Aya Gold & Silver to acquire Tirzzit Copper Mine in Morocco
Aya Gold & Silver (Aya), has announced plans to acquire the Tirzzit copper mine in the Tirzzit District near Zgounder, Morocco.
The acquisition will be made for a total of approximately $4.9 million (C$6.49 million). The Tirzzit mine consists of seven copper-silver permits, which include five exploration permits and two mining licenses. It is located 25km away from Aya Gold’s Zgounder Silver Mine.
Land package
Aya stated that the acquisition of the Tirzzit mine will provide them with a historical mine containing a significant amount of proprietary data, as well as a substantial land package with substantial potential. The transaction will result in Aya owning a 100% stake in the Tirzzit mine.
As per the terms of the deal, Aya will pay $800,000 in cash and issue 622,728 shares. The completion of the transaction is subject to final approval from the Toronto Stock Exchange and regulatory approval in Morocco. Aya has plans to leverage the historical data, including drill results and geophysics, to initiate fieldwork and gain a better understanding of the Tirzzit mine.
They intend to launch a fieldwork program on the properties before the end of 2023 and adopt a systematic approach to exploring the Tirzzit project, beginning with a detailed analysis of the historical data, including drilling data.
Benoit La Salle, the President and CEO of Aya Gold & Silver, expressed that the acquisition aligns with their objective of expanding their mineralized footprint in Morocco and growing their resource base. He also mentioned that the acquisition provides long-term exposure to a potentially new mining district in close proximity to the Zgounder mine.
La Salle highlighted that the new permits included in the acquisition have seen limited exploration so far, presenting an opportunity for Aya’s team to unlock value quickly and maximize returns for all stakeholders. Aya looks forward to launching an exploration program and creating value in the near term. Earlier this year, Aya secured $100 million in project financing to support the expansion project of the Zgounder Silver Mine in Morocco.
