Aya Gold & Silver Reports High-Grade Silver Exploration Results Near Pit and at Depth at Zgounder
Aya’s Boumadine project holds a $3.5 billion NPV, driven by expected high-grade Zgounder intersections.
Aya Gold & Silver Inc. reported high-grade silver intercepts from the Zgounder Silver Mine in Morocco, covering 97 drill holes and 16,217m drilled, representing 54.1% of the 2026 exploration program.
Reported highlights, all in core lengths and uncut, include:
- DZG-SF-26-945: 3,501 g/t Ag over 3.5m, including 7,717 g/t Ag over 1.5m
- T28-26-1334: 4,770 g/t Ag over 2.4m
- T28-26-1333: 1,362 g/t Ag over 8.4m, including 2,873 g/t Ag over 3.6m
- T28-26-1404: 762 g/t Ag over 12.0m
- ZG-RC-24-155: 783 g/t Ag over 13.0m
- ZG-RC-24-354: 501 g/t Ag over 11.0m, including 4,000 g/t Ag over 1.0m
- ZG-SF-25-702: 1,553 g/t Ag over 1.4m
The release emphasizes continuity near the open pit and in the central zone, and notes that the 1,825m exploration drift is progressing ahead of drilling west of the fault expected in Q4 2026.
Aya Gold & Silver Inc. (AYA) is a C$5 billion producer and developer, not a grassroots micro-cap explorer. For a company of this scale, near-mine drill results at Zgounder must either materially extend mine life, add substantial new high-grade ounces, or open a new structural corridor to move the share price on their own. These recent results do not achieve that threshold.
While the results are high-grade and confirm continuity near the existing mine, they are not clearly better than Aya’s own prior Zgounder results. True widths remain unknown, and the main new target, located west of the fault, has no assay results yet. The market’s current valuation is driven primarily by Boumadine’s updated Preliminary Economic Assessment (PEA), announced on September 9, 2026, which carries a $3.5 billion after-tax net present value (NPV). The stock has already re-rated from roughly $13 in September 2025 to around $37 in September 2026.
Using the expectation anchor concept, the best new intercept is 12,254 g/t-m. The company has previously reported Zgounder intercepts of 22,403, 26,934, 28,028, and 37,940 g/t-m. Consequently, the new result is positive but does not establish a new anchor. For a producer, an infill or near-mine exploration hole at or above resource grade is typically considered routine. This release does not damage the investment thesis, as Zgounder continues to show high-grade silver, but it is not genuinely new relative to market expectations.
Aya Gold & Silver Inc. (AYA) is a Canadian precious metals company operating in Morocco. The firm is listed on the TSX and NASDAQ and holds approximately $183M in cash and $84M in debt as of Q2 2026.
The company’s primary asset is the Zgounder Silver Mine, an operating silver-only mine. It holds reserves of 73 moz Ag at 145 g/t and resources of 100 moz Ag at 165 g/t. Production for 2025 is set at 4.8 moz Ag, with 2026 guidance targeting 5.2-5.8 moz Ag at a cash cost of about $21.50/oz.
The Boumadine Polymetallic Project is in the development stage. An updated Preliminary Economic Assessment released in September 2026 outlines a 14-year mine life with an average production of 348 koz AuEq/year in years 1-5. The project features a $463M initial capex, a 93% after-tax IRR, and a $3.5B after-tax NPV5%.
Aya Gold & Silver also maintains a large Moroccan exploration portfolio, including 139 km² of Cu-Ag ground west of Zgounder, which was acquired in September 2026.