Aya Gold & Silver (TSX: AYA) has updated its mineral resource estimate as of this morning. The update is for the firms Zgrounder Silver Mine, which is located in the Kingdom of Morocco, with the previous update having been conducted in February 2018.
The latest resource estimate has seen the company expand its measured and indicated mineral resource estimate by an impressive 340%, with the resource now indicating 44.4 million ounces of silver are believed to be in the ground at the property. The property remains open both along strike and at depth, with a further update anticipated later this year.
The latest update includes drilling conducted between February 2018 and the end of 2020. Notably, 284 drill holes were drilled at the property throughout 2020, both at surface and underground, for a total of 19,000 metres drilled. The result was the significantly expanded resource, which also extended strike by 90 metres to the east and at depth.
The resource estimate, which consists of both pit-constrained and out-of-pit resources, has a total measured resource of 34.9 million ounces of silver at an average grade of 302 g/t, as well as 9.5 million indicated ounces at 227 g/t silver. The company also reported inferred resources of 0.4 million at 206 g/t silver.
The company also identified that an Exploration Target has been established for the property at depth, with the target believing to have a grade between 190 and 295 g/t silver, which is believed to contain between 20 to 60 million ounces of silver. The target was derived from a large mineralized envelope. Estimates are reportedly conceptual in nature, with further exploration slated to occur here.
The firm is currently targeting a 100 million silver ounce resource by the year-end 2021.
Aya Gold & Silver last traded at $5.50 on the TSX.
Information for this briefing was found via Sedar and Aya Gold & Silver. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
