is pleased to announce another strong quarter with record operating cash flow of $4.2 million for the quarter ended March 31, 2021.
We will continue capital improvement initiatives at Zgounder that will directly affect silver production while we evaluate exciting exploration opportunities in our project portfolio,” said Benoit La Salle, President & CEO.
In addition to M&I mineral resources increasing to 44.4 million oz of silver, an exploration target of 3-6 million tonnes grading 190-295 g/t silver or an additional 20-60 million silver oz was established for Zgounder at depth and along lateral extensions.
The focus of exploration in the first quarter was the exploration target where over 10,000 m of drilling was carried out as part of the 35,000 m exploration program on the Zgounder mine permit.
In the quarter, preliminary desk work began on the Amizmiz, Azegour and Imiter bis exploration properties.
Mining operations continued to ramp up with 42,126 t of ore blasted in Q1 2021 compared to 28,101 t in Q4 2020, representing a 50% increase from the previous quarter.
These include three additions to the mining fleet and the construction and commissioning of a 60 m underground access and loading dock, the latter to increase ore extraction and to reduce ore handling.
In August 2020, the Corporation launched a feasibility study for the expansion of its Zgounder Silver Mine.
Aya is currently operating mining and milling facilities at its Zgounder Silver Mine, an 85%-15% joint venture between its subsidiary, Zgounder Millenium Silver Mining SA, and the Office National des Hydrocarbures et des Mines of the Kingdom of Morocco.
Its mining portfolio also includes the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of Eastern Morocco which is also a joint venture with ONHYM wherein Aya retains an 85% ownership.
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws , silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya’s 2020 Annual Information Form dated March 31, 2021, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com.