Maya Gold & Silver Inc. started a 51,000-meter drill program at its properties in Morocco, broken down to 10,000 meters for Boumadine, 31,000 meters for Zgounder and 10,000 meters for Azegour, with a total of 11 drills.
The company said Oct. 15 that the new drill program targets potential extensions of mineralization to increase the size of the deposits and the quality of the mineral resources, particularly for the Zgounder silver and Boumadine gold projects.
Maya Gold is not seeking external financing for the exploration.
For Azegour, the company's objective is to allow the preparation of National Instrument-43-101 mineral resources in tungsten, copper and molybdenum for the scheduled preliminary economic assessment, expected in mid-2020. As soon as the fencing on the surface of the hazardous historical opening is completed, the underground survey will be finished, and two surface diamond drills will be mobilized.
In April, a preliminary economic assessment for Boumadine outlined a posttax net present value of US$576.7 million, at a 5% discount rate, with an internal rate of return of 53%.