Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce that it has completed airborne geophysics surveys at its Boumadine and Imiter bis Projects and is launching the 2022 drill exploration program at Boumadine in the Kingdom of Morocco. The Corporation will complete its airborne geophysics survey at Zgounder Regional in June 2022 and start exploration drilling thereafter.

Highlights

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Boumadine

• Two drills are mobilized on Boumadine as part of its 7,500-meter ("m") scheduled diamond drill hole ("DDH") exploration program

• Three zones (North Zone, Central Zone and South Zone) will be test drilled before year-end

• Completion of an airborne geophysics survey (magnetic, VTEM and radiometric) (349 kilometers ("km"))

• Preliminary data reflect a very wide alteration system and may show the presence of an intrusive below the central part of the licence

Imiter bis

• Completion of an airborne geophysics survey (magnetic, VTEM and radiometric) (554km)
• A total of 4,754m, the first phase of 2022 drilling, has been completed on the property with results pending

Zgounder Regional

• To date, 60% of the Zgounder block (of the 8,543km grid) has been covered by the airborne geophysics survey (magnetic, VTEM and radiometric) for expected completion in June 2022
• Geological mapping and grab sampling are ongoing with 573 samples taken so far

"We are very encouraged by the preliminary data from Boumadine that suggest the presence of a very wide alteration system on our permits. Several drill exploration targets have been identified on the North, Central and South Zones where there is a clearly defined circular low-MAG and several known mineralized structures. The presence of these features on Boumadine strongly indicates the potential for identifying additional mineralization through our drilling program on these zones, " said Benoit La Salle, President & CEO.

Boumadine

Boumadine is a mineralized polymetallic (Au-Ag-Cu-Pb-Zn) structure in a large high-sulfidation epithermal system that hosts several high-grade gold ("Au") and silver ("Ag") zones. Despite historical data at surface and years of high-grade mining, Boumadine remains largely underexplored both at surface and at depth. The very large and intensely advanced clay alteration with vuggy silica supports a major epithermal event, and the newly described chloritic alteration (black iron-rich chlorite) supports the potential of a volcanogenic massive sulphide ("VMS")-style input into the mineralization system. Furthermore, the presence of mineralization in andesitic tuff (beneath the felsic tuff) was documented for the first time. As mineralization was previously believed to be confined only to the felsic units, this observation considerably expands the exploration potential laterally and at depth.

Earlier this year, the geological team reviewed all the historical data and completed a 10-day field program with the help of Dr. Damien Gaboury, a specialist in VMS systems. The Corporation subsequently launched a 7,500m DDH exploration program to test a new geological model and extend the known mineralization along strike and at depth. The Corporation is focused on the North, Central and South Zones (Figure 1), with long fences through the whole altered system (high sulfidation mineralization style in some felsic tuff) but also with some deeper drill holes to test at depth (in the andesitic tuff) where mineralization seems more confined and continuous.

The preliminary geophysics data from the airborne and hyperspectral surveys, coupled with field work and historical results, show the potential for a much larger mineralized system than previously believed.

Imiter bis

The Corporation recently completed an initial drill exploration program at Imiter bis including 24 DDH for 4,754m (Figure 2). The Corporation followed up on several 2021 discovery intercepts within the Middle Zone including 1.81 g/t Au over 2.2m and 1.10 g/t Au over 2.3m (PR 01-03-2022), and successfully tested the Northwest, Dilatation, Daoud and the Northeast-Extension Zones. Results are expected in June 2022. Additionally, the airborne geophysical survey was completed in April 2022.

Zgounder Regional

Initial fieldwork including prospecting, geological mapping and grab sampling is currently being conducted at Zgounder Regional (Figure 3). Each major structure, alteration zone and vein is systematically being sampled, with a total of 573 grab samples collected to date on 8 of 13 exploration permits surrounding the Zgounder Mine. In addition, approximately 60% of the airborne geophysical survey is complete. This fieldwork will define drill targets for later this year.

Next Steps

Zgounder Regional

The Corporation is planning a stream sediment geochemistry program in the coming months as well as channel sampling of the most promising targets generated by the grab sample results. The objective is to generate drill-ready targets for the 7,000m regional drill exploration program scheduled in Q4-2022 and potentially add satellite deposits at Zgounder.

Boumadine

A new geological interpretation and model of Boumadine is being completed in addition to metallurgical tests and drill exploration programs along strike and at depth. Multi-element litho-geochemistry will also be undertaken throughout the drill section to better define alteration, mineralization and zonalities.

Imiter Bis

Once the drill results are received in June 2022, Aya will review the data and evaluate phase two drilling at Imiter bis.

Qualified Person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

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