BLAINVILLE, QUEBEC–(Marketwired – June 13, 2017) – Maya Gold & Silver (“Maya” or the “Corporation”) (TSX VENTURE:MYA) is pleased to report a monthly record production of 54,013 ounces (1,680 Kg) of silver during the month of May 2017 at its Zgounder silver mine in Morocco.
March 2017 Production Highlights
- A silver production of 54,013 ounces represents a 16.74% increase from May 2016 output;
- The average head grade processed yields a 20.5% increase from the May total of 2016;
- This is the highest monthly silver output since the start of mining operations in September 2014;
- The total recovery rate of 86.47% indicates an increase of 9.17% from that of May 2016
Operational Highlights
| Production information Month of May, |
% | Production information for Five months ending on May 31, |
% | |||
| 2017 | 2016 | Var. | 2017 | 2016 | Var. | |
| Tonnage of dry material processed (t) | 5,482 | 5,851 | -6.31 | 24,294 | 23,831 | 1.94 |
| Average grade processed (g/t Ag) | 359.08 | 298 | 20.50 | 370.14 | 370.46 | -0.09 |
| Metal produced (kg) | 1,680 | 1,439 | 16.74 | 7,701.39 | 6,996.27 | 10.08 |
| Ounces of silver ingots produced | 54,013 | 46,270 | 16.74 | 247,605 | 224,935 | 10.08 |
| Average recovery rate (%) | 86.47 | 79.21 | 9.17 | 85.64 | 79.21 | 8.12 |
Development highlights at the Zgounder Mine
During the month of May 2017, underground exploration and development consisted of 1,194 metres of percussion drilling in four mine workings. Highlights of the work completed are:
- On Level 2100 W, percussion drilling encountered Panel 1 at the contact of the doleritic dyke and the Neoproterozoic metasedimentary sequence and at the intersection of silver-bearing mineralized structures respectively oriented EW and NS. The mineralization consists of disseminated sulphides (sphalerite, galena and pyrite) accompanied by native silver in fractures and quartz veinlets. The percussion drilling has verified the continuity of the mineralization.
- Panels 5Y and 6Y located east of bodies 1Y-2Y-3Y at the contact of the doleritic dyke and the metasedimentary sequence display strong alteration defined by chloritization and sericitization and are affected by intense fracturing. Panels 5Y and 6Y consists of schistosed sandstones in which the mineralization is represented by disseminated sulphides (sphalerite, galena and pyrite) and abundant plates of native silver present in fractures. Percussion drilling will determine the shape of panels 5Y and 6Y.
- Percussion drilling determined the extension of silver mineralization form panels 2030 N01 and NW10 (North Zone).
Qualified Persons
The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Michel Boily, PhD, geo from GÉON; an independent Qualified Person under NI 43-101 standards.
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 Zgounder Millenium Silver Mining, 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.
Zgounder Silver Mine
The decision to commence production at the Zgounder Silver Mine was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a pre-feasibility study. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.
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.
R Martin Wong CPA CA
Interim Chief Executive Officer
450-435-0700
mwong@mayagoldsilver.com
Maya Gold & Silver Inc.:
Noureddine Mokaddem
President
450-435-0700
nmokaddem@mayagoldsilver.com
Maya Gold & Silver Inc.:
Nathalie Dion
Investor Relations
450-435-0700 ext. 202
ndion@mayagoldsilver.com