Aya Gold & Silver expand mining operations in Morocco by acquiring seven copper and silver permits in Tirzzit to increase resources and explore a new mining district.
Table of Contents
Canadian mining company Aya Gold & Silver has announced its acquisition of seven copper and silver permits in the Tirzzit mine, situated 25 km away from its Zgounder silver mine.
This expansion allows the company to develop its mining portfolio in Morocco further.
Aya Gold & Silver specializes in extracting precious metals and aims to commence work on the Tirzzit mine by the end of 2023 after conducting a comprehensive analysis of the historical data related to the mining deposit, spanning an area of approximately 68 km².
Increasing Mining Presence in Morocco
Aya Gold & Silver, a Canadian mining company focused on precious metals, has recently acquired the Tirzzit copper mine in Morocco.
This acquisition consists of seven permits granting access to areas covering 67.7 km², including five exploration permits and two mining licenses. One of the mining licenses corresponds to a historically significant high-grade copper mine.
The acquisition, valued at approximately $4.9 million, enables Aya Gold & Silver to assume complete ownership of this historic mine.
However, the transaction is subject to final approval from the Toronto Stock Exchange and regulatory clearance from the Kingdom of Morocco.
The shares issued by Aya in connection with the acquisition will be subject to a four-month hold period, as mandated by Canadian securities laws.
Drilling Program and Future Prospects
Following the permit acquisition, Aya Gold & Silver has already outlined plans for the exploration phase of the Tirzzit project.
The initial step involves an in-depth analysis of the historical data, particularly the drilling information about the mining deposit.
This analysis will inform the company’s approach when initiating on-site operations by the end of 2023.
Depending on the analysis results, a drilling program is scheduled for 2024.
Benoit La Salle, the CEO of Aya Gold & Silver, expressed his enthusiasm for the acquisition, stating:
“The acquisition of Tirzzit aligns with our goal of expanding our mineral footprint in Morocco and increasing our resources. It also provides us with long-term exposure to a potential new mining district within trucking distance of Zgounder.”
La Salle added, “Limited exploration work has been conducted on the new permits thus far, presenting our team with an opportunity to unlock value for all stakeholders quickly. We eagerly anticipate launching an exploration program and maximizing near-term value.”
Impressive Production Figures and Growth
Aya Gold & Silver currently operates the Zgounder mine, which is located 200 km south of Marrakech and is one of Morocco’s largest silver mines, along with the Imiter mine operated by the Managem group.
In the first quarter of 2023, Aya produced 474,813 ounces of silver, representing a 25% increase compared to the same period in 2022.
The company’s revenue rose by 14% to reach $10.4 million.
Aya Gold & Silver aims to produce between 1.7 and 1.9 million ounces of silver in 2023.
These figures contribute to the company’s successful performance in the previous year, during which it achieved a volume of over 1.8 million ounces of silver from the same mine, marking a 17.5% increase compared to 2021.
It is worth noting that the National Office of Hydrocarbons and Mines (ONHYM) holds a 15% stake in the Zgounder mine.
In September 2022, Aya Gold & Silver signed an agreement with ONHYM, granting the latter five permits adjacent to the Zgounder mine for 67 million dirhams.
Furthermore, in February 2023, the Canadian company secured a $100 million loan to finance its project to expand the same deposit.
Of this amount, $92 million was granted by the European Bank for Reconstruction and Development (EBRD), with an additional $8 million provided by the Climate Investment Fund (CIF).
Aside from the Zgounder project, Aya Gold & Silver operates the Boumadine silver mine in the Draâ-Tafilalet region within the Anti-Atlas mountains, approximately 240 km from Ouarzazate.
The company also announced plans in November 2022 to accelerate the exploration of this site.
In addition to these two sites, Aya Gold & Silver manages the Azegour and Amizmiz mines, located southwest of Marrakech, and the Imiter bis mine, approximately 150 kilometers from Ouarzazate.
Get our best stuff sent straight to you! Join our WhatsApp Channel.
Post's Author
