Aya Gold & Silver Extends Mineralization to the South at Boumadine with Record Intercept

MONTREAL, April 19, 2023 - Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new high-grade exploration drill results at Boumadine, located in the Kingdom of Morocco. These results extend the main mineralized trend by 200 metres and continue to demonstrate continuity of the trend. Section 6000N identified a new type of mineralization south of the main mineralized trend and significantly opens the potential at depth and further towards the south.

• Definition of a new high-grade mineralized stockwork area that expands the South Zone. The main mineralized trend now extends over 3.4 kilometres ("km") and remains open along strike and at depth.
• BOU-DD23-095 intersected 192 grams per tonne ("g/t") silver equivalent ("AgEq") over 129.4 meters ("m") (1.06 g/t Au, 25 g/t Ag, 1.0% Zn, 0.2% Pb and 0.03% Cu)
• including 24.3m at 222 g/t AgEq
• including 12.2m at 290 g/t AgEq
• including 16.6m at 443 g/t AgEq
• including 16.3m at 206 g/t AgEq
• BOU-DD23-092 intersected 610 g/t AgEq over 6.6m (0.83 g/t Au, 107 g/t Ag, 6.2% Zn, 1.9% Pb and 0.1% Cu), including 3.6m at 818 g/t AgEq
• BOU-DD22-075 (hole extension) intersected 571 g/t AgEq over 8.7m (1.59 g/t Au, 54 g/t Ag, 0.6% Zn, 0.2% Pb and 0.04% Cu)
• BOU-DD23-101 intersected 416 g/t AgEq over 1.8m (1.41 g/t Au, 245 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu), including 0.9m at 716 g/t AgEq; and 404 g/t AgEq over 3.0m (3.52 g/t Au, 41 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu), including 2.2m at 512 g/t AgEq
• BOU-DD22-073 (hole extension) intersected 284 g/t AgEq over 3.0m (2.05 g/t Au, 44 g/t Ag, 5.4% Zn, 2.2% Pb and 0.03% Cu)
• Extension of the main mineralized trend by 200m to the south to over 3.4 km of strike length, which remains open in all directions
• Five rigs are currently drilling at Boumadine, with 16,680m completed, 46% of the 36,000m diamond drill hole ("DDH") program scheduled in 2023

"Results from the Boumadine drill exploration program continue to exceed expectations and to expand the mineralized footprint south of the main trend. We are particularly excited that hole BOU-DD23-095 to the south returned the widest mineralized interval yet on the property. The result confirms the presence of a rich sulphide stockwork zone that could meaningfully open up the south and add significant tonnage," said Benoit La Salle, President & CEO. "In the coming weeks, we plan to investigate the emerging southern stockwork zone further. Since September last year, we have extended the Boumadine strike length from 2.7 kilometers to 3.4 kilometers. The drill exploration program is almost 50% complete, supporting delivery of a resource statement in Q1-2024."

Table 1 - Significant Intercepts from Boumadine Drill Exploration Program (core lengths)

To date, 47 DDH for a total of 16,680m have been completed at Boumadine (Figure 1 and Appendix 2). Both infill and exploration drilling were conducted on strike along the main trend (South and Central zones). The 36,000m budgeted program is almost halfway complete.

Drill results have been received for all drill holes up to BOU-DD23-103 except for hole BOU-DD23-102 (Table 1, Figure 2, and Appendix 1). Figure 3 presents the 6,000N section which includes BOU-DD22-095, its significant results, and its geological interpretation.

Results received to date in 2023 extend the mineralization to the south with BOU-DD23-095 recently intersecting 129.4m of mineralization comprising five distinct massive sulphide veins in a wider stockwork zone (sulphide-rich stringer). The presence of high-grade values in the stockwork represents a new mineralized style at Boumadine, which significantly opens the potential at depth and toward the south. The concentration of sulphide veinlets in these stockwork varies from 8% to 15% and is composed mainly of pyrite with traces of sphalerite, galena, and chalcopyrite.

The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulfide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Figure 4 presents the results of the Boumadine Main Zone shown on a longitudinal section along the deposit, defining ore shoots shallowly dipping toward south, in both the Central and South Zones.

The 36,000m drilling program is expected to be completed by mid-2023, together with a detailed surface mapping of the area. Relogging and resampling of historical drill holes is expected to be completed this year. The Corporation expects to use both data sets in estimating an NI 43-101 compliant resource update within the next 12 months.

Aya has implemented a quality control program to comply with best practices 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.

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.

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 maximizes 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

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 " promising", "extend", "identify", "confirm", "plan", "belief", "potential", "confident", "could", "opportunity", "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 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Furthermore, Aya's corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. 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.

Appendix 1 - Full Drill Results from Boumadine (core lengths)

Appendix 2 - Drillhole Coordinates of 2023 Boumadine Exploration Program (completed holes)

SOURCE Aya Gold & Silver Inc.