Aya Gold & Silver Launches Mx2 Mining, a New Gold Exploration Venture in North Africa
Canadian company Aya Gold & Silver has announced the creation of Mx2 Mining, a new entity specializing in gold exploration in North Africa. This initiative aims to maximize the value of its gold assets, as the price of gold continues to surge on the global market.
Mx2 Mining, subject to due diligence and regulatory approvals, will hold the Amizmiz gold project in Morocco and an option to acquire the Tijirit project in Mauritania. Aya Gold & Silver, which will remain the majority shareholder of the new company, plans to raise CAD 7.5 million (USD 5.5 million) to support exploration activities on these projects.
A minimum of 1 million ounces of gold is expected to be estimated in mineral resources for Amizmiz.
The spin-off of Aya Gold & Silver's gold assets comes at a time of significant growth in the gold price, with a 25% increase since January 2024, reaching over USD 2,500 per ounce. This strategic decision will enable the company to remain present in the gold market while focusing its efforts on its Zgounder silver mine in Morocco.
Aya Gold & Silver has recently completed the expansion of Zgounder, a mine capable of producing 7 million ounces of silver per year until 2032.
