Form 43-101F1 Technical Report The Boumadine Polymetallic (Au, Ag, Zn, Pb, Cu) Deposit Errachidia Province, Kingdom of Morocco MAYA GOLD AND SILVER INC. April 2, 2014 View of the ancient mining installations at the Boumadine mine site. Michel Boily, PhD, P. Géo. GÉON DATE AND SIGNATURE CERTIFICATE OF QUALIFICATIONS I, Michel Boily, Ph.D., P. Geo. HEREBY CERTIFY THAT: I am a Canadian citizen residing at 2121 de Romagne, Laval, Québec, Canada. I obtained a PhD. in geology from the Université de Montréal in 1988. I am a registered Professional Geologist in good standing with l’Ordre des Géologues du Québec (OGQ; permit # 1097). I have praticed the profession of geologist for the last 37 years. I had the following work experience: From 1986 to 1987: Research Associate in Cosmochemistry at the University of Chicago, Chicago, Illinois, USA. From 1988 to 1992: Researcher at IREM-MERI/McGill University, Montréal, Québec as a coordinator and scientific investigator in the high technology metals project undertaken in the Abitibi greenstone belt and Labrador. From 1992 to present: Geology consultant with Geon Ltée, Montréal, Québec. Consultant for several m ining companies. I participated, as a geochemist, in two of the most important geological and m etallogenic studies accomplished by the Ministère des Richesses naturelles du Québec (MRNQ) in the Jam es Bay area and the Far North of Québec (1998-2005). I am a specialist of granitoid-hosted precious and rare metal deposits and of the stratigraphy and geochemistry of Archean greenstone belts. I have gathered field experience in the following regions : James Bay, Quebec; Strange Lake, Labrador/Quebec; Val d’Or and Rouyn-Noranda, Quebec; Grenville (Saguenay and Gatineau area); Cadillac, Quebec; Otish Mountains, Quebec, Lower North Shore, Quebec,Sinaloa, Sonora and Chihuahua states, Mexico, Marrakech and Ouarzazate, Morocco and San Juan, Argentina I am the author of the 43-101F1 Technical Report entitled : "The Boumadine Polymetallic (Au, Ag, Zn, Pb, Cu) Deposit Errachidia Province, Kingdom of Morocco" written for MAYA GOLD AND SILVER INC. with an effective date of April 2, 2014. I consent to the filing of this report with any stock exchange and any other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public. As of the date of the certificate, to the best of my knowledge, information and belief, this Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. The Qualified Person, Michel Boily, has written this report in its entirety and is responsible for its content. I read the National Instrument 43-101 Standards of Disclosure for Mineral Projects (the "Instrument") and the report fully complies with the Instrument. I am an independent qualified person, QP, according to NI 43-101. I have no relation to Maya Gold and Silver Inc. according to section 1.5 of NI 43-101 and thus I am independent of the Issuer. I also have no relation with the Vendor, l'ONHYM (l'Office National des Hydrocarbures et des Mines) and thus I am independent of the Vendor.I am not aware of any relevant fact which would interfere with my judgment regarding the preparation of this technical report. As of the effective date of April 2, 2014, to the best of my knowledge, information and belief, this technical report contains all scientific and technical information that is required to be disclosed to make the report not misleading. ii I have had no prior involvement with the Boumadine property that is the subject of this report. I last visited the Boumadine property on September 13 and 14 2012. _______________ Michel Boily, PhD., P. Geo. Dated at Montréal, Qc April 2, 2014 iii DATE AND SIGNATURE ii TABLE OF CONTENTS iv ITEM 1 SUMMARY 1 ITEM 2 INTRODUCTION 5 ITEM 3 RELIANCE ON OTHER EXPERTS 6 ITEM 4 PROPERTY DESCRIPTION AND LOCATION 6 ITEM 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 13 ITEM 6 HISTORY 16 ITEM 7 GEOLOGICAL SETTING AND MINERALIZATION 35 7.1-Geology of Morocco 35 7.2- The Anti-Atlas Orogen of Southern Morocco 37 7.3- The Proterozoic Ougnat "Window" (Boutonnière) 39 7.4-Geology of the Boumadine Property 41 7.4.1- The Tamerzaga-Timrachine Formation (TTF) 41 7.4.2- Late Mafic-felsic Dykes and Rhyolite ("Chonoliths") Intrusions 46 7.4.3- Alteration of the Late Proterozoic Volcanosedimentary Formations 50 7.4.3.1-Propylitization 50 7.4.3.2-Phyllic Alteration 50 7.4.3.3- Late Silicification 51 7.4.3.4- Supergene Alteration 52 7.4.4- Structure 52 7.4.5- Mineralization 55 7.4.5.1-Description of the Polymetallic Veins and Alteration 55 7.4.5.2-Mineral Paragenesis 59 7.4.5.3-Tectonic Control of the Mineralization 64 ITEM 8 DEPOSIT TYPE 65 8.1- Description of Epithermal-Type Deposits 65 8.2-Description of Low Sulfidation Epithermal Deposits 67 8.3- Model of Low Sulfidation Ore Deposits 69 8.4-Origin of the Boumadine Polymetallic Deposit 71 ITEM 9 EXPLORATION 73 9.1-Ore Mineralogy at the Boumadine Mine 73 9.1.1-Analytical Method 73 9.1.2-Rock Description 73 9.1.3-X-ray Diffraction Results and Discussion 73 9.2-FE-SEM-EDS Analyses 79 9.2.1-Analytical Method 79 9.2.2-Mineral Compositions 80 9.2.2.1-Fe-As Sulfides 80 9.2.2-Cu-bearing Phases 83 9.2.3-Zn-bearing Phases 83 9.2.4-Pb-bearing Phases 84 9.2.5-Ag-Sn-base Metal Micronuggets 84 9.2.6-Sb-bearing Phases 88 9.2.7- Gold 88 9.3- Geochemistry of the Tamerzaga-Timrachine Formation Altered Volcanic Rocks 88 iv TABLE OF CONTENTS (Ctnd.) 9.4- Geochemistry of the Boumadine Tailing Material, Polymetallic Veins, Mineralized Muck Piles and Wallrocks 98 ITEM 10 DRILLING 110 ITEM 11 SAMPLE PREPARATION, ANALYSES AND SECURITY 110 ITEM 12 DATA VERIFICATION 113 ITEM 13 MINERAL PROCESSING AND METALLURGICAL TESTING 113 13.1- Cyanuration of Unoxydized Material 113 13.2- Oxydation, Lixiviation and Chloration 115 13.3- Cyanuration of Oxydized Material 122 13.4- Conclusions 122 ITEM 14 MINERAL RESOURCES ESTIMATE 123 ITEM 23 ADJACENT PROPERTY 123 ITEM 24 OTHER RELEVANT DATA AND INFORMATION 123 ITEM 25 INTERPRETATION AND CONCLUSIONS 123 25.1- A Petrogenetic Model for Polymetallic Mineralization at the Boumadine Mine 123 25.2- Conclusions 129 ITEM 26 RECOMMENDATIONS 137 26.1-Budget Breakdown 143 ITEM 27 REFERENCES 145 LIST OF FIGURES Figure 1. The Moroccan Anti-Atlas with the Proterozoic “boutonnières” harbouring numerous polymetallic (Au, Ag, Cu, Zn, Pb, Co) deposits including the Boumadine polymetallic mine. 7 Figure 2. Localization of the two permits (PE 2959 and 34565) that form the Boumadine property acquired by Maya Gold and Silver Inc. 8 Figure 3. a)View of one of the shaft sunk in the Central Zone of the Boumadine Mine (Foreground), b) View of the remains of the Boumadine mining installations. 11 Figure 4. a) . Picture of the largest dry-stack tailings at Boumadine forming the residue after ore extraction and beneficiation from 1986 to 1992. It is estimated that the two tailings deposits contain 240,000 t of material @ 2.80 g/t Au and 178 g/t Ag., b) Photo of the two dry-stacked tailings at Boumadine. 12 Figure 5. a) Typical sparse vegetation in the Boumadine desert expressed by hardy bushes and scrubland growing in the scree where some underground humidity is present, b) Grazing camels in the harsh desert of Boumadine 15 Figure 6. Geology of a typical Boumadine polymetallic vein, level -70 m in the South Zone. Assay results for Au, Ag, Pb, Zn, Cu and Sn from chip samples collected from the gallery faces are reproduced in the accompanying table 29 Figure 7. Longitudinal section of the principal polymetallic vein mined in the South Zone. Panels or blocks are defined according to their historical 32 Figure 8. Geologic map of the Boumadine area. 36 v LIST OF FIGURES (Ctnd.) Figure 9. Geological map of the Late Proterozoic Ougnat “boutonnière”. 40 Figure 10. Geologic map of the Boumadine area showing the two permits forming the property. 42 Figure 11. Typical stratigraphic assemblage of the Tamerzaga-Timrachine Formation (TTF) in the Boumadine area. 43 Figure 12. Lithostratigraphic succession in the Ougnat Proterozoic window 44 Figure 13. Geological map of the Boumadine mine area showing the different exploited zones, shafts and approximate localization of historical drillholes. 47 Figure 14. a) The Boumadine mine area is characterized by the presence of dyke swarms of gabbroic, doleritic and andesitic compositions, principally N160°E-oriented, injected into the felsic rocks of the TTF, b) Silicified and Cu-mineralized rhyolite dome/”chonolith” which appears to crosscut the polymetallic veins cropping out in the South Zone. 49 Figure 15. a) Oxydized veins exploited by the ancient miners for ochre and precious metals. Central Zone, Boumadine mine, b) Trace of N150°E-trending shear zones showing dextral movements and developed in corridors already affected by a strong pyropylitization. 53 Figure 16. Distribution of stress in a senestral shear zone. 54 Figure 17. High-resolution Quickbird satellite photo of the Boumadine mine and surrounding area. The principal swarms of polymetallic mineralized veins are shown with the localization of the ancient mining shafts.The five main mineralized zones exploited for base metals: Tizi, Imariren, North,Central and South are outlined in hashed blue. 57 Figure 18. a) Typical brecciated and slightly oxydized pyrite rich ore with quartz veinlets mined form polymetallic veins and collected from the Central Zone, b) Galena-rich ore with pyrite, pyrrhotite, chalcopyrite, sphalerite and second stage quartz veins that contain most of the Au and Ag mineralization.