Tincorp Announces Assay Results of Historic Cores from Its Porvenir Project in Bolivia Including 60.20 m Grading 0.66% Tin or 322.8 g/t AgEq
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Tincorp Announces Assay Results of Historic Cores from Its Porvenir Project in
Bolivia Including 60.20 m Grading 0.66% Tin or 322.8 g/t AgEq
Vancouver, British Columbia – March 2, 2023 – Tincorp Metals Inc. (“Tincorp” or the
“Company”) (TSXV: “TIN”; OTCQX: “TINFF”) is pleased to announce that it has received the first
two batches of assay results of historic core samples from its Porvenir tin-zinc-silver (Sn-Zn-Ag)
Project (the “Project”), located in the west-central region of Bolivia, 65 kilometers (“km”) southeast
of the city of Oruro. The highlight results were received from hole PV-41 with an intercept of 60.20
meters (“m”) grading 0.66% tin, 1.44% zinc, and 6.30 g/t silver totaling 322.8 g/t AgEq.
As previously reported (see news release dated August 31, 2022), the Company has the rights to
acquire a 100% interest of the Porvenir Project. The Property was subjected to some small-scale,
historic mining and was explored and drilled by Japanese mining company, Dowa Metals and
Mining Company (“Dowa”) from 2007 to 2011. In total, Dowa completed 88 diamond drill holes
totaling approximately 25,000 m of core based on the data acquired by the Company from an
independent source. However, only 918 m of core had been sampled and assayed by Dowa
previously.
Samples were collected from recovered historic core, and the new ly received assays have
confirmed historic mineralization intercepts (Table 4 and Table 5) and further indicated that the
mineralization is more extensive down -hole. From October to December 2022, over 1,300 m of
historic core from 37 holes have been recovered, relogged and sent for assay, including 1, 391
samples. There remain another 679 assays for the company to report.
Mr. Gordon Neal, CEO of the Company stated, “The results of our sampling and assaying program
to date are encouraging, as Tincorp 's results closely correlate with the historic assays and has
shown tin mineralization is more extensive in each hole sampled than was indicated in the historic
data. The relogging and assaying program on historic core was completed in 2022 and we are
expecting more assays in the next few weeks.”
The most encouraging results are from holes PV-41 and PV-26.
PV-41 has a total hole length of 355 m . 82.20 m of core have been recovered and assayed,
including the intervals between 220-235 m and 265-332.2 m. High-grade mineralization intervals
in this hole are composed of massive sulfides of sphalerite, pyrrhotite and pyrite, along with
silicification. The new assays reveal ed a 60.2 m wide continuously mineralized interval grading
0.66% Sn and 1.44% Zn and another 10.6 m wide interval grading 0.24 % Sn and 2.57 % Zn.
Tincorp Metals Inc.
1750 - 1066 West Hastings Street
Vancouver, BC, Canada V6E 3X1
Telephone: (604) 336-5919
www.tincorp.ca
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Table 1. Composited analytical results for hole PV-41
Hole ID From m To m Interval m Sn % Zn % Ag g/t AgEq g/t
PV-41 223.40 234.00 10.60 0.24 2.57 9.6 219.9
PV-41 272.00 332.20 60.20 0.66 1.44 6.3 322.8
Incl. 310.00 331.40 21.40 1.35 2.60 9.6 640.9
Notes:
1. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
2. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of
silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal
recoveries are not yet known.
PV-26 has a total hole length of 250.75 m, and 39.00 m of core have been recovered and assayed
(from 133.70 to 172.70 m). High- grade intervals are composed of patches of sulfide (pyrrhotite -
sphalerite) hosted in bleached sandstone. The new assay results have revealed a 16.7 m wide
continuously mineralized interval of 0.64 % Sn and 0.70 % Zn.
Table 2. Composited analytical results for hole PV-26
Hole ID From m To m Interval m Sn % Zn % Ag g/t AgEq g/t
PV-26 156.00 172.70 16.70 0.64 0.70 12.3 286.9
Incl. 161.00 169.70 8.70 1.02 0.91 16.8 444.8
Notes:
1. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
2. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of
silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal
recoveries are not yet known.
Other noted mineralized intervals are shown in Table 3.
Table 3. Composited grades of other noted mineralized intervals
Hole ID From m To m Interval m Sn % Zn % Ag g/t AgEq g/t
PV-17 203.00 213.60 10.60 0.16 1.18 2.1 117.4
PV-24 270.10 277.95 7.85 0.36 1.53 14.8 222.0
PV-28 284.00 293.35 9.35 0.38 0.56 9.5 179.3
PV-29 116.00 125.50 9.50 0.18 0.84 8.4 115.5
PV-32 218.10 229.00 10.90 0.24 0.85 11.6 141.9
PV-33 116.12 138.20 22.08 0.14 1.44 8.6 128.5
PV-40 255.55 263.50 7.95 0.14 3.64 34.5 256.7
PV-56 186.00 196.82 10.82 0.42 1.93 13.8 262.3
PV-86 397.70 419.45 21.75 0.28 1.45 10.0 183.3
Notes:
3. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
4. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of
silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal
recoveries are not yet known.
The newly received assays are consistent with the historic Dowa assays, which suggests the
historic assays data are reliable to provide guidance for future exploration. The comparison of
historic Dowa assays and the newly received assays of PV-41 and PV-26 are shown in Table 4
and Table 5.
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Table 4. Comparison of historic Dowa assays and 2023 new assays on PV-41.
Hole ID From m To m Length m Historic Assay 2023 Assay
Ag g/t Zn % Sn % Ag g/t Zn % Sn %
PV-41 224.90 226.00 1.10 4.30 1.10 0.00 4.26 0.95 0.31
PV-41 226.00 226.60 0.60 12.70 4.37 0.22 8.53 4.23 0.16
PV-41 227.10 227.80 0.70 8.95 7.73 0.00 9.06 7.99 0.14
PV-41 227.80 229.00 1.20 8.27 6.76 0.00 7.44 7.49 0.05
PV-41 229.00 229.85 0.85 10.75 4.04 0.00 9.43 2.97 0.08
PV-41 229.85 230.45 0.60 69.20 5.84 0.80 87.00 8.59 0.91
PV-41 272.50 273.20 0.70 9.82 4.90 0.00 10.65 6.60 0.72
PV-41 274.25 274.90 0.65 9.28 1.76 0.00 8.23 1.58 0.07
PV-41 275.00 275.70 0.70 12.90 2.41 0.00 11.20 2.13 0.34
PV-41 275.70 277.00 1.30 6.86 0.93 0.00 6.51 0.71 0.09
PV-41 277.00 277.90 0.90 4.43 0.29 0.00 4.29 0.31 0.18
PV-41 277.90 278.50 0.60 13.45 1.08 2.55 12.55 1.58 2.05
PV-41 279.95 280.70 0.75 5.83 0.36 0.00 5.92 0.41 0.06
PV-41 280.70 281.50 0.80 17.10 1.19 0.30 13.00 0.70 0.27
PV-41 286.40 287.50 1.10 8.10 1.33 0.72 8.53 0.99 1.55
PV-41 291.50 292.50 1.00 4.25 0.61 0.00 5.11 0.69 1.04
PV-41 293.00 294.00 1.00 9.21 3.63 1.95 7.93 3.42 1.47
PV-41 296.00 296.60 0.60 14.40 6.88 0.00 14.20 6.18 0.18
PV-41 306.00 306.90 0.90 15.64 4.11 0.00 12.20 4.30 0.52
PV-41 310.00 310.60 0.60 14.90 2.23 0.00 17.50 2.44 0.66
PV-41 310.60 311.50 0.90 13.90 3.34 0.92 11.95 3.48 0.59
PV-41 311.50 312.10 0.60 22.80 7.54 0.67 25.20 7.82 0.68
PV-41 312.10 312.80 0.70 27.80 8.22 0.05 24.80 8.20 0.33
PV-41 316.35 317.00 0.65 14.15 6.36 7.32 11.20 5.56 5.69
PV-41 317.00 317.70 0.70 19.10 4.18 7.34 13.85 4.18 4.28
PV-41 317.70 318.40 0.70 15.30 5.54 5.86 13.95 6.23 4.61
PV-41 323.80 324.70 0.90 12.40 2.54 0.00 10.85 2.33 0.31
PV-41 325.40 326.00 0.60 10.00 3.82 2.05 9.64 4.51 2.17
PV-41 326.00 327.00 1.00 19.95 8.14 10.15 17.40 8.45 5.47
PV-41 327.00 328.00 1.00 10.95 2.83 3.34 9.95 3.69 5.14
PV-41 328.00 328.90 0.90 10.70 3.78 1.37 8.50 3.38 1.31
PV-41 328.90 329.50 0.60 46.20 4.09 0.62 20.00 5.35 0.70
PV-41 329.50 330.60 1.10 21.00 2.78 0.33 17.55 2.72 0.25
PV-41 330.60 331.40 0.80 31.10 0.88 0.00 23.70 0.72 1.00
Length-Weighted Average 14.62 3.53 1.33 13.09 3.65 1.25
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Table 5. Comparison of historic Dowa assays and 2023 new assays on PV-26.
Hole ID From m To m Length m Historic Assay 2023 Assay
Ag g/t Zn % Sn % Ag g/t Zn % Sn %
PV-26 140.35 141.65 1.30 20.50 1.02 0.00 14.75 0.60 0.06
PV-26 142.70 143.60 0.90 11.05 0.11 0.00 9.94 0.32 0.02
PV-26 150.40 151.20 0.80 7.18 0.50 0.00 10.65 1.00 0.06
PV-26 151.20 151.85 0.65 22.70 2.85 0.00 19.05 2.78 0.08
PV-26 151.85 152.55 0.70 46.50 5.90 0.00 41.20 4.69 0.10
PV-26 167.50 168.45 0.95 59.70 0.50 2.49 48.70 0.97 2.56
PV-26 168.45 169.70 1.25 29.20 1.60 1.76 27.00 0.59 1.22
Length-Weighted Average 27.92 1.57 0.70 24.10 1.32 0.64
Quality Assurance and Quality Control
Dowa assays were on ¼ core . Tincorp resampled another ¼ core for direct comparison. O n
unsampled Dowa core, Tincorp used ½ core - all of which were obtained with a diamond -
impregnated core saw.
All Porvenir core samples were collected by staff geologists and were shipped in securely sealed
bags by Company staff in the Company’s vehicles, directly from the field to ALS Bolivia Ltd., in
Oruro, Bolivia for preparation, and ALS Peru laboratory in Lima - Peru for geochemical analysis.
The global quality program includes internal and external inter -laboratory test programs and
regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO
9001:2015. The ISO 17025 Accreditation proves a laboratory has an acceptable quality
management system in place, and it has the ability and competence to provide testing and
calibration results. All samples ar e prepared using the ALS code: PREP -31; analyzed by ME -
MS41 - multi-elemental by aqua regia - ICP-MS - Ultra Trace Levels; for tin: Sn-XRF15B: Fusion
Lithium Metaborate - XRF termination . For over limits, digestion in aqua regia is used and
finalization by ICP-AES (OG 46 series).
Two types of certified reference materials (standards) are inserted: one, from CDN Resource
Laboratories Ltd., and another from OREAS - Ore Research & Exploration P/L; additionally,
control samples such as thick white samples and duplicate samples are inserted into normal
sequences of drill core samples before sending to the laboratory for preparation and analysis.
The overall ratio of quality control in sample sequences is minimum ten percent.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by Donald J. Birak, independent consultant geologist who is a Qualified Person for the
purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Resources (“NI 43-
101”). The qualified person has visited the Porvenir property and is not aware of any significant
risks and uncertainties that could be expected to affect the reliability or confidence in the
information discussed herein.
About Tincorp
Tincorp Metals Inc. is a mineral exploration company focusing on tin projects in Bolivia and a gold
project near Whitehorse, Yukon, Canada. The Company has signed agreements to acquire up to
a 100% interest in the Porvenir Project and SF Tin Project, which are 70 km southeast of Oruro,
Bolivia. The Company’s 100% owned Skukum Gold Project is approximately 84 km south of
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Whitehorse by road. An independent mineral resource estimate update in respect of the Skukum
Gold Project was completed in October 2022.
On Behalf of Tincorp Metals Inc.
signed “Gordon Neal”
Gordon Neal, CEO & Director
For further information, please contact:
Investor Relations, Tincorp Metals Inc.
Phone: +1 (604)-336-5919
Email: [email protected]
www.tincorp.com
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward- looking statements and forward-looking information (collective,
“forward looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.
All statements, other than statements of historical fact included in this release, including, without limitation,
statements regarding the terms of the Agreement , the payment of a finder's fee and the approval of the
TSX Venture Exchange are forward- looking statements. Estimates of mineral reserves and mineral
resources are also forward-looking information because they incorporate estimates of future developments
including future mineral prices, costs and expenses and the amount of minerals that will be encountered if
a property is developed. Forward- looking statements are often, but not always, identified by words or
phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”,
“potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar
expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates
of management considered reasonable at the date the statements are made. The opinions, assumptions,
factors and estimates which may prove to be incorrect, include, but are not limited to: whether the Company
will acquire up to a 100% interest of the Porvenir Project; market fundamentals will result in sustained
precious metals demand and prices; that there are no significant disruptions affecting operations, including
labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of
equipment, whether due to flooding, political changes, title issues, intervention by local landowners,
environmental concerns, pandemics (including COVID -19) or otherwise; that the Company will be able to
obtain and maintain governmental approvals, permits and licenses in connection with its current and
planned operations, development and exploration activities, including at the Skukum Gold Project; that the
Company will be able to meet its current and future obligations; that the Company will be able to comply
with environmental, health and safety laws; and the assumptions underlying mineral resource estimates
and the realization of such estimates.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the forward- looking information. Such risks
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and other factors include, among others: the risk that the Company will not acquire up to a 100% interest
of the Porvenir Project; social and economic impacts of COVID -19; actual exploration results; changes in
project parameters as plans continue to be refined; results of future Mineral Resource estimates; future
metal prices; availability of capital and financing on acceptable terms; general economic, market or
business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials
and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government
approvals; unanticipated environmental impacts on operations and costs to remedy same; and other
exploration or other risks detailed herein and from time to time in the filings made by the Company with
securities regulators. Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ from those described in forward-looking statements, there may be
other factors that cause such actions, events or results to differ materially from those anticipated. There
can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are
cautioned not to place undue reliance on forward-looking statements.
Readers are cautioned not to place undue reliance on forward- looking statements. The Company
undertakes no obligation to update any of the forward- looking statements in this news release or
incorporated by reference herein, except as otherwise required by law.
Additional information in relation to the Company, including the Company’s most recent annual information
form, can be obtained under the Company’s profile on SEDAR at www.sedar.com and on the Company’s
website at www.tincorp.com.
CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43-101,
which differs from the standards adopted by the U.S. Securities and Exchange Commission (the “SEC”).
Accordingly, the technical and scientific information contained herein, including any estimates of mineral
reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies
subject to the disclosure requirements of the SEC.