Maya Gold & Silver Provides Drill Results at Zgounder: Drilling Intersections Include 1098g/t Ag Over 10-meters, 348g/t Ag Over 19-meters & 431g/t Ag Over 20-meters
BLAINVILLE, QUEBEC--(Marketwired - Jul 29, 2015) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce a progress update from the 2015 spring diamond drill program at its Zgounder Silver Mine in Morocco. Overall, the drill program has successfully extended high-grade silver mineralization to the east and to depth for both the parallel Main and North Zones.
The Corporation has completed a 17-hole drill campaign totaling 5,864 meters. With better than expected contractor and cost performance, Maya was able to expand the scope of the program to include four addition drill holes from the initial plan. Sulfide mineralization consisting of sphalerite, galena and pyrite was encountered in an altered sandstone unit along with quartz, sericite and chlorite and, in eight holes, native silver mineralization was also observed. Analytical work is in progress at ALS Laboratory in Seville (Spain) and, to date, 2,021 of 3,168 samples have been sent to the laboratory. Significant results received to date are highlighted below in Table 1.
Table 1: Initial Assay Results from the Zgounder Exploration Program
| Hole Name | From (m) | To (m) | Length (m)* | Ag (g/t) | Objective |
| ZG-EXT-12** | 31.3 | 41.3 | 10 | 1098 | East & Northern |
| ZG-EXT-06 | 0 | 31.5 | 31.5 | 229 | East |
| Including | 0 | 19 | 19 | 348 | East |
| Also | 77 | 81 | 4 | 946 | East |
| Also | 174 | 177.5 | 3.5 | 189 | East |
| ZG-EXT-17 | 294 | 327.5 | 33.5 | 283 | Main Depth |
| Including | 295.5 | 315.5 | 20 | 431 | Main Depth |
| ZG-TEST-02 | 225 | 233.5 | 8.5 | 259 | Main & Central |
| Also | 272.5 | 277.5 | 5 | 302 | Main & Central |
*Lengths are core lengths and additional work is required to determine true widths.
**Previously announced on June 11th, 2015
"Hole ZG-EXT-06, drilled 150 meters east from the previously understood limits of the Main Zone has importantly extended the known mineralization," said Noureddine Mokaddem, President of Maya. "Also, the uppermost section of this same hole returned significant silver mineralization and we believe that this mineralized structure to be thicker in dimension than initially interpreted."
Hole ZG-EXT-12 tested the eastern portion of the Northern Zone at depth. As reported on June 11th 2015, this hole intersected 1,098g/t Ag over 10-meters* on a pre-selected portion of the core. Additional analysis completed since that time has extended the length of the zone by 1.2 meters*.
Hole ZG-EXT-06 targeted the eastern portion of the Main Zone. Highlights are as follows:
- 348g/t Ag over 19m* (from surface to 19m) within an overall intersection of 228g/t Ag over 31.5m* (from surface to 31.5m)
- 946g/t Ag over 4m* (from 77m to 81m)
- 189g/t Ag over 3.5m* (from174m to 177,5m)
- 172g/t Ag over 5m* (from 200.5m to 205.5m)
Hole ZG-EXT-17, was designed to test the extension of the Main Zone at depth and intersected 283g/t Ag over 33.5-meters* (from 294m to 327.5m). Within this interval, a 20-meter section graded 431g/t Ag from 295.5m to 315.5m. Additional assays are pending from this hole.
Hole ZG-TEST-02, aimed to explore for disseminated mineralization in the Main and Central Zones, returned 259g/t Ag from 225m to 233.5m (8.5meters*) and 302 g/t Ag from 272.5 to 277.5m (5 meters*).
QA/QC. The QA/QC programs includes blanks at every 15 samples, standards were inserted at every 20 samples and duplicates on pulps at every 30 samples. The results were in line with expected values and allow the disclosure of this press release. ALS Laboratory carried ICPMS on 41 elements as well as analysis of silver by 30 grams fire assay with gravimetric finish.
The technical content of this news release has been prepared and reviewed based on information received from the ZMSM (lab at site) & ALS Laboratory (Spain) by Claude Duplessis Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Person under NI 43-101 standards.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine. Zgounder Millenium Silver Mining ("ZMSM"), the 85% owned joint venture with l'Office National des Hydrocarbures et des Mines ("ONHYM") of the Kingdom of Morocco (15%)
For further information on Maya visit www.mayagoldsilver.com.
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Forward-looking statements
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Maya, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Contact
Maya Gold & Silver Inc.
Guy Goulet
Chief Executive Officer
450-435-0700 ext. 204
ggoulet@mayagoldsilver.com