11:17 AM EDT, 05/21/2025 (MT Newswires) -- (Adds comment and updates shares.)

Aya Gold & Silver ( AYASF ) on Wednesday reported the latest high-grade exploration results from the Zgounder silver mine in Morocco.

Results include 3,279 grams per tonne (g/t) silver over 8.0 meters in the central zone, 1,123 g/t silver over 6.0 meters in the open-pit area, and 1,640 g/t silver over 12.6 meters at depth near the granite contact.

"They confirm strong continuity at depth and reveal a new high-grade zone in the core of the orebody, all outside the current resource model," said chief executive Benoit La Salle.

Aya said it identified several regional targets from mapping and grab sampling. The company has drilled 7,122 meters of its 2025 exploration program to date.

"At the regional scale, recent mapping and sampling have outlined several high-priority targets east of Zgounder with potential for new discoveries," La Salle said. "With three rigs turning, we expect a steady stream of results in the months ahead at both Zgounder and Zgounder Regional."

National Bank of Canada maintained its outperform rating and $18.75 price target on Aya's shares following the update.

The bank reiterated Aya as a top precious metals pick, citing the company's NAV expansion and high-grade resource accretion from production growth at Zgounder.

National Bank also noted Aya's promising pipeline prospect in Boumadine, and the company's status as the only pure-play silver producer in its coverage.

Aya's shares were last seen up $0.63 to $11.71 on the Toronto Stock Exchange.

Price: 11.71, Change: +0.63, Percent Change: +5.69