(Ecofin Agency) - Aya Gold & Silver has announced a silver production of 1.97 million ounces in 2023 and aims to increase this to between 2.6 and 3.2 million ounces in 2024. Alongside its operational Zgounder mine, the Canadian company is exploring the potential development of a second mine at Boumadine.

On April 16, Aya Gold & Silver, a Canadian firm, unveiled a mineral resource estimate for its polymetallic Boumadine project. The project is reported to hold 72 million ounces of silver and 2.1 million ounces of gold in mineral resources, with 64.7 million ounces of silver and 1.98 million ounces of gold classified as inferred resources.

Today, we announced a robust Boumadine resource update:

“In under two years, we have delivered 72 Moz of #silver and 2.1 Moz of Au or 352 Moz AgEq at 427 g/t AgEq in all classifications from a mineralized footprint that continues to grow and remains open in all directions."… pic.twitter.com/aWf0v6A9OR

— Aya Gold & Silver (@AyaGoldSilver) April 16, 2024

This update follows extensive drilling work conducted between 2018 and 2023, totaling 96,301 meters of diamond drilling. The company plans to continue this work in 2024 with a 120,000-meter program, to expand the resource estimate from known targets and identify new mineralized zones.

"Drilling has focused solely on the mining permit, a small portion of the overall mineralized footprint. We will continue to consolidate the area and aggressively drill the extensions of the main trend with a view to growing the Mineral Resource", stated Benoit La Salle, CEO of Aya Gold & Silver, in a press release.

Morocco stands as the leading African producer of silver, with Aya Gold & Silver being a prominent player in Moroccan production through its Zgounder mine. Developing a new mine at Boumadine could further solidify the firm’s position in the sector.