# Aya Gold & Silver Announces Commencement of Boumadine Feasibility Study and Accelerates Project Development

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-commencement-of-boumadine-feasibility-study-and-accele--056e68b8-b62b-4c26-a1ec-ea0f3b7f284a

Original source: https://money.tmx.com/en/quote/AYA/news/7739108829092027/aya-gold-silver-announces-commencement-of-boumadine-feasibility-study-and-accele

Publisher: tmx

Original announcement: 2026-03-12T11:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Aya Gold & Silver Inc.

- Ticker: AYA

- Exchange: TSX

- Region: Morocco

- Primary commodity: Gold

- Secondary commodities: Silver, Zinc, Lead

- Document categories: Economic study, Resource update, Metallurgy

- Extracted: 2026-09-19 12:07:25 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Aya Gold & Silver has announced the commencement of a Feasibility Study \(FS\) for its Boumadine polymetallic project in Morocco, targeting completion by H2-2027. The company is simultaneously executing an aggressive infill drilling campaign and has engaged several leading engineering firms to support metallurgical, geotechnical, and environmental workstreams.

Reasoning: The announcement marks a significant transition from PEA to Feasibility stage for the Boumadine project, supported by active drilling and high-quality technical consultants.

- Positive factor: Commencement of Feasibility Study \(FS\) to de-risk and optimize project

- Positive factor: Aggressive infill drilling program underway \(38,000m completed\)

- Positive factor: Mining permit already in place

- Positive factor: Engagement of top-tier multidisciplinary engineering firms \(Lycopodium, SRK, SGS, etc.\)

- Negative factor: FS completion timeline is long-term \(H2-2027\)

Facts used in scoring: 2

## Classification and evidence

**PFS Complete**

Polarity: positive

Definition: AACE Class 3 study complete.

Why it applies: The company is transitioning from a PEA to a Feasibility Study \(FS\) stage.

Evidence · text

> commencement of a work program designed to support a Feasibility-level Study \(“FS"\)

**Infill Drilling**

Polarity: neutral

Story-specific tag

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: The company is conducting an aggressive infill drilling program to support resource conversion.

Evidence · text

> ten drill rigs are advancing an aggressive infill program

**QA/QC Disclosed**

Polarity: positive

Story-specific tag

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The release names multiple Qualified Persons \(David Lalonde and Raphaël Beaudoin\) responsible for the technical information.

Evidence · text

> reviewed and approved by David Lalonde, B. Sc, P. Geo... and Raphaël Beaudoin, P.Eng

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: the document describes a pox\_biox route \("roaster"\)

## Extracted facts

Stored fact records: 1. Some facts used in scoring do not have a stored record.

## Metallurgical Results (1)

### Fact 1

[Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-commencement-of-boumadine-feasibility-study-and-accele--056e68b8-b62b-4c26-a1ec-ea0f3b7f284a#fact-metallurgical-facts-1)

Boumadine · gold

#### Identity

- Project: Boumadine
- Commodity: gold
- Region: morocco
- Reported Region: Morocco
- Ticker: AYA

#### Test Work

- Program Status: detailed

#### Lab

- Laboratory: SGS

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-12T00:00:00.000Z

Reasoning: Ongoing metallurgical program to optimize process parameters and support FS design.

- Positive factor: Engagement of SGS for metallurgical testwork

Evidence · text

> SGS is retained to lead the metallurgical testwork program

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.