09:03 AM EDT, 04/16/2024 (MT Newswires) -- Aya Gold & Silver ( AYASF ) on Tuesday said a new mineral resource estimate for its Boumadine mine in Morocco covering more than five years of exploration drilling at the site contains an indicated and inferred resource of 318.14-million silver-equivalent ounces of silver, gold, copper, lead and zinc.

The company said the estimate is based on 96,301-meters of exploration drilling from 2018 to early this month.

"I am extremely pleased with the improvement of the most important metric, silver oz per share (AgEq/share), which has increased from 0.12 AgEq per share in April 2020 to 3.5 AgEq per share following this mineral resource estimate," Chief Executive Benoit La Salle said in a release. "This mineral resource estimate clearly demonstrates that Boumadine has the potential to become a generational asset."

The company said less than 10% of its Boumadine lands have been drilled and it is carrying out geophysical surveys to identify new exploration targets on the property.

Aya shares closed down 1% at $12.58 on Monday on the Toronto Stock Exchange.