VANCOUVER, Oct. 15, 2018 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to provide an update
of exploration results at the Ayawilca project in central
Peru, including results for ten
recent drill holes.
Key highlights:
- Four resource step-out holes were drilled at South, Central and
West Ayawilca. Hole A18-152 is a 60 metre step-out from known
mineralization at South Ayawilca. Hole A18-158 is a 100 metre
step-out from known mineralization at Central Ayawilca. A18-125 is
a new intersection at Zone 3. Highlights include:
-
- A18-152:
-
- 1.2 metres at 13.8% zinc, 0.8% lead, 817g/t silver and 64g/t
indium from 156.3 metres depth.
- A18-158:
-
- 1.5 metres at 9.6% zinc, 1.2% lead and 32g/t indium from
458.4 metres depth.
- A18-125:
-
- 1.4 metres at 22.7% zinc & 99 g/t indium from 531.4
metres depth.
Note: Intercepts above are down-hole
intercepts of 'mantos' hosted by limestone or sandstone. True
thicknesses of the mantos are estimated to be at least 90% of the
down-hole intercepts.
- Three holes were drilled to test outcropping silver-lead-zinc
carbonate veins at the "Vetas" area, a target drilled for the first
time in 2018. High-grade silver intercepts occur with visible 'ruby
silver' minerals and associated base metal sulphides in multiple
vein structures. The grade - thickness of intercepts improve with
depth due to a more favourable host rock (sandstone). The
epithermal silver-lead-zinc carbonate vein system remains open and
untested along strike and at depth. Highlights include:
-
- Hole A18-131:
-
- 2.5 metres (true width) at 665 g/t silver, 1.4% zinc &
1.9% lead from 264.0 m depth,
including 1.5 metres (true width) at 925 g/t silver, 1.5% zinc
& 2.8% lead from 266.0 m
depth.
- Tinka has drilled 20,200 metres at Ayawilca in 56 holes
during the 2018 drill campaign, mostly as resource step-out
holes. New zinc discoveries at West Ayawilca and the Camp
areas, in particular, have significantly extended the
mineralization beyond the existing resources (current estimated
inferred mineral resources contain 5.6 billion pounds of zinc,
3,300 tonnes of indium, and 23 million ounces of silver with an
additional 66,000 tonnes of tin; Nov.
2017 news release). The 2018 drill campaign has now ended,
as planned, allowing our technical team to compile all geological
data and finalize interpretations.
- Roscoe Postle Associates Inc (RPA) of Toronto has been appointed as independent
consultant to undertake a mineral resource update, which is
expected to be finalized by November
2018.
- A Preliminary Economic Assessment (PEA) is scheduled for the
first half of 2019.
Dr. Graham Carman, Tinka´s
President and CEO, stated: "Tinka has been drilling continuously
at Ayawilca for 20 months since February
2017, having drilled more than 40,000 metres during that
time. The Company is now focusing on compiling and analyzing the
large quantity of drill hole information, completing a mineral
resource update, expanding metallurgical test work, and advancing
the project to a PEA in 2019. Tinka is well positioned financially
with C$13 million in cash reserves at
the end of September 2018 and no
debt."
"The Ayawilca zinc mineral resource is expected to increase
meaningfully as a result of this year's drill program. Ayawilca is
already one of only a handful of independently owned, large zinc
resources, located in a mining-friendly jurisdiction with good
infrastructure. The property has already attracted interest from a
number of large mining companies, and the Company has signed
multiple confidentiality agreements and conducted several site
visits. We are encouraged by the level of potential strategic
interest and look forward to completing the resource update and a
PEA. (Note that there can be no assurance the Company will pursue a
transaction or that a transaction, if pursued, will be
completed.)"
"The discovery of epithermal silver-bearing veins at
the "Vetas" area is a further encouraging development. Although we
do not yet have sufficient holes to add to our resource base, the
vein system offers additional exploration upside given the high
silver grades, while grades and vein thicknesses appear to increase
at depth when hosted in the lower sandstone (a quartz-rich
unit). We believe further exploration of the veins is
warranted. Further drill testing of the veins, along with other
targets, is planned for 2019."
Summary of Ayawilca Inferred Zinc Zone Mineral Resources
(November, 2017)
South
Ayawilca:
|
13.3 million tonnes
at 9.5 % ZnEq (7.6 % zinc, 0.2 % lead, 25 g/t silver & 118 g/t
indium);
|
West Ayawilca:
|
9.0 million tonnes at
7.2 % ZnEq (6.1 % zinc, 0.2 % lead, 14 g/t silver & 64 g/t
indium);
|
Central
Ayawilca:
|
13.0 million tonnes
at 5.7 % ZnEq (4.7 % zinc, 0.3 % lead, 13 g/t silver & 54 g/t
indium);
|
East
Ayawilca:
|
7.5 million tonnes at
6.2 % ZnEq (5.1 % zinc, 0.2 % lead, 13 g/t silver & 69 g/t
indium);
|
TOTAL:
|
42.7 million tonnes
at 7.3 % ZnEq (6.0 % zinc, 0.2 % lead, 17 g/t silver & 79 g/t
indium).
|
Notes:
|
|
1
|
US$55/t NSR cut off
was used. Metal price assumptions were US$1.15/lb Zn, US$300/kg In,
US$18/oz Ag, US$1.10/lb Pb. Metal recovery assumptions were
90% Zn, 75% In, 60% Ag, and 75% Pb for the ZnEq
calculation.
|
2
|
The NSR value was
calculated using the formula: NSR =
Zn(%)*US$15.34+Pb(%)*US$6.15+In(g/t)*US$0.18+Ag(g/t)*US$0.27
|
3
|
The ZnEq value was
calculated using the formula: ZnEq = NSR/US$15.34
|
4
|
Numbers may not add
due to rounding
|
Significant new drill intercepts are summarized in Table 1 with
the strongest intercepts in bold text. Table 2 summarizes the drill
collar information for the recent holes.
Table 1. Recent drill intercepts at Ayawilca
Drill
hole
|
From
m
|
To
m
|
Down-
hole
int
m
|
True
width
m
|
Zn
%
|
Pb
%
|
Ag
g/t
|
Indium
g/t
|
Area
|
Comment
|
A18-125
|
518.90
|
520.00
|
1.10
|
|
10.7
|
0.0
|
3
|
11
|
Zone 3
|
Manto
|
and
|
531.40
|
532.80
|
1.40
|
|
22.7
|
0.0
|
7
|
99
|
Zone 3
|
Manto
|
and
|
545.90
|
547.70
|
*1.8
|
|
5.1
|
2.3
|
82
|
19
|
Zone 3
|
Vein
|
A18-131
|
243.60
|
246.80
|
*3.2
|
|
1.3
|
1.1
|
338
|
0
|
Vetas
|
Vein
|
and
|
264.00
|
274.00
|
10.00
|
2.5
|
1.4
|
1.9
|
665
|
0
|
Vetas
|
Vein
|
including
|
266.00
|
272.00
|
6.00
|
1.5
|
1.5
|
2.8
|
925
|
0
|
Vetas
|
Vein
|
A18-144
|
68.20
|
69.10
|
*0.9
|
|
4.9
|
2.2
|
222
|
0
|
West
|
Vein
|
|
196.00
|
198.00
|
*2
|
|
0.2
|
0.5
|
166
|
0
|
West
|
Vein
|
|
214.40
|
217.00
|
*2.6
|
|
4.7
|
1.9
|
97
|
0
|
West
|
Vein
|
|
254.20
|
255.90
|
*1.7
|
|
1.8
|
0.3
|
547
|
0
|
West
|
Vein
|
|
A18-144 lost at 365.1
metres depth in limestone
|
|
|
A18-147
|
111.50
|
112.40
|
*0.9
|
|
0.3
|
0.4
|
115
|
0
|
Vetas
|
Vein
|
A18-149
|
12.30
|
14.50
|
*2.2
|
|
0.1
|
0.5
|
129
|
0
|
Vetas
|
Vein
|
and
|
211.60
|
214.70
|
3.10
|
1.5
|
0.8
|
1.4
|
221
|
0
|
Vetas
|
Vein
|
A18-152
|
156.30
|
157.50
|
1.20
|
|
13.8
|
0.8
|
817
|
64
|
South
|
Manto
|
and
|
224.00
|
224.70
|
0.70
|
|
10.9
|
1.2
|
255
|
1
|
South
|
Manto
|
A18-153
|
No significant
results to 93 m depth
|
|
|
|
|
South
|
|
A18-155
|
No significant
results
|
West
|
|
A18-156
|
70.90
|
71.90
|
*1.0
|
|
12.2
|
0.1
|
36
|
2
|
Camp
|
Vein
|
and
|
79.80
|
83.30
|
*3.5
|
|
4.8
|
0.0
|
1
|
1
|
Camp
|
Vein
|
A18-158
|
458.40
|
459.90
|
1.50
|
|
9.6
|
1.2
|
20
|
32
|
Central
|
Manto
|
Note: All intercepts shown above are down-hole intercepts.
True thicknesses of the 'manto' zinc intersections are estimated to
be at least 90% of the downhole thicknesses. Estimated true
thicknesses of vein intercepts are marked (in brackets, where
known). For vein intercepts marked * true thicknesses are
undetermined.
Table 2. Summary of Drill Collar Information
(coordinates are in UTM WGS84 Zone 18S datum)
Drill
Hole
|
Easting
|
Northing
|
Total depth
(m)
|
Elevation
(m)
|
Azimuth
|
Dip
|
A18-125
|
334045
|
8846541
|
611.3
|
4206
|
215
|
-68
|
A18-131
|
332450
|
8845958
|
413.8
|
4318
|
190
|
-85
|
A18-144
|
332554
|
8845711
|
365.1
|
4292
|
060
|
-72
|
A18-147
|
332451
|
8845957
|
225.5
|
4338
|
190
|
-60
|
A18-149
|
332535
|
8845782
|
357.7
|
4284
|
335
|
-45
|
A18-152
|
333004
|
8844938
|
508.9
|
4152
|
000
|
-90
|
A18-153
|
332880
|
8845301
|
93.3
|
4225
|
000
|
-90
|
A18-155
|
332992
|
8846122
|
420.1
|
4258
|
000
|
-90
|
A18-156
|
332675
|
8846615
|
322.3
|
4249
|
070
|
-80
|
A18-157
|
332400
|
8846930
|
276.5
|
4183
|
180
|
-75
|
A18-158
|
333889
|
8845416
|
516.5
|
4142
|
000
|
-85
|
Qualified Person – Mineral Resources: The Mineral
Resources disclosed in this press release have been estimated by
Mr. David Ross, P.Geo., an employee
of Roscoe Postle Associates Inc. (RPA), and is independent of
Tinka. By virtue of his education and relevant experience,
Mr. Ross is a "Qualified Person" for the purpose of National
Instrument 43-101. The Mineral Resources have been classified in
accordance with CIM Definition Standards for Mineral Resources and
Mineral Reserves (May, 2014). An independent National
Instrument 43-101 Technical Report (the "NI 43-101 Technical
Report") on the Mineral Resource Estimate for the Ayawilca
Property, Department of Pasco, Peru has been filed under the Company's
profile on SEDAR at www.sedar.com and is available on the Company's
website at www.tinkaresources.com
The Qualified Person, Dr. Graham
Carman, Tinka's President and CEO, and a Fellow of the
Australasian Institute of Mining and Metallurgy, has reviewed and
verified the technical contents of this release.
On behalf of the Board,
"Graham Carman"
Dr. Graham Carman, President &
CEO
Notes on sampling and assaying
Drill holes are diamond
HQ or NQ size core holes with recoveries generally above 80% and
often close to 100%. The drill core is marked up, logged, and
photographed on site. The cores are cut in half at the
Company's core storage facility, with half-cores stored as a future
reference. Half-core is bagged on average over 1 to 2 metre
composite intervals and sent to SGS laboratories in Lima for assay in batches. Standards and
blanks are inserted into each batch prior to departure from Tinka's
core storage facilities. At the laboratory samples are dried,
crushed to 100% passing 2mm, then 500 grams pulverized for
multi-element analysis by ICP using multi-acid digestion. Samples
assaying over 1% zinc, lead, or copper and over 100 g/t silver are
re-assayed using precise ore-grade AAS techniques.
Drill core is orientated and marked as core is removed from the
core barrel. In this way geological features in the core such
as stratigraphic layering, fault structures, fractures and veins
can typically be measured and interpreted in 3D space.
About Tinka Resources Limited
Tinka is an exploration
and development company with its flagship property being the
100%-owned Ayawilca carbonate replacement deposit (CRD) in the
zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone Inferred Mineral
Resource estimate now consists of 42.7 Mt at 6.0 % zinc, 0.2 %
lead, 17 g/t silver & 79 g/t indium, and a Tin Zone Inferred
Mineral Resource of 10.5 Mt at 0.63 % tin, 0.23 % copper & 12
g/t silver (Nov. 8, 2017, release).
Drilling for resource extensions and the testing of new targets is
ongoing.
Forward Looking Statements: Certain information in this
news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively "forward-looking
statements"). All statements, other than statements of
historical fact are forward-looking statements. Forward-looking
statements are based on the beliefs and expectations of Tinka as
well as assumptions made by and information currently available to
Tinka's management. Such statements reflect the current
risks, uncertainties and assumptions related to certain factors
including, without limitations, drilling results, the Company's
expectations regarding the ongoing drill program, the Company's
expectations regarding mineral resource calculations, capital and
other costs varying significantly from estimates, production rates
varying from estimates, changes in world metal markets, changes in
equity markets, uncertainties relating to the availability and
costs of financing needed in the future, equipment failure,
unexpected geological conditions, imprecision in resource estimates
or metal recoveries, success of future development initiatives,
competition, operating performance, environmental and safety risks,
delays in obtaining or failure to obtain necessary permits and
approvals from local authorities, community agreements and
relations, and other development and operating risks. Should any
one or more of these risks or uncertainties materialize, or should
any underlying assumptions prove incorrect, actual results may vary
materially from those described herein. Although Tinka
believes that assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein. Except as may be required by applicable
securities laws, Tinka disclaims any intent or obligation to update
any forward-looking statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tinka-continues-to-expand-zinc-mineralization-and-discovers-high-grade-silver-veins-at-ayawilca-peru-300730803.html
SOURCE Tinka Resources Limited