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Renewal and exploration update on Permit 233263 adjacent to the Imiter Silver Mine, Morocco
MONTRÉAL, QUÉBEC–(Marketwire – February 13, 2013) - Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) is pleased to announce, the renewal of its 100% owned exploration Permit 233263, for the next four years in accordance with the Moroccan Ministère des Mines et de l’Énergie. The property is located in the eastern Anti-Atlas of Morocco and covers an area of 16 km2 south of the world class Imiter Silver Mine.
Maya has recently performed exploration works on the property which consisted of geological and geochemical surveys. Preliminary results from selected grab samples along various structures returned high concentrations of Au-Ag-Cu-Pb-Zn. In the eastern sector of the property, assay values yielded up to 3.1 g/t Au and 416 g/t Ag along a 2 to 10 m-wide NNE trending structure which was traced for more than 2 km. These new assay values coincide with a NNE-SSW-oriented geophysical induced polarization axis. The orientation of this mineralized structure can be extended to the main Imiter structures located 2.5km to the north.
Two new mineralized zones were encountered in the western and northern sectors of the property. Quartz-carbonate-hematite-goethite veins enriched in malachite-azurite-hematite+pyrite±galena returned values up to 2 g/t Au, 285 g/t Ag and 16.3 % Cu. Polished thin sections show the presence of galena, sphalerite, chalcopyrite and native gold, hosted in the matrix of brecciated limonitized, hematized and silicified breccias (Alansari, 2012). Part of the mineralized zones are located within a sheared corridor of bleached and tourmaline-rich felsic volcanic rocks.
“Immediately adjacent to of one of the world’s largest silver producers, these preliminary exploration results demonstrate the excellent resource potential of the property and confirm the vast capacity for future development” stated Guy Goulet, CEO of Maya.
There is a variety of mineralization types found throughout the property and crosscutting felsic volcanic rocks as well as, sedimentary sequences. Future exploration programs will involve more systematic geochemical rock sampling to help build a comprehensive geological model for drill hole targets definition.
The technical content of this news release has been reviewed by François Goulet, Msc., P. Geo from Goulex inc. Ltd a Qualified Person (QP) and Michel Boily, PhD., P. Geo an independent QP under NI 43-101 standards.
Maya Gold & Silver Inc. is a Canadian listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. The Corporation’s shares trade on the TSX Venture Exchange under the symbol “MYA”.
For further information on Maya visit www.mayagoldsilver.com or contact:
Maya Gold & Silver Inc.:
Chief Executive Officer
T: 450-435-0700 ext. 204
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This release may contain forward-looking statements including management’s assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.