Maya Validates That Historical Mineralized Panels Are Still in Place and Extends Mineralization at Depth

- Discovers Germanium 497 g/t over 1.5m in core samples
- Finds Gold at surface 48g/t over 2m at Boumadine

MONTREAL, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX: MYA) is pleased to announce the compilation of results from its diamond drilling program, drilling on the tailings and surface sampling at Boumadine property.

Highlights:

2017 successful validation of mineralization panels are still in place

• 28 m at 10.79 g/t Gold Equivalent and 8.35 g/t Gold in Hole B_17-04 from 153m to 181m;
• 11 m at 8.77 g/t Gold Equivalent and 3.83 g/t Gold in Hole B_17-02 from 170.1m to 181.1m;
• 5 m at 12.58 g/t Gold Equivalent and 3.87 g/t Gold in Hole B_17-05 from 94m to 99m;
• 5.5 m at 8.33 g/t Gold Equivalent and 1.93 g/t Gold in Hole B_17-05bis from 185m to 190.5m;
• 5 m at 7.08 g/t Gold Equivalent and 2.77 g/t Gold in Hole B_17-05bis from 191.5m to 196.5m;
• 6 m at 14.88 g/t Gold Equivalent and 1.8 g/t Gold in Hole B_17-06bis from 177m to 183m;
• 4.5 m at 9.18 g/t Gold Equivalent and 1.36 g/t Gold in Hole B_17-06bis from 211.5m to 216m;

2018 successful extension at depth of the mineralized zones

• 2 m at 5.14 g/t Gold Equivalent and 3.1 g/t Gold in Hole B_18-03 from 502m to 504.8m;
• 4.5 m at 2.22 g/t Gold Equivalent and 1.78 g/t Gold in Hole B_18-03 from 558.2m to 562.7m;
• 2.5 m at 3.57 g/t Gold Equivalent and 1.8 g/t Gold in Hole B_18-01 from 359m to 361.5m;
• 1 m at 6.05 g/t Gold Equivalent and 1.7 g/t Gold in Hole B_18-01 from 224.2m to 225.2m;

Germanium discovery

The core samples were assayed for multi-element and important grades of Germanium were discovered during the analysis. It appears Germanium is not evenly distributed in all sectors and it may be related to zoning within mineralized zones associated to sphalerite (Zn) and other sulfides. Additional work is being done in order take the Germanium values into account in the mineral resources. Assays range from below detection limit 20 ppm with a maximum of 497ppm Ge in 1.5m sample.

Surface samples gold findings

• 2 m at 48 g/t Gold in sample number TN19, Structure oriented NNE;
• 2.5m at 9 g/t Gold in sample number CS16, shear zone oriented NNE;
• 1.5m at 6.82 g/t Gold in sample number IM39, structure filled by oxidized sulfides and quartz cement, oriented N-S;
• 1.15m at 6.76 g/t Gold in sample number IM26, breccia oriented NW-SE;

With these positive results, Maya took the decision to postpone the publication of the PEA on Boumadine. The Corporation started an additional diamond drilling program at the North and Imariren Zones. An additional 37 holes were drilled totalling 1840 meters. This additional drilling program aims to better understand the distribution of precious metals and to explore the vertical extensions of these exposed mineralized structures. Complete drill results of this campaign are pending and will be disclosed once received, compiled and verified. This will allow Maya to integrate all data collected and produce the first NI 43-101 mineral resources estimate on Boumadine including the Imariren and North zones.

The 2017-2018 First Phase Diamond Drilling Program

The 2017/2018 first phase drilling program consisted of 14 diamond drill holes totaling 3,158.2m. Five holes were drilled at the zone Centre totaling 1,490.4m. Four holes were drilled at Zone Tizi, totaling 530.2m. Five holes were drilled at zone South totaling 1,137.6m.

This drilling program ended in April 2018 and the main objectives were:

• Validation of the historical panels at zone Centre and zone South;
  
  
• Explore the vertical extensions of the mineralization at zone Tizi, Centre and South;

The holes were mainly drilled in Ignimbrite, Rhyodacite and Andesitic rocks with many massive pyrite zones. These rocks are affected by shear zones, veins and veinlets and intruded by hydrothermal breccia. Most holes intersected the mineralized zones with massive sulfides, mainly pyrite, sphalerite, galena and more or less chalcopyrite.

Sulphide mineralization consisting in massive pyrite accompanied by pyrrhotite and more or less arsenopyrite. The mineralization was massive and reached 28 meters of drill core. Some holes showed principal vein-type mineralization with sharp layering cross-cut by several networks and stockworks of secondary sulfide mineralization. Quartz veins/veinlets were observed in many drill holes surrounding the principal zones with massive sulfides. We also observed the presence of voids within the Ingnimbrite filled by sulphides cements preferentially at the upper limit with the porphyry contact. In addition, the results from the diamond drilling program showed a spatial relationship between the mineralization and structural interpretation of the high grade intercepts from all the historical database dipping a roughly subvertical and NNW trending.

The most important intervals of the 2017/2018 drilling program are listed below in Table 1.

Table 1: The important intervals from the 2017/2018 drilling program.

The assay results for a minimum interval of 1 meter. The core lengths reported are between 60% and 75% of true widths. The grades herein are reported as uncapped values. Gold equivalent in this release are calculated using Au Oz 1250 USD, Ag Oz at 15 USD, Zn 2450 USD per tonne and Pb 2168 USD per tonne.

A total of 482.2m core samples (totaling 617 core samples) were submitted to the independent laboratory ‘Analyse Development Minier S.A.R.L.’ (ADM) based in Marrakech (Morocco) for preparation and assaying.

Based on the positive results cited above Maya Gold and Silver decided to add four diamond drill holes (totaling 2671.1m; 251 core samples) to intersect the extension at depth of the mineralized sections in the three zones (Center, South and Tizi). The table below (Table 2) show the highlights.

Table 2: The important intervals from 2018 drilling program.

The assay results for a minimum interval of 1 meter. The core lengths reported are between 60% and 75% of true widths. The grades herein are reported as uncapped values. Gold equivalent in this release was calculated using Au Oz 1250 USD, Ag Oz at 15 USD, Zn 2450 USD per tonne and Pb 2168 USD per tonne.

Table 3: Drill hole information

*Note: The latest holes of the 2018 program are not surveyed with a DGPS yet, it is why they have the fixed 1142mZ elevation in the table, also note that several were drilled from the same set-up, the precise location will be disclosed once received and validated.

Drilling on the tailings

A total of 49 holes were drilled on the Boumâadine tailings using the AMS soil core sampler. A total of 34 holes were drilled on tailing TG1 totaling 70.53m and 15 holes were drilled on tailing TG2 totaling 116.10m. The main objective of the drilling program was the mineral resource estimation of the tailings. The table below shows the highlights.

Surface sampling

Maya’s geologists started the first surface sampling program at Boumadine in April 2018. The sampling program was discussed during the site visit from GoldMinds Geoservices and covered a portion of Imariren and zone Nord.

The sampling program consisted of channel sampling (with saw) cross-cutting the exposed mineralized structures oriented E-W, NNE-SSW and NE-SW filled by quartz cements, barite and traces of lead and copper. Sample length represented the thickness of the mineralized veins and their location was determined using a hand held GPS.

The main objectives of this sampling program were:

• Complete historical works to cover areas with less geochemical information;
• Prospecting new areas following the mineralized structures trend;
• Identified new target with high-grade potential for the diamond drill program in progress at Boumâadine.

The table below (Table 4) shows the surface grab & Channel samples highlights and their localisation are shown in Figure 1.

Table 4: The highlights from the surface sampling results.

The geochemical survey covered the main mineralized zone at the Northern part of the property. The geochemical survey appears to be a very effective method and gives us a better understanding of the polymetallic deposit (related structures, the geological control and target identification for drilling to explore vertical extension).

The figure below shows the surface sample locations with Au value in g/t taken from the exposed structures.

Figure 1: Surface samples location with Gold results (source M. Assalmi Chief Geologist) is available at the following address: http://www.globenewswire.com/NewsRoom/AttachmentNg/74e8ba88-5acb-4841-a3db-8ceb01053114

Quality Control / Quality Assurance (QA/QC)

The direction and inclination of the diamond drillholes were oriented in a way to intersect the mineralized zones and avoid the openings (ancient mine drifts). Only one drillhole (B_17_06) intersects an opening at a depth of 86.9m large of 2.5m in South zone.

The core was logged and sampled by the geologists of Compagnie Minière Maya-Maroc sarl (CMMM). The samples were analyzed by the independent laboratory Analyse Development Minier S.A.R.L. The half core samples are crushed to have d80 passing 2mm and afterwards riffle split to have 100 grams which is pulverized to have a pulp d80 of 75 microns Multi acid digestion and Atomic Absorption reading. Fire assay is used for gold grade determination.

The majority of the standards and blanks are in line with expected results. Some blanks (three) and standards (four) were mislabelled and corrected later by the geologists.

Qualified Persons
The technical content of this news release has been prepared and reviewed by Merouane Rachidi, Ph.D., P. Geo., and Claude Duplessis Eng. from GoldMinds Geoservices Inc, independent Qualified Persons under NI 43-101 standards, based on the information’s received from Maya Gold and Silver (CMMM subsidiary).

PDAC Convention

Maya Gold & Silver will be present at the 2019 Prospectors and Developers Association of Canada (PDAC) Convention, which will be held at the Metro Toronto Convention Center from March 3 to March 6, 2019. Come by and see us on the Investors Exchange floor at Booth 2450.

About Boumadine

The Boumadine Agreement is a joint venture with L’Office National des Hydrocarbures et des Mines (“ONHYM”), whereby Maya owns 85% of the Boumadine polymetallic deposit, located in the Anti-Atlas Mountains of eastern Morocco. The Boumadine polymetallic deposit has historical estimates (1992) of 4,096,000t grading 3.8% Zn, 1.5% Pb, 200 g/t Ag (23.9M oz) and 3.50 g/t Au (418,000 oz) and has great potential for resource expansion within the 32 square kilometers property. The historical resources are not NI 43-101 compliant and should not be relied upon.

ABOUT MAYA

Maya Gold & Silver Inc. is a publicly-traded Canadian company focused on the operation, exploration and development of gold and silver deposits in Morocco. Maya is currently operating mining and milling operations at its Zgounder Mine, an 85%-15% split ownership between its subsidiary, ZMSM, and the ONHYM of the Kingdom of Morocco.

Its portfolio also contains the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of Eastern Morocco. The property is a joint venture with ONHYM whereby Maya retains an 85% ownership.

Maya’s portfolio also includes the Amizmiz and Azegour properties, both being 100% owned, with gold, tungsten, molybdenum and copper deposits covering over 100 square kilometres in a historical mining district.

Forward-looking statements

This news release contains statements about future events or future performance and reflects management’s current expectations and assumptions. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in the Corporation’s filings with SEDAR.

On behalf of the Board:
Noureddine Mokaddem
Founder, President & CEO
+1 514-978-6111/+212 661-196-111
nmokaddem@mayagoldsilver.com

CONTACT INFORMATION
Maya Gold & Silver Inc.:
Sophy Cesar
Investor Relations
1-514-866-2008
scesar@mayagoldsilver.com 
www.mayagoldsilver.com