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Morocco: Canadian firm Aya Gold & Silver plans to spend $36M in exploration operations in 2024

Friday, 29 March 2024 20:18
Morocco: Canadian firm Aya Gold & Silver plans to spend $36M in exploration operations in 2024

(Ecofin Agency) - In 2023, Aya Gold & Silver conducted over 100,000 meters of drilling at its Zgounder silver mine and the polymetallic Boumadine project. This year, the Canadian company plans for up to 145,000 meters of drilling across its various assets in Morocco.

Aya Gold & Silver plans to spend $36 million on its Moroccan exploration activities this year.  The Canadian mining company announced the plan on March 28, 2024. It added that the funds will be allocated for drilling at the Zgounder silver mine, adjacent exploration permits, and the polymetallic Boumadine exploration permit.

At Zgounder, 15,000 meters of drilling are planned for the mine and 10,000 meters for regional permits. This is slightly less than the 28,652 meters drilled last year, which notably confirmed the potential for satellite deposit discoveries at the Zgounder mine.

Aya also aims to conduct 120,000 meters of drilling at Boumadine this year and targets a mineral resource estimate based on drilling data from 2018 to 2023. This represents a 38% increase compared to the 74,295 meters drilled in 2023.

"At Boumadine, 50% of the drilling will focus along the main axis to continue extending known mineralization along the axis and at depth [...]. The remaining 60,000 meters of drilling will be exploration work in virgin terrain to verify geological assumptions and drilling targets generated over the past two years," the company explained.

The Zgounder mine is the second-largest silver mine in Morocco. It is expected to deliver 2.6 to 3.2 million ounces in 2024, following a production of 1.97 million ounces last year. As for Boumadine, it hosts gold, silver, lead, and zinc.

Emiliano Tossou



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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