Aya Gold & Silver (AYA.TO) reported new drill results from the Boumadine project in Morocco that confirm "strong high-grade continuity" along the Boumadine Main Trend and "support the potential for continued resource growth and scale", according to a Wednesday news release.
In addition, hole BOU-DD25-745 to the south intersected a new mineralized parallel structure 70 meters below the current resources pit shell, the company said. This new structure has the potential to increase both the resources and depth of the open pit and will require follow-up drilling upward and laterally to fully assess its potential, it added.
Highlights of the results from the Boumadine Main Trend include 890 grams per tonne silver equivalent over 51.5 m, including 1,504 g/t silver equivalent over 19.3 m; and also 665 g/t silver equivalent over 20.4 m, including 1,276 g/t silver equivalent over 5.3 m; as well as 746 g/t silver equivalent over 14.9 m, including 1,227 g/t silver equivalent over 6.5 m.
In a exploration update, Aya cited 69,209m drilled at Boumadine year-to-date, with 20% of the planned 360,000m infill drilling program for 2026-2027 completed.
On next steps, AYA said infill drilling, following last year's positive preliminary economic assessment, will be ongoing for the next 24 months with a drill program of approximately 360,000m planned. It addded "significant potential exists" to expand the Boumadine Main Trend, the Tizi Zone and the Imariren Zone, with all three trends open in all directions. Follow-up drilling is also planned on the 8 km Asirem trend for later this year.
"Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization along strike and at depth, while infilling key areas as part of advancing Feasibility Study. The balance of the 2026 program (near 20,000m) will target Asirem follow-up and greenfield exploration, testing geological hypotheses and targets generated over the past four years. Ongoing geological work will guide additional development priorities," the company said.
"With over 69,000m drilled year-to-date and 11 rigs currently active, we are aggressively advancing the 2026-2027 infill and expansion program ahead of the updated PEA expected mid-year," said Benoit La Salle, President and Chief Executive Officer of Aya Gold & Silver.
Shares in AYA were at last look up 5.6% at $17.45 in US premarket, but this comes after it dropped more than 10% in regular US trade yesterday. It fell 14.5% in Canada.