"The exploration efforts have delivered some of our most significant results to date, extending the high-grade strike to the east and confirming continuity and high-grade mineralisation at depth," president and CEO Benoit La Salle said.

Aya had announced its "all-time best result" in December, of 4m at 9,346g/t silver including 0.5m at 60,000g/t, below the current mining operations.

The company changed name from Maya last year and brought in a new management team, led by former Semafo president Salle, who has told Mining Journal of his plans for expansion.

Aya said in December it was in the midst of a 12-month operation and maintenance turnaround plan, three months ahead of schedule and under budget, which once completed should see nameplate capacity achieved of 700tpd or production of about 1 million ounces of silver annually.

Its December quarter production was a record 407,986 ounces, taking annual output to 689,964oz.

Zgounder is an 85:15 joint venture with the Kingdom of Morocco.

Aya is aiming to complete an expansion feasibility study this year.

It ended 2020 with about C$42 million in cash.

Its shares (TSX: AYA) are at a five-year high, closing up about 10% to $5.19 to capitalise it at $490 million (US$386 million).