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Maya Gold & Silver Announces Positive Findings at Azegour

Maya Gold & Silver Inc. has released a statement to inform its shareholders about the positive findings at Azegour.

Tungsten mineralization Main mine drift at Level 1488. (Image Credit: Maya Gold & Silver Inc.)

Maya’s geological team escorted by the autonomous consultant GoldMinds inspected all accessible ground deposits and underground drifts at Azegour. Samples of the different mineralizations were gathered and an elaborate program has been created. The assays results will be revealed soon. The samples were sent to Afrilab of Marrakech. A laboratory site visit and inspection happened while delivering the Azegour samples.

The exploration and development program is anticipated to include surveying of accessible drifts, channel sampling, scanning of stopes, dewatering of lower levels, securing of accesses, scaling, surface diamond drilling UG percussion drilling, and metallurgical testing.

Maya’s geologist concludes that it is, at present, evident that the earlier operators did not exploit all the mineralizations, particularly the Scheelite which have been followed along hundreds of meters with widths of 5 up to 35 m at different levels of the central mine. The Scheelite, a tungsten mineral which reacts to UV light is visible as a Milky Way using UV light underground as well as lenses of molybdenite and chalcopyrite in different sections of the mine and in drifts to the north.

The findings of our geological team give us comfort that Azegour can become another important asset of Maya. We expect to initiate the work program in mid-June and will continue until PEA is announced during Q4-2019.

Noureddine Mokaddem, Founder, President, and CEO, Maya Gold & Silver Inc.

Qualified Persons

The technical content of this press release has been appraised by Claude Duplessis Eng., from GoldMinds Geoservices Inc. independent Qualified Persons under NI 43-101 standards.

About Azegour

The Azegour property is situated in the Tizguine-Amizmiz-Azegour area, High Atlas Occidental, Province of Marrakech, Kingdom of Morocco. The property can be found 54 km NNE from the town of Marrakech and 7.2 km WSW from the town of Amizmiz. The Exploitation Licence (PE 183208) spans an area of 16 km2 (4 km x 4 km). The center of the property is located at 8° 18’ 14” West Longitude and 31° 09’ 33” North Latitude, or at coordinates: Easting= 222924, Northing= 66813 (North Morocco, Merchich) reaching an elevation of 1597 m ASL. The boundary stone (Point de Pivot) for permit no. PE 183208 is fixed at coordinates Easting= 221291 and Northing= 71511 (North Morocco, Merchich). The Exploitation Permit authorizes the holder to mine the deposit and dispose of the substances, herein Pb, Mo, Cu, W, and Zn and offers legal entry into the property. It is binding for a period of four years and was renewed in July 2015 until July 16th, 2019; further renewal is ongoing.

Under an agreement dated March 2, 2011 between Maya Gold and Silver Inc. and Ouiselsat Mines, Maya attained 100% interest of the Exploitation Permit 183208 and all the outstanding data for a total consideration of 20 million Dirhams (around $2.5 million) and the issuance of 500,000 common shares of the company in support of Ouiselsat. The seller retains a 2.5% royalty on sales of metal. The share issuances and payments were finalized during the one year after the acquisition.

Historical production

From 1926 to 1956, the Azegour mine produced 1,331 tons of (MoS2), 5,646 tons of chalcopyrite (CuFeS2), 27 tons of scheelite (CaWO4), and 1.55 tons of U3O8*.

In 1984, an historical resource* was discovred at 1M t @ 0.34 to 0.40 wt. % MoS2, 100,000 t @ 1.90 wt. % Cu and 2M t at 0.40 to 0.35 wt. % WO3*. (Lehmann, 1979; Japan International Agency Company, 1984).

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Issuer or the writer. These historical mineral resources do not refer to any category of the NI-43-101 Instrument. The explanation lies in the inability of the author to verify the data. The Issuer has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves. Therefore, the Issuer is in the opinion that the above quoted resources for the Azegour deposit cannot be relied upon.

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