New tidings in the mining field are enough to get folks interested in certain small-cap issues. Tuesday morning, it was Montreal-based Maya Gold & Silver Inc. (TSX:MYA) heralding the start of the first phase of the Zgounder Silver Mine exploration program in Morocco.
MYA’s board of directors recently approved a combined exploration and development program, which will include both Diamond Drilling and Reverse Circulation Drilling. The hope is to build on results released in May, which included intersections at surface of five metres at 929 g/t Ag, five metres at 592 g/t Ag, eight metres at 339 g/t Ag and 3.5 metres at 614 g/t Ag.
An initial 10,000 metres is immediately planned with an additional 5,000 metres before year end. This compares with only 5,385 metres drilled at the Zgounder Silver Mine in 2019. The goal is to increase and further define resources from the east zone of the deposit, as well as to confirm and define the continuous mineralization at deeper levels from the current underground mine.
MYA shares moved toward noon EDT on Tuesday up 11 cents, or 7.6%, to $1.56, on volume of 37,000.
