Aya Gold & Silver has delivered another series of exceptional drilling results from its flagship Zgounder Silver Mine in Morocco, further confirming the project’s status as one of the world’s most significant high-grade silver assets. The latest exploration campaign uncovered multiple bonanza-grade silver intercepts both near and beneath the current open-pit operation, highlighting substantial resource growth potential and reinforcing confidence in the mine’s long-term future.
The new results strengthen the geological model at Zgounder and suggest that high-grade mineralization continues well beyond the limits of the current mining plan.
Bonanza Silver Intercepts Highlight Resource Potential
The most impressive result came from underground drill hole T28-26-1248, which intersected 8 metres grading 2,176 grams of silver per tonne from just 8 metres downhole. Within that interval, Aya identified an extraordinary high-grade section of 4 metres grading 4,298 grams of silver per tonne, underscoring the exceptional quality of the mineralization encountered.
Additional strong results were reported from the open-pit area, including drill hole ZG-RC-26-946, which returned 6 metres grading 1,867 grams of silver per tonne from a depth of 96 metres. These intercepts rank among the highest-grade silver results reported by the company and continue a pattern of exploration success across the Zgounder district.
Strong Continuity of Silver Mineralization Confirmed
The latest drilling campaign provides further evidence that silver mineralization remains continuous both at depth and along strike.
Exploration has focused on several priority zones, including:
- The open-pit extension area
- The central mineralized zone
- The Western Fault corridor
- Underground resource expansion targets
Geologists believe the consistency of high-grade silver intercepts demonstrates that the mineralized system remains open for further expansion. This is particularly important as Aya seeks to increase resources and extend future production opportunities beyond the current mine plan.
Zgounder Remains One of the World’s Few Pure Silver Mines
Located approximately 215 kilometers south of Marrakech, Zgounder is one of the rare mining operations globally that generates revenue exclusively from silver production. Unlike many silver producers that rely heavily on by-products such as gold, lead, zinc, or copper, Aya’s operation is focused entirely on silver doré production.
The mine produced approximately 4.8 million ounces of silver in 2025, making it one of Africa’s most important silver-producing assets. Zgounder also represents the largest contributor to Aya’s overall valuation and remains the company’s flagship operation.
Major Expansion Supports Future Growth
Aya completed a significant expansion project at Zgounder in 2024, substantially increasing processing capacity. The upgraded facility can now process approximately 1.4 million tonnes of ore annually, providing the infrastructure necessary to support future production growth and potential resource additions. The expansion positions the operation to benefit directly from ongoing exploration success and any future increases in mineable reserves.
Large Reserve Base Provides Long Mine Life
The Zgounder Mine already possesses a substantial reserve inventory that supports a projected operating life extending through 2036.
According to the latest resource update, the project hosts:
Proven and Probable Reserves
- 15.7 million tonnes
- 145 grams of silver per tonne
Containing approximately:
- 73.4 million ounces of silver
This solid reserve foundation provides long-term production visibility while ongoing exploration continues to identify opportunities for additional resource growth.
Western Fault Zone Emerges as a Key Exploration Target
One of the most promising areas of recent exploration activity is the Western Fault corridor, where drilling continues to return encouraging results. New intersections in this area suggest that mineralization extends westward beyond previously defined boundaries.
To accelerate exploration efforts, Aya is advancing development of an underground exploration drift at the 1,825-metre level. This infrastructure will provide improved access for future drilling programs targeting areas west of the fault zone. Management believes the corridor could host additional high-grade mineralized zones capable of significantly expanding the overall resource base.
Exploration Success Continues Across Multiple Targets
Exploration has become a central component of Aya’s growth strategy.
In recent years, the company has consistently reported strong drilling results from:
- Near-mine targets
- Underground extensions
- Northern exploration zones
- Western Fault structures
- Deep mineralized systems
Several newly discovered zones north of the open pit have already demonstrated the potential for future resource additions, while deeper drilling continues to reveal extensions of known mineralization. These discoveries support the view that Zgounder remains underexplored despite decades of mining activity in the region.
2026 Drilling Program Progressing Rapidly
Aya has launched an ambitious 30,000-metre exploration campaign for 2026 aimed at expanding resources and testing new high-priority targets.
To date, approximately one-third of the planned drilling program has been completed.
The latest results were generated from 116 drill holes, providing a substantial amount of new geological information that will help guide future exploration efforts.
As drilling advances throughout the year, investors will be watching closely to see whether additional bonanza-grade discoveries emerge from the expanding exploration program.
Morocco Continues to Attract Mining Investment
The success of the Zgounder Mine further highlights Morocco’s growing importance as a destination for international mining investment.
The country hosts significant deposits of:
With stable mining regulations, established infrastructure, and a strong exploration pipeline, Morocco continues to attract companies seeking high-quality resource opportunities in North Africa.
Outlook Remains Strong for Silver Growth
The latest drilling results reinforce Zgounder’s position as one of the highest-grade producing silver mines in the world.
With exceptional exploration results, expanding infrastructure, a large reserve base, and multiple growth targets still being tested, Aya Gold & Silver appears well-positioned to continue increasing the scale and value of its flagship asset.
As global demand for precious metals remains supported by industrial applications, renewable energy technologies, and investment demand, continued exploration success at Zgounder could further strengthen the mine’s role as a major contributor to global silver supply for years to come.
