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Rabat – Canadian mining company Aya Gold & Silver Inc. announced on Monday the acquisition of four new permits, expanding its Boumadine permit to a total surface footprint of 78 square kilometers in North Eastern Morocco.
In a statement, Aya Gold & Silver Inc. says that exploration operations in Boumadine confirmed the existence of “large, high-grade mineralized zones” in the areas covered by the permit.
The four new permits include two mining permits totaling 15.8 square kilometers northeast and southwest of Boumadine. The other two licenses include one mining and one exploration permit for a total of 20 square kilometers west of Boumadine.
Commenting on the news, Aya’s President & CEO Benoit La Salle said: “The acquisition of new permits is core to our strategy of consolidating our land position, and the four permits provide additional upside potential in the vicinity of the Boumadine Main Trend.”
“Following the positive metallurgical test results, our team is now focused on completing the remaining 20% of the expanded drill program and delivering the Q1-2024 Boumadine resource estimate,” he added.
In February 2023, the company announced closing a $100 million funding deal for an expansion project in Morocco’s Zgounder Silver Mine located in the Atlas mountain range.
The financing deal comprises a $92 million loan provided by the European Bank for Reconstruction and Development (EBRD), and another $8 million from the Climate Investment Funds through its Clean Technology Fund (CTF).
The Canadian company currently holds and manages operations in six precious metal mining zones in Morocco including the Zgounder mining zone, second in size only to the Imiter mining zone operated by Managem.
Read also: European Bank to Finance Expansion for Aya Gold’s Mining Operations in Morocco
