10:54 AM EST, 01/07/2025 (MT Newswires) -- Aya Gold & Silver ( AYASF ) provided Tuesday additional "high-grade" silver drill results from its exploration program at the Zgounder silver mine in Morocco.

Results include 2,425 grams per tonne (g/t) silver over 17.0 meters in the Eastern zone, 321 g/t silver over 21.0 meters in the Central zone, and 1,071 g/t silver over 3.5 meters at depth near the granite contact.

Aya said it has drilled 34,809 meters of its 2024 exploration program for the year to date.

"The exceptional intercepts from these holes highlight the potential to significantly increase high-grade ounces within and near the open pit area, strengthening our confidence in expanding open-pit operations in the near term," said Benoit La Salle, Aya's president and CEO.

Aya kept its Outperform rating and $21.75 price target at National Bank of Canada following the news.

The bank said the price target was based on 1.50x NAVPS.

National Bank said its thesis for Aya is supported by the company's NAV expansion from production growth at the Zgounder mine, high-grade resource accretion at Zgounder, promising pipeline prospect in Boumadine, and the company's status as the only pure-play silver producer in the bank's coverage.

Aya's share price rose 1.9% at last look to $10.88 on the TSX.

Price: 10.96, Change: +0.28, Percent Change: +2.62