BLAINVILLE, QUEBEC–(Marketwired – June 21, 2017) – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) announce hiring of GoldMinds Geoservices Inc. based in Quebec, Canada for the preparation of an independent NI-43-101 Preliminary Economic Assessment (PEA) on his Boumadine polymetallic deposit.
The GoldMinds work program will consist with the compilation and computerization of historical information, followed by a field work program including but not limited to verification diamond drilling, trenches, geophysical surveys, and historical tailing sampling. This will be followed by mineral resources estimation and completion of a PEA under NI 43-101 standards.
About Boumadine
Boumadine Agreement is a joint venture with L’Office National des Hydrocarbures et des Mines, referred to hereafter as ONHYM, Maya to acquire 85% of the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of eastern Morocco. ONHYM has awarded Boumadine to Maya after evaluating international tenders. The Boumadine polymetallic deposit has historical estimate (1992) of 4,096,000t grading 3.8% Zn, 1.5% Pb, 200 g/t Ag (23.9M oz) and 3.50 g/t Au (418,000 oz) and has great potential for resources expansion within the 32 square kilometers property.
Boumadine Highlights
- Historical Production 1964 to 1989)*: 261,485 t @ 3.8 % Zn, 1.5 % Pb, 200 g/t Ag and 3.50 g/t Au. A selective flotation process produced Pb-Zn concentrates and only 18-23% Ag and 10-14% Au were recovered.
- Historical estimates (1992)*: 4,096,000 t grading 3.8 % Zn, 1.5 % Pb, 200 g/t Ag (23.9M oz) and 3.50 g/t Au (418,000 oz).
- From 1964 to 1992, 32,800 m of drilling were conducted at Boumadine and 6,036 m of adits/raises and 638 m of shaft were excavated.
- Surface tailings*: ~240,000t @ 224 g/t Ag (1.6 M oz), 2.73 g/t Au (19,000 oz), 0.20 % Pb, 0.62 % Zn and 21.50% S
The Boumadine polymetallic deposit is interpreted as low-intermediate sulphidation epithermal silver-gold base metal deposit, with the potential of discovering Cu±Au pophyry-type mineralization at depth.
Click here to view the Localization of the two permits (PE 2959 and 34565).
About ONHYM
ONHYM is a state-owned company responsible for the promotion of the mining and oil activities of the Kingdom of Morocco. Based on previous works at Boumadine, ONHYM has estimated in 1992 historical estimates* of 3,837,970 t.
- Historical Measured estimates: 1,043,010 t at 0.77% Pb, 3.65 % Zn, 186 g/t Ag and 3.66 g/t Au
- Historical Indicated estimates: 869,960 t at 0.65 % Pb, 3.12 % Zn, 171 g/t Ag and 1.56 g/t Au
*A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Maya is not treating the historical estimate as current mineral resources or mineral reserves.
* Cautionary Statement:
- These informations were provided by ONHYM.
- This estimate is treated as historic information and has not been verified or relied upon for economic evaluation by Maya. These Historical Mineral Estimates do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as Mineral Resources or Mineral Reserves as stated in the CIM Definition Standards on Mineral Resources and Mineral Reserves (2010). The explanation lies in the inability by Maya at this stage to verify the data acquired by the various historical drilling campaigns and underground works. Maya has not done sufficient work to classify the Historical Mineral estimate as current Mineral Resources or Mineral Reserves. Finally, Maya is not aware of more recent estimates or data available to the issuer.
“Now that ZMSM has pinpointed and successfully tested two positive processing scenarios to recover the gold and silver at Boumadine by Roasting or Pressure Oxidation, the Corporation is now taking the next step to advance the redevelopment of the Boumadine Au, Ag, Pb, Zn deposit. With the historical estimates provided by the state agency ONHYM, the hydrometallurgy issue of gold and silver recovery behind us, the Corporation is in good position to move forward. We will apply the same successful full we did at Zgounder Silver Mine to bring this project back into production as soon as possible in fast track mode. With the planned production increase at Zgounder and the redevelopment of the Boumadine Project, two good thrusters for the Corporation to reach its cruising altitude “, said Noureddine Mokaddem, President and CEO of Maya.
Qualified Persons
The technical content of this news release has been prepared and reviewed based on the information’s received from the ZMSM by Claude Duplessis Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Person under NI 43-101 standards.
ABOUT GOLDMINDS GEOSERVICES
GMG is a consulting services company based in Quebec City, Quebec Canada, additional information on the company is available by visiting their website at: www.goldmindsgeoservices.com
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine owned by ZMSM, a Maya 85% owned joint venture with l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
Noureddine Mokaddem
President and CEO
+1 514-978-6111/+212 661-196-111
nmokaddem@mayagoldsilver.com
Maya Gold & Silver Inc.
Nathalie Dion
Investor Relations
+1 450-435-0700 ext. 202
ndion@mayagoldsilver.com
www.mayagoldsilver.com