All amounts are in US dollars unless indicated otherwise.
Following the close of the Algold acquisition, Aya controls 100% of Algold and is the 75% owner-operator of Tijirit, with the remaining 15% owned by the
Aya paid a total consideration of
Aya gains a high-grade gold ('Au') resource project and a 26-year mine permit covering more than 150 km2 in a pro-mining jurisdiction that it knows well
Aya has appointed Thierry Vergnol as President & General Manager for
Aya has launched a feasibility study ('FS') to assess the potential for developing Tijirit
Algold shares have been delisted from the
Resources Update - as of
Measured and Indicated ('M&I') mineral resources for the
Eleonore deposit remains open along strike and at depth
M&I mineral resources for the Lily/Sophie Zones totalled 77.9 K oz, relatively unchanged from 75.2 K oz in 2018
Lily/Sophie zones remain open along strike and at depth
'With the acquisition of Algold now complete, we can focus on our Tijirit exploration and development efforts to immediately deliver value for shareholders. We have already increased M&I resources at Eleonore by 127%, and our team is mobilized to deliver a feasibility study within the next twelve months. We have several drill-ready targets generated by the first mineral resource since 2018. We look forward to leveraging our technical expertise and financial strength to unlock value for all stakeholders,' said
'The Tijirit Project has terrific potential and offers all the necessary conditions to create meaningful stakeholder value for the people in
The resource estimate was prepared by
Launch of Tjirit Feasibility Study
Following the acquisition of Tijirit, Aya has launched a FS to assess the potential for developing Tijirit. The following globally recognised engineering consultants have been mandated to complete the FS: Lycopodium Minerals Canada,
The FS, which will initially focus on the Eleonore and
A budget estimate of
A metallurgical test work program
All engineering studies for the completion of the FS
All field work programs such as geotechnical and hydrogeological programs
Resumption of Activities at Tijirit Camp
In
As part of the 2021 field work campaign, Aya is in the process of securing the Eleonore and
Increasing Potential of the
The 127% increase in M&I resources validates Aya's geological interpretation of the Eleonore mineralization, in addition to highlighting the potential for additional ounces from targets that have only had limited exploration to date. Eleonore's multiple high-grade, shear-hosted mineralized zones remain open down-dip and along strike, with multiple areas in the immediate area still untested.
The Eleonore East zone, which extends over a three-kilometer strike, is situated at approximately three kilometers northeast of Eleonore. The zone is believed to offer the potential for further high-grade discoveries within the mine lease that, with more drilling, could rapidly be included in future mining plans.
Key Appointments -
To lead the development of Tijirit, Aya has appointed Thierry Vergnol as President & General Manager of
Resource Estimation Methods
A modeling cut-off grade of 0.3 grams per tonne ('g/t') Au, a minimum thickness of two meters, and a minimum accumulation of 1.2 meters g/t were used to delineate mineralized volumes. The 2,973 two-meter composites were capped at grades varying between 3.5 g/t Au and 45 g/t Au based on local extreme grades. Only a few composites were capped, with the gold loss due to the capping at 12% for the base case resource. Densities are based on 5,628 readings from DDH holes. A density of 2.00 t/m-3 was used for saprolite, and fresh rock was set to 2.7 t/m-3 in the Lily zone, 2.8 t/m3 in the Sophie III zone, 2.85 t/m-3 in the Sophie II zone, 3.0 t/m-3 in the Sophie I zone, 2.86 t/m-3 in the Eleonore North, Center and South zones and 2.95 t/m-3 in the Eleonore East zone.
The block model has a block size of 2 x 5 x 2.5 meters for Sophie I-II-III and Eleonore; 2 x 5 x 2 meters for
Optimized open pits have been prepared to allow to constrain the resource estimate. The assumptions include a gold price of
About
Its mining portfolio also includes the Boumadine polymetallic deposit located in the
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ('forward-looking statements'), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as 'plans', 'expects', 'does not expect', 'deliver', 'plan', 'scheduled', 'trends', 'indications', 'potential', 'estimates', 'predicts', 'anticipate', 'to establish', 'does not anticipate', 'believe', 'intend', 'ability to' and similar expressions or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will', or are 'likely' to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Zgounder and the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2020 Annual Information Form dated
Contact:
Email: benoit.lasalle@ayagoldsilver.com
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