Aya Gold & Silver Announces New Discovery at Imiter bis in Morocco

MONTREAL, March 1, 2022 - Aya Gold & Silver Inc. (TSX: AYA) ("Aya" or the "Corporation") is pleased to announce initial drill results and several discovery holes from its 2021 drill exploration program at its Imiter bis property in the Kingdom of Morocco. Imiter bis represents a highly prospective opportunity located 150 kilometers from Ouarzazate and five kilometers from Managem's Imiter Mine.

Key Highlights (all intersections are in core lengths)

• New mineralization and many anomalous gold ("Au") and silver ("Ag") values have been discovered within the Middle and Northeast Zones within the 4 kilometer ("km") initial strike
• • IM-DD21-014 intercepted 1.81 grams per tonne ("g/t") Au over 2.20 meters ("m") (included in a wider anomalous zone of 8.5m at 0.9 g/t Au and 19.6 g/t Ag)
  • IM-DD21-013 intercepted 2.74 g/t Au over 1m while IM-DD21-010 intercepted 2.24 g/t Au over 0.9m
• 4,381m of drilling completed on four different targets, total of 33 diamond drill holes ("DDH")
• Typical epithermal vein textures observed in the Middle Zone, South Zone and Northeast Zone
• Currently, two rigs are testing other exploration targets on the property

"We are very pleased with this early-stage discovery within the exploration permits identified at our Imiter bis property. This discovery supports our view that numerous opportunities exist within the permits to advance new targets and add new low-cost ounces to the Company's resources," said Benoit La Salle, President & CEO. "We expect the airborne geophysical data to further enhance the potential strike area within our Imiter bis property, allowing us to mobilise with precision and speed our drill exploration program in the coming months."

2021 Drilling Program

The 2021 drill exploration program at Imiter bis consisted of 33 DDH or a total of 4,381m (Figure 1 and Table 1) over 4 target areas (South Zone, Middle Zone, Northeast Zone and Central Zone). To date we have received the results of 26 DDH with 6 holes still pending and 1 DDH intercepting partial results (Table 2).

The geology and the preliminary results indicate the presence of a low to neutral sulphidation Au-Ag epithermal system. Crustiform banded and pseudo-colloform textures in quartz +/- carbonate veins are widely present both in the Middle Zone and the Northeast Zone. The vein system of the main 4km structure is located close to a major contact between granodiorite and a wide mafic dyke (Figure 3). The 2021 drill exploration program allowed us to confirm continuity at depth with increasing widths in the Middle Zone.

Preliminary results confirm the presence of both Au and Ag in the system. Hole IM-DD21-014 (Figure 2) in particular intercepted 1.8 g/t Au and 40.0 g/t Ag over 2.2m (part of a wider vein system intercepting 0.9 g/t Au and 19.6 g/t Ag over 8.8m). This intersection is located on the northern most section drilled in the Middle Zone. The next phase of drilling will focus on the north extension of the middle zone and in trying to locate the "boiling zone", which could hold richer mineralisation in both Au and Ag.

Next Steps

Follow-up drilling on the northern extension of the Middle Zone as well as the untested targets (Northwest Zone, Dilatation Zone, Daoud Zone) will be carried in Q2 2022. Aya will evaluate the need for additional drilling on the South Zone once it receives more results. In addition, the airborne geophysical survey has started.

Table 1 - Drillhole Coordinates of the 2021 Imiter bis Exploration Program

Table 2 - Best Results of 2021 Imiter bis Drill Exploration Program

Technical Information

Aya Gold & Silver has implemented a quality control program to comply with the best practice in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

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.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

Aya's management team is focused on maximising shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at www.ayagoldsilver.com.

Annexes 1 - Complete Results

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "potential", "could", "opportunity", "target", "support", "suggest", "expected", "probably", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Zgounder and the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2020 Annual Information Form dated March 31, 2021, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

SOURCE Aya Gold & Silver Inc.