Aya Gold & Silver Inc.

14.4 Exploratory Data Analysis

SRK reviewed the distributions of Ag, Au, Cu, Pb and Zn grades relative to the logged lithology and observed that elevated metal grades are predominantly associated with the massive sulphide (MS; >70% logged visible sulphide content), semi-massive sulphide (SMS; <70% logged ~>30% sulphide content) and gossan (A3)

AYA GOLD & SILVER INC., BOUMADINE POLYMETALLIC PROJECT 137 lithologies (Figure 14‑2). However, significant mineralization also occurs within other logged lithologies, reflecting the complex distribution of sulphide mineralization and local inconsistencies in the geological logging.

To provide a consistent guide for mineralization wireframing, SRK generated a calculated total sulphide variable for each assay interval. The calculation was used only as a geological modelling aid where mineralized intervals had not been logged as MS, SMS or A3, and was not used as a substitute for geological interpretation, it was a guide to be used alongside the assay intervals.

The total sulphide variable was derived using stoichiometric relationships based on the principal sulphide minerals identified during previous mineralogical investigations at Boumadine. Copper, zinc and lead were assumed to occur predominantly as chalcopyrite (CuFeS₂), sphalerite (ZnS) and galena (PbS), respectively. The proportion of pyrite (FeS₂) was subsequently estimated from the remaining Fe after deducting the iron attributed to chalcopyrite and sphalerite. One of the key assumptions is that Fe was not associated with any silicate minerals (primary or alteration) in a large abundance. The individual calculated sulphide percentages were then summed to produce a total sulphide estimate for each sample. The sulphide calculations are noted below.

AYA GOLD & SILVER INC., BOUMADINE POLYMETALLIC PROJECT 138