Maya Gold & Silver Inc.
TSX VENTURE : MYA

Maya Gold & Silver Inc.

October 01, 2015 09:20 ET

Maya Gold & Silver Provides New Drill Results. Drilling Intersections Include 375 g/t Ag Over 17-Meters Hole ZG-EXT-20 and 368 g/t Ag Over 6-meters Hole ZG-TEST-01

BLAINVILLE, QUÉBEC--(Marketwired - Oct. 1, 2015) - Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX VENTURE:MYA) is pleased to announce additional results from the 2015 diamond drill program at its Zgounder Silver Mine in Morocco. Overall, the drill program has successfully extended high-grade silver mineralization to the east and to depth for both the parallel Main and North Zones. Maya is pleased to provide available results of the following six (6) holes: ZG-Test-01, ZG-Test-13, P-ZG-15-01, ZG-EXT-020, ZG-EXT-023 & ZG-EXT-25.

The Corporation has completed a 17-hole drill campaign totaling 5,896 meters. With better than expected contractor cost performance, Maya was able to expand the scope of the program to include four addition drill holes from the initial plan. Sulphide mineralization consisting of sphalerite, galena and pyrite was encountered in an altered sandstone unit along with quartz, sericite and chlorite and, in eight holes, native silver mineralization was also observed. To date, 3055 samples have been prepared and assayed at the ALS Laboratory in Spain and all results have been received. Another 1167 samples were shipped to the ALS Laboratory in Ireland with results expected within the next 2 to 3 weeks. Once the final results are validated, Maya will prepare a detailed description of the results and provide the market with an interpretation.

Significant results received to date are highlighted below in Table 1.

Table 1: Additional Assay Results highlight from the Zgounder Exploration Program

Hole Name From (m) To
(m)
Length (m)* Ag
(g/t)
Objective
ZG-Test-01 23.5 28 4.5 159 Test widespread mineralization along Main and Central corridor
ZG-Test-01 106.5 109.5 3 296
ZG-Test-01 119.5 122.5 3 507
ZG-Test-01 192.5 198.5 6 367
ZG-Test-13 90 92 2 154.5 Extension at depth of Main Zone along rhyolite contact
ZG-Test-13 98.5 102.5 4 187.5
ZG-Test-13 337.5 340.5 3 83
P-ZG-15-01 138.5 144.5 6 184 Continuity between sections to the east
ZG-EXT-020 48 65 17 375 Main & North Zone, eastern extension
Including** 60.5 65 4.5 1250
ZG-EXT-20 116 121 5 437
ZG-EXT-23 298.5 303 4.5 100 North Zone, eastern extension
ZG-EXT-25 89.5 97 7.5 125 Eastern Extension Mine package

Length are core lengths and additional work is required to determine true widths.

** One 0.5m assay interval is above 10Kg/t (value of 10,000 g/t Ag is used)

Other metals: the analysis of multi-element especially the zinc, lead and copper has provided the identification of at least two important polymetallic corridors with horizontal width of approximately 25 and 40 metres and extending over 1000 metres long in which shoots of higher grade silver mineralization are observed.

To view a map of hole localisation click on the following link: Zgounder 2015 diamond drill program

About QA/QC. The initial QA/QC programs includes blanks every 15 samples, standards were inserted every 20 samples and duplicates on pulps every 30 samples. During the process and in an attempt by mine staff to reduce number of samples sent to the laboratory, the mine staff changed the procedure of blanks and standards. This has affected the order and frequency of standard and blank insertions that were not processed within the batch at regular intervals. This has been corrected and the standards and blanks were provided for additional sampling and are within acceptable limits. The results were in line with expected values and allow the disclosure of this press release. The company will carry further verification on this specific sample batch prior to preparation of any mineral resources. The samples are analyzed by 30 grams fire assay with gravimetric finish in addition to multi-elements ICPMS on 41 elements.

The technical content of this news release has been prepared and reviewed based on information received from the ZMSM & ALS Laboratory (Spain) by Claude Duplessis Eng. Geological Engineer from GoldMinds Geoservices Inc, independent Qualified Person under NI 43-101 standards.

ABOUT MAYA

Maya Gold & Silver Inc. is a Canadian 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. Zgounder Millenium Silver Mining ("ZMSM"), the 85% owned joint venture with l'Office National des Hydrocarbures et des Mines ("ONHYM") of the Kingdom of Morocco (15%)

For further information on Maya visit www.mayagoldsilver.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Maya, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release

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