Mr. Benoit La Salle reports

AYA GOLD & SILVER REPORTS HIGH-GRADE RESULTS, EXTENDING MINERALIZATION TO 4.2KM AT BOUMADINE

Aya Gold & Silver Inc. has released new high-grade exploration drill results at Boumadine, and has acquired a new adjacent exploration permit at Boumadine in Morocco. The new results extend the main mineralized trend by 400 metres and continue to demonstrate continuity of the main zone. The north area returned high-grade intersections, which expand the mineralization both at depth and to the north, with section 5400N to the south extending the main trend, as well. The main zone remains open in all directions.

Key highlights:

• Definition of new high-grade mineralization and extension of the south zone. The main zone now has an open-ended strike length of over 4.2 kilometres:
  • BOU-DD23-143 intersected 1,410 grams per tonne silver equivalent over 9.3 metres (12.34 g/t gold, 94 g/t silver, 2.5 per cent zinc, 0.4 per cent lead and 0.1 per cent copper), including 6.1 m at 1,796 g/t AgEq.
  • BOU-DD23-161 intersected 664 g/t AgEq over 8.4 m (4.72 g/t Au, 122 g/t Ag, 1.1 per cent Zn, 0.2 per cent Pb and 0.3 per cent Cu), including 3.9 m at 1,280 g/t AgEq and 3.2 m at 933 g/t AgEq.
  • BOU-DD23-168 intersected 698 g/t AgEq over 7.8 m (4.36 g/t Au, 97 g/t Ag, 2.4 per cent Zn, 1.3 per cent Pb and 0.2 per cent Cu), including 3.0 m at 1,336 g/t AgEq.
  • BOU-DD23-152 intersected 928 g/t AgEq over 5.9 m (7.42 g/t Au, 153 g/t Ag, 0.3 per cent Zn, 1.7 per cent Pb and 0.1 per cent Cu), including 4.9 m at 1,056 g/t AgEq.
  • BOU-DD23-162 intersected 748 g/t AgEq over 7.2 m (6.39 g/t Au, 82 g/t Ag, 0.8 per cent Zn, 0.4 per cent Pb and 0.1 per cent Cu), including 1.3 m at 1,661 g/t AgEq and 3.2 m at 933 g/t AgEq.
  • BOU-DD23-148 intersected 456 g/t AgEq over 10.4 m (2.63 g/t Au, 64 g/t Ag, 2.4 per cent Zn, 0.1 per cent Pb and 0.1 per cent Cu), including 2.3 m at 1,195 g/t AgEq.
• Acquisition of a 16-square-kilometre exploration permit east of Boumadine as part of a reallocation of exploration permits by the Moroccan Directorate of Mines.

"Today's high-grade drill results at Boumadine confirm the continuity and extension of the mineralized footprint of the main zone in every direction," said Benoit La Salle, president and chief executive officer. "We have completed 61 per cent of our expanded drill exploration program and, as the new Boumadine video shows, extended the Boumadine strike length by over 55 per cent to 4.2 kilometres in the past 12 months. We have also added prime exploration ground nearby and continue to consolidate and drill the property, which will deliver value for all stakeholders."

2023 exploration results

To date, 233 diamond drill holes, for a total of 48,276 m, have been completed at Boumadine in 2023. Both infill and exploration drilling were conducted on strike along the main trend (south, central and north zones). The 76,000 m program is expected to be complete by the end of December, 2023.

Drill results have been received for all drill holes up to BOU-DD23-164 with the addition of holes BOU-DD23-168, BOU-DD23-169, BOU-DD23-193 and BOU-DD23-197 (see an attached table).

Results received since July, 2023, extend the mineralization an additional 200 m to the south, with BOU-DD23-193 and BOU-DD23-197 intersecting the upper part of the main trend mineralization in the form of massive sulphide veins. Relogging activities, which began at the beginning of the year to add past drilling to the database, have increased the mineralization by an additional 200 m to the north.

The main mineralization generally consists of one m to four m wide (locally reaching over a 10 m width), N340- oriented massive sulphide lenses/veins sharply dipping eastward (greater than 70 degrees). The massive sulphide veins (greater than 80 per cent) mainly comprise pyrite, with variable proportions of sphalerite, galena and chalcopyrite.

Next steps

The 76,000 m drilling program is 61 per cent complete and is expected to be completed by the end of December, 2023. RSC Consulting Ltd. has been mandated to conduct a National Instrument 43-101-compliant mineral resource estimate of Boumadine, which the corporation intends to publish in the first quarter of 2024.

Technical information

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

Qualified person

The scientific and technical information contained in this press release has been reviewed by David Lalonde, BSc, head of exploration, a qualified person, for accuracy and compliance with NI 43-101.

About Aya Gold & Silver Inc.

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

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 has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance and financial growth plans.

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