BLAINVILLE, QUÉBEC--(Marketwired - Feb. 19, 2014) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to provide the first independent NI 43-101 compliant silver mineral resources estimate by GoldMinds Geoservices Inc. (GMG) at its Zgounder Silver Mine in Morocco. Zgounder Millenium Silver Mining (85% Maya - 15% ONHYM - State owned Company) has been founded recently in order to manage the mining operations at the Zgounder Mine.
Highlights include the following:
GMG has transferred the technical information of the resources model to SGS Canada Inc. (Geostat Group) in order to allow them to complete a Preliminary Economic Assessment (PEA) before February 28, 2014 which will be followed by a Preliminary Feasibility Study (PFS) on the Measured and Indicated resources identified by GMG at the end of March 2014.
"Since the Impact Environmental Study has been completed two months ago, Maya will have in hands with the PEA and the PFS all fundamental documents requested by institutions to advance with the financing for the development of the Zgounder Mine towards a larger scale project" both mentioned Noureddine Mokaddem, President, and Guy Goulet, CEO.
The tables below summarize the GMG mineral resources estimates combining twenty-three (23) block models and sixty-seven (67) panels with a cut-off grade of 125g/t(4). The cut-off is applied to mineralized bodies (corps) as a whole, instead of to individual blocks.
Table 1- Zgounder silver deposit Base Case (>125 g/t) Resource Estimates (blocks + panels) *
Measured | Indicated | Inferred | M+I | |||||||||
Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | |
Total | 142,100 | 304 | 1,391,000 | 397,000 | 357 | 4,560,000 | 352,800 | 463 | 5,254,000 | 538,700 | 343 | 5,948,000 |
Table 2 - Zgounder silver deposit Base Case Resource Estimates (blocks only) *
Measured | Indicated | Inferred | M+I | |||||||||
Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | |
Total | 142,100 | 304 | 1,391,000 | 357,500 | 359 | 4,132,000 | 208,500 | 545 | 3,654,000 | 499,700 | 344 | 5,523,000 |
Table 3 - Zgounder silver deposit Base Case Resource Estimates (panels only) *
Measured | Indicated | Inferred | M+I | |||||||||
Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | Tonnes | Ag g/t | Ounces | |
Total | 39,000 | 338 | 425,000 | 144,000 | 339 | 1,599,500 | 39,000 | 388 | 425,000 |
*Note: rounded numbers, base case mineralized body (corps) is >125 g/t(5)
Claude Duplessis (GMG consultant) comments that most of the resources are composed of block models, no panels have contributed to the measured resources. Grades are in line with the historical production numbers.
Footnotes:
GMG recognizes in addition to the above-mentioned Measured, Indicated and Inferred Resources that there are areas within recognized structures and depth extensions which will require additional drilling. These recognized structure and depth extensions can offer additional Mineral Potential between 1.5 to 2.0 million tonnes grading 300 to 400 g/t Ag. The Mineral Potential is the tonnage which could be contained within elevation 1975 and 1750 (225m vertical panel) along the existing mine openings. This represents the historical amount processed by previous owner of the mine plus the current NI 43-101 mineral resource disclosure between the surface and level 1925. It does not consider the eastern extension (276400E) where surface medieval workings extent for another 200 meters eastward with no drilling beneath.
Cautionary Statements:
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The potential quantity and grade reported as Mineral Potential, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Details on the data and the parameters of the resources estimate are as follows:
The data
Resource Estimate Methodology
Additional details will be provided in the technical report to be filed on SEDAR within the next 45 days.
QA/QC program with independent drilling of historically identified mineralized blocks with silver analysis by Fire assay in Canada including blanks and insertion of standards in addition to field duplicates has been done and allow the disclosure of the results.
The technical content of this news release has been reviewed by Claude Duplessis Eng. Sr. Geological Engineer from GoldMinds Geoservices Inc., independent Qualified Persons 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 recently initiated mining at its Zgounder Mine. The Corporation's shares trade on the TSX Venture Exchange under the symbol "MYA".
ABOUT GOLDMINDS GEOSERVICES
GMG is a consulting services company based in Québec, Quebec Canada founded by Claude Duplessis Eng. Additional information on the company is available by visiting their website at www.goldmindsgeoservices.com.
ABOUT ONHYM
ONHYM is a state-owned company responsible for the promotion of the mining and oil activities of the Kingdom of Morocco.
For further information on Maya visit www.mayagoldsilver.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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