Aya Gold & Silver reported additional drilling results from its Zgounder Silver Mine in Morocco. The company said the latest exploration campaign identified multiple bonanza-grade silver intercepts near and beneath the current open-pit operation. Aya stated the new results strengthen the geological model at Zgounder and indicate high-grade mineralization continues beyond the limits of the current mining plan.
Bonanza-grade intercepts from underground and open-pit drilling
The most prominent result was reported from underground drill hole T28-26-1248. Aya said the hole intersected 8 metres grading 2,176 grams of silver per tonne starting from 8 metres downhole. Within that interval, the company identified a 4-metre section grading 4,298 grams of silver per tonne.
In the open-pit area, Aya reported drill hole ZG-RC-26-946. The company said the hole returned 6 metres grading 1,867 grams of silver per tonne from a depth of 96 metres. Aya described these intercepts as among the highest-grade silver results it has reported and said they continue a pattern of exploration success across the Zgounder district.
Priority zones targeted to test continuity at depth and along strike
Aya said the drilling campaign provides further evidence that silver mineralization remains continuous at depth and along strike. Exploration has focused on several priority areas, including the open-pit extension area, the central mineralized zone, the Western Fault corridor, and underground resource expansion targets. The company stated that consistency in high-grade intercepts supports continued expansion potential.
Aya added that this is relevant to its objective to increase resources and extend future production opportunities beyond the current mine plan. The company did not provide additional drill-hole details beyond the two highlighted intercepts in its update.
Zgounder location, production focus and processing capacity
Zgounder is located approximately 215 kilometers south of Marrakech. Aya said it is one of the few operations globally that generates revenue exclusively from silver production. The company’s operation is focused on silver doré production rather than relying on by-products such as gold, lead, zinc or copper.
Aya reported that Zgounder produced approximately 4.8 million ounces of silver in 2025. The company also stated that Zgounder is its flagship operation and represents the largest contributor to its overall valuation.
In 2024, Aya completed an expansion project at Zgounder that increased processing capacity. The upgraded facility can process approximately 1.4 million tonnes of ore annually. Aya said the expansion supports future production growth and potential resource additions tied to exploration results.
Reserves through 2036 and Western Fault development plans
Aya said the Zgounder mine has a reserve inventory supporting a projected operating life extending through 2036. According to its latest resource update, Proven and Probable Reserves total 15.7 million tonnes grading 145 grams of silver per tonne. Aya stated those reserves contain approximately 73.4 million ounces of silver.
The company identified the Western Fault corridor as a key exploration target where drilling continues to return encouraging results. Aya said new intersections suggest mineralization extends westward beyond previously defined boundaries. To support further work in areas west of the fault zone, Aya is advancing development of an underground exploration drift at the 1,825-metre level.
Aya stated management believes additional high-grade mineralized zones could be present in the corridor and capable of expanding the overall resource base. The update did not provide specific grades or widths for Western Fault results beyond noting ongoing drilling activity.
2026 exploration campaign scale and Morocco’s broader mining context
Aya said exploration remains central to its growth strategy and that recent drilling has targeted near-mine areas, underground extensions, northern exploration zones, Western Fault structures and deep mineralized systems. The company reported that newly discovered zones north of the open pit have demonstrated potential for future resource additions while deeper drilling continues to reveal extensions of known mineralization.
For 2026, Aya launched a 30,000-metre exploration campaign aimed at expanding resources and testing new high-priority targets. The company said approximately one-third of the planned program has been completed to date. Aya also stated that results generated so far come from 116 drill holes providing new geological information for future exploration planning during the year.
Aya linked Zgounder’s performance to Morocco’s role in international mining investment. The company said Morocco hosts significant deposits of silver, gold, copper, lead, zinc and other strategic minerals. It also noted stable mining regulations, established infrastructure and an active exploration pipeline as factors supporting continued interest in North Africa.
