Key Highlights (all intersections are in core lengths)

• Diamond drill hole DZG-SF-22-176 intercepted 4,980 grams per tonne (“g/t”) silver (“Ag”) over 7.5 meters (“m”), including 9,234 g/t Ag over 4.0m.

• At the central zone just below the 2,000m (“m”) level confirming the high-grade zone from the December 21, 2022 update,

• hole TD28-22-2000-401 intercepted 2,035 g/t Ag over 10.8m including
• 3,502 g/t Ag over 6.0m

• hole TD28-22-2000-403 intercepted 1,081 g/t Ag over 13.2m including
• 5,275 g/t Ag over 2.4m

• At the central zone just above the 1,950m level,
• hole TD28-22-1950-416 intercepted 3,998 g/t Ag over 6.0m

• From surface in the central area, hole ZG-DCD-22-07 intersected 846 g/t Ag over 9.5m, confirming high-grade mineralization at depth toward the contact with the granite.

• Launch of the deeper drilling campaign at Zgounder deposit with two rigs at surface and one rig underground

“Today’s drilling results grow the mineralized footprint of the Zgounder deposit with intercepts such as ZG-DCD-22-07 continuing to deliver high-grade intersections outside of the current resource envelope,” said Benoit La Salle, President & CEO. “ We are encouraged by these results, which together with previous surface intercepts ZG-DCD-22-06 and ZG-22-64, expand the down-plunge potential of the mineralized system toward the granite.”

Included in this release are results for 92 holes, which include 3 surface diamond drill hole (“DDH”), 20 underground DDH, 38 T28 and 31 YAK (T28 & YAK: percussion drilling using an air-compressed hammer) holes.  For a full summary of today’s results, refer to Appendix 1.

Link to the complete table: https://ayagoldsilver.com/press-release/aya-gold-silver-extends-high-grade-silver-mineralization-at-depth-at-zgounder-2/

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Figure 1: Location of DDH Results at Zgounder

Quality Assurance

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the Zgounder Mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Head of Exploration, is Aya Gold & Silver’s Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

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*DISCLAIMER: Aya Gold & Silver is a paid marketing client

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