, 3.12 % Zn, 171 g/t Ag and 1.56 g/t Au
*A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Maya is not treating the historical estimate as current mineral resources or mineral reserves.
* Cautionary Statement:
- This information was initially provided by ONHYM.
- This estimate is treated as historic information and has not been verified or relied upon for economic evaluation by Maya. These Historical Mineral Estimates do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as Mineral Resources or Mineral Reserves as stated in the CIM Definition Standards on Mineral Resources and Mineral Reserves (2010). The explanation lies in the inability by Maya at this stage to verify the data acquired by the various historical drilling campaigns and underground works. Maya has not done sufficient work to classify the Historical Mineral estimate as current Mineral Resources or Mineral Reserves. Finally, Maya is not aware of more recent estimates or data available to the issuer.
The technical content of this news release has been prepared and reviewed based on the information’s received from Maya/ONHYM by Claude Duplessis Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Person under NI 43-101 standards.
Maya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine owned by ZMSM, a Maya 85% owned joint venture with l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
President and CEO
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Maya Gold & Silver Inc.