MONTRÉAL, QUÉBEC--(Marketwired - Dec. 20, 2017) - Maya Gold & Silver ("Maya" or the "Corporation") (TSX VENTURE:MYA) reports a production of 42,264 ounces (1,119Kg) of silver during the month of November 2017 at its Zgounder silver mine in Morocco.
The integration of the flotation cells to the processing circuit is progressing on schedule and is expected to be finalized by the end of Q1 2018; increasing the tonnage of processed ore from 187 t/day to up to 500 t/day (a 267% increase) and reducing the processing costs by 15%.
November 2017 Production Highlights
- A silver production of 42,264 ounces representing an increase of 17.48% compared to November 2016;
- A decrease in grade from 336 g/t to 321 g/t in November 2017 compared to the previous month was due to the stepping up in the development and preparatory work related to the transition from processing 150 t/d of ore to 500 t/d;
- A total recovery rate of 86% was attained, an increase of 15.74% compared to the November 2016 recovery.
| Production information Month of November | Production information for 10 months ending on November 30 | |||||
| 2017 | 2016 | Var. | 2017 | 2016 | Var. | |
| Tonnage of dry material processed (t) | 4,750 | 5,012 | -5.23% | 48,787 | 52,454 | -6.99% |
| Average grade processed (g/t Ag) | 321 | 300 | 7.13% | 356 | 346 | 2.91% |
| Metal produced (kg) | 1,315 | 1,119 | 17.48% | 14,712 | 14,424 | 1.99% |
| Ounces of silver ingots produced | 42,264 | 35,977 | 17.48% | 473,005 | 463,758 | 1.99% |
| Average recovery rate (%) | 86.20 | 74.48 | 15.74% | 84.63 | 77.47 | 9.24% |
Development highlights at the Zgounder Mine
- During the month of November, 5,488 t of ore material was extracted from the mine at an average sampled grade of 414g/t Ag, of which an estimated 1,800 t were stockpiled;
- Two exploration surface diamond drill holes were completed and produced a total of 555.3 m of core material;
- Percussion drilling totaling 224.4 m and distributed in 15 holes was carried out in the North Zone;
- Additional work performed included:
- Level 2000: blasting in panels 8 and 9;
- Level 2100: blasting at 2Ybis and beginning of production, blasting on level 2100W, blasting and preparation at levels 5Y and 6Y;
- Level 2030: preparation of access to sites 2035A and 2035B;
- Level 2125: preparation of access to sites 4Y and 4Ybis.
Maya Listed as Top Performing Junior Silver Stock of 2017
In other news, Maya is pleased to report it has been recently recognized as one of the top performing silver companies on the TSX Venture Exchange. Maya has outperformed other silver mining resource company stocks and is and is up 154% during the 2017 year.
Maya was ranked among the top five TSXV-listed silver companies with market capitalizations greater than $5 million based on The Globe and Mail's market data filter issued on December 7, 2017. The full article can be reviewed on Investing News Network.
Finally, Maya announces that the Board of Directors approved the grant of incentive options (the "Options") to directors of the Corporation to purchase up to 200,000 common shares. The Options are exercisable on or before December 6th, 2022 at an exercise price of $0.50.
Qualified Persons
The technical content of this news release has been provided by Zgounder Millenium Silver Mining and has been reviewed and approved by Michel Boily, PhD, geo from GÉON; an independent Qualified Person under NI 43-101 standards.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine owned by Zgounder Millenium Silver Mining, a Maya 85% owned joint venture with l'Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%).
