MONTREAL, June 25, 2018 (GLOBE NEWSWIRE) -- Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX-V:MYA) is pleased to announce that it has received the first results from its diamond drilling program at its Boumadine property. The drilling consisted of testing the known mineralization and confirming historical results as requested by the Qualified Person (“QP”) in connection with the finalization of the Preliminary Economic Assessment.
“These positive assay results are very important for the first time since acquisition, they show particularly rich mineralization at Boumadine. The continuity and quality of the mineralization is demonstrated in the Central zone. With this confirmed high-grade mineralization we continue to increase our near-surface high-grade footprint in the district. As well, the depth potential of Boumadine has never been significantly tested in the past and represents a great opportunity for Maya,” said Noureddine Mokaddem, Founder, President and CEO of Maya Gold & Silver.
The intersection is from diamond drill hole B-17-04 which was sampled by GoldMinds QPs during site visit and assayed at AGAT Laboratory in Ontario, Canada. The samples are a ¼ core while the other ½ was sent to ADM laboratory in Morocco and the other ¼ kept as witness core at the site. The placement of the drilling holes was selected to verify that the historical resource panel was still in place and that the grade was in line with the historical disclosure. All the scheduled holes intersect the sulfide mineralization which is today still in place. The results are partial and represent a first set of data received from ADM & AGAT, both independent laboratories.
-The limited intersection of hole B-17-04 goes from 153m to 181m for 28m.
-The limited intersection of hole B-17-02 goes from 171.1m to 180.1m for 9m.
-The limited intersection in rhyolite taken in hole B-17-01 is not in sulfides and was to test alteration zone (i.e. not the sulfide zone) surface and did not give significant results in precious and base metals. B-17-01 did intersect sulphides. Further results are pending from the Moroccan lab for this hole and other holes. These are the first results and are preliminary and limited to the portion sampled during site visit.
| GoldMInds/AGAT Canada 1/4 Core | ||||||||||
| Hole Name | From | To | Length | Density | Au | Ag | Cu | Pb | Zn | |
| (m) | (m) | (m) | t/m3 | g/t | g/t | % | % | % | ||
| B-‐17-‐02 | 171.1 | 180.1 | 9 | 4.15 | 4.78 | 104.00 | 0.29 | 0.69 | 6.13 | |
| B-‐17-‐04 | 153 | 181 | 28 | 3.99 | 4.91 | 140.00 | 0.18 | 0.41 | 1.70 | |
| including | 175 | 181 | 6 | 4.3 | 11.02 | 219 | 0.39 | 0.12 | 0.55 | |
| True width is about 75% of drill core length | ||||||||||
| Note AGAT results: LengthxDensity weighted average grade | ||||||||||
| CMMM/ADM | Morocco 1/2 core | Details and comparison | ||||||
| B-17-02 ANALYSIS RESULTS | ||||||||
| from | to | length(m) | Au ppm | Ag ppm | Cu ppm | Pb% | Zn% | |
| 171.1 | 172.1 | 1 | 1.43 | 22 | 581 | 0.36 | 2.16 | |
| 172.1 | 173.1 | 1 | 0.95 | 20 | 198 | 0.15 | 1.59 | |
| 173.1 | 174.1 | 1 | 5.56 | 157 | 3104 | 1.11 | 7.04 | |
| 174.1 | 175.1 | 1 | 4.39 | 155 | 1647 | 0.4 | 7.3 | |
| 175.1 | 176.1 | 1 | 5.02 | 193 | 956 | 0.86 | 2.66 | |
| 176.1 | 177.1 | 1 | 9.54 | 159 | 5620 | 0.95 | 15.39 | |
| 177.1 | 178.1 | 1 | 8.99 | 160 | 5080 | 1.38 | 11.56 | |
| 178.1 | 179.1 | 1 | 2.9 | 66 | 2650 | 0.38 | 12.75 | |
| 179.1 | 180.1 | 1 | 2.49 | 78 | 2380 | 0.56 | 1.72 | |
| ADM | 9 | 4.58 | 112 | 0.24 | % | 0.68 | 6.9 | |
| AGAT | 9 | 4.78 | 104 | 0.29 | % | 0.69 | 6.13 | |
Quality Control / Quality Assurance (QA/QC)
The samples were analyzed by the independent laboratory Analyse Development Minier S.A.R.L. The core samples are crushed to have d80 passing 2mm and afterward riffle split to have 100 grams which is pulverized to have a pulp d80 of 75 microns Multi acid digestion and Atomic Absorption reading. Fire assay is used for gold grade determination. The standards and blanks are in line with expected results and allow public disclosure of the results. Moreover, the independent samples were also analyzed by at the independent laboratory AGAT in Canada. The core samples are dried, weighted and are crushed to have d80 passing 2mm and afterward riffle split to have 250 grams which is pulverized to have a pulp d80 of 75 microns and pulp is taken in Sodium Peroxide Fusion ICP-OES/ICP-MS Finish for the metals and the gold by done by Fire assay with ICP and gravity finish for 10g/t+. Specific Gravity by Pychnometer is done on every sample at AGAT. The standards and blanks are in line with expected results and allow public disclosure of the results.
Even if all blanks and standard are in line we can observe a difference in the grade of the ¼ core of GoldMinds/AGAT and the ½ core of Maya/ADM. Additional analysis will take place to try to find out if variation comes from the analytical method (acid digestion versus sodium peroxide fusion) or if it is strictly related to the fact of ¼ vs ½ core variability. This being said both results present interesting grades of mineralization in line with the historical grade of the historical panel.
A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5bb01ee2-236b-49ba-b2b1-4d793e7f0234
Qualified Person
The technical content of this news release has been prepared and reviewed based on the information’s received from AGAT Laboratory in Canada and Maya gold and Silver by Claude Duplessis Eng. from GoldMinds Geoservices Inc, independent Qualified Persons 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 has 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%).
The Boumadine property, a joint venture with ONHYM, whereby Maya owns 85% of the polymetallic deposit located in the Anti-Atlas Mountains of eastern Morocco. ONHYM awarded Boumadine to Maya after evaluating international tenders.
The Maya portfolio also includes the Amizmiz and Azegour properties, 100% Maya owned, gold, tungsten, molybdenum and copper deposits, covering over 100 square kilometres in a historical mining district with both precious and base metal mineralization.
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 future events or future performance and reflects management’s current expectations and assumptions. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. 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. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in the Corporation’s filings with SEDAR.