Aya Gold & Silver (TSX, Nasdaq: AYA) reported the strongest drill intercept yet on a grade-thickness basis at its Boumadine project in Morocco as the Canadian producer and explorer continues to advance one of the African country’s largest undeveloped polymetallic deposits.
Hole BOU-DD25-745 cut 52 metres grading 535 grams per tonne silver and 2.05 grams gold from about 215 metres depth, Aya said Wednesday. Another hole, BOU-DD25-746, intersected about 15 metres of 204 grams silver and 5.24 grams gold from 107 metres downhole, including 8 metres of 276 grams silver and 8.79 grams gold from 113 metres.
Boumadine “continues to deliver not only high-grade but also multiple wide intercepts,” Desjardins Securities mining analyst Bryce Adams said in a note. The “results reinforce Boumadine’s grade and scale upside versus the current mineral resource estimate, supporting the project’s resource growth potential.”
Aya is about one-third of the way through a 200,000-metre drilling program at Boumadine, which is focused on extending the Main Trend, Imariren and Tizi zones to advance a feasibility study that’s planned for the middle of next year. All three zones are open in all directions, Aya said. Over 2026 and 2027, Aya expects to drill about 360,000 metres combined.
Land acquisitions
Located in southern Morocco’s Anti-Atlas region, Boumadine sits about 350 southeast of Rabat and about 240 km east of the company’s producing Zgounder silver mine. It hosts silver, gold, zinc and lead mineralization distributed across several parallel structures extending over more than 5 km of strike length.
Aya has steadily expanded the project through drilling and land acquisitions over the past three years.
Other notable intercepts included hole BOU-DD26-790, which cut 15 metres of 586 grams silver and 0.62 gram gold from 141 metres downhole. This included 6.5 metres of 971 grams silver and 1.05 grams gold from 148 metres depth.
“These latest results continue to demonstrate the exceptional grade, width and scale potential emerging at Boumadine,” CEO Benoit La Salle said in the statement.
Mid-year PEA
Boumadine hosts 5.2 million indicated tonnes grading 91 grams silver, 2.78 grams gold, 2.8% zinc and 0.85% lead for contained metal of 15.1 million oz. silver, 449,000 oz. gold, 145,000 tonnes silver and 44,000 tonnes lead, according to a February 2025 resource.
Inferred resources are pegged at 29.2 million tonnes containing an estimated 76.8 million oz. silver, 2.4 million oz. gold, 615,000 tonnes zinc and 237,000 tonnes lead.
A preliminary economic assessment for Boumadine is due to be published around mid-year, Aya said. The project is permitted for mining.
“Advancing the project is a key value driver for the company, with Boumadine making up 65% of net asset value on our estimates,” BMO Capital Markets mining analyst Kevin O’Halloran said Wednesday in a note.
Aya rose 0.4% to $22.71 Wednesday morning in Toronto, valuing the company at about $3.3 billion (US$2.4 billion). The stock has traded between $10.48 and $30.15 in the past year.
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