en.Wedoany.com Reported - Aya Gold & Silver (TSX, Nasdaq: AYA) has reported multiple high-grade silver intercepts from new drilling at its Zgounder mine in Morocco, both near and beneath the existing open pit.
The most prominent intersection came from underground hole T28-26-1248, which returned 8 meters grading 2,176 grams per tonne silver from a depth of 8 meters, including 4 meters at 4,298 g/t from the same interval. In the open pit area, hole ZG-RC-26-946 intersected 6 meters grading 1,867 g/t silver from 96 meters depth. The Zgounder mine is located approximately 215 kilometers south of Marrakech.
Scotia Capital mining analyst Eric Winmill noted in a report that the continued high-grade intercepts in the open pit, central zone, and west fault contact zone confirm the strong continuity of silver mineralization at depth and along strike at Zgounder. According to Winmill's estimates, Zgounder accounts for 41% of Aya's net asset value.
Zgounder is one of the few pure silver mining operations globally, with all revenue derived from silver bullion production. The mine's operating life is expected to extend to 2036, and it produced 4.8 million ounces of silver last year. Zgounder is one of the company's two key assets in Morocco, the other being the Boumadine polymetallic project, whose feasibility study is expected to be completed by the end of 2027.
In afternoon trading on the Toronto Stock Exchange Tuesday, Aya shares rose 2.5% to C$29.36, giving the company a market capitalization of approximately C$4.2 billion (US$3 billion). Over the past year, the stock has traded in a range of C$11.45 to C$30.15.
Other notable drilling results include hole ZG-RC-26-942 in the open pit area, which returned 10 meters grading 739 g/t silver from 129 meters depth, and nearby hole ZG-RC-26-799, which intersected 6 meters grading 1,160 g/t from 6 meters depth. Aya said the latest results came from 116 drill holes.
Aya completed an expansion of the mine in 2024, increasing mill throughput capacity to 1.4 million tonnes per year. Based on December 2025 resource data, Zgounder holds proven and probable reserves of 15.7 million tonnes grading 145 g/t silver, containing 73.4 million ounces of silver.
Exploration at Zgounder has continued in recent years. Aya has consistently reported high-grade results from near-mine and deep drilling programs, including the discovery of a new mineralized zone north of the open pit and extensions along the west fault corridor. Company CEO Benoit La Salle said in a statement that the new intercepts near the west fault support the significant exploration potential of the area. The company is currently developing an exploration drift at the 1,825-meter level, with drilling planned west of the fault in the second half of 2026. Aya has completed approximately one-third of its planned 30,000-meter exploration program at Zgounder this year.
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