Tinka Continues to Expand Zinc Mineralization and Discovers High- Grade Silver Veins at Ayawilca PERU
TINKA RESOURCES LIMITED
#1305 – 1090 WEST GEORGIA STREET
VANCOUVER, B.C. V6E 3V7
Tel: (604) 685 9316 Fax (604) 683 1585
Website: www.tinkaresources.com
TSXV & BVL: TK OTCPK: TKRFF
NEWS RELEASE October 15, 2018
TINKA CONTINUES TO EXPAND ZINC MINERALIZATION AND DISCOVERS HIGH-
GRADE SILVER VEINS AT AYAWILCA PERU
Vancouver, Canada – Tinka Resources Limited ( “Tinka” or the “ Company”) ( T S X V & B V L : T K)
(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:
o 1.2 metres at 13.8% zinc, 0.8% lead, 817g/t silver and 64g/t indium from 156.3 metres depth.
A18-158:
o 1.5 metres at 9.6% zinc, 1.2% lead and 32g/t indium from 458.4 metres depth.
A18-125:
o 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' hos ted 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 te st outcropping silver-lead-zinc c arbonate veins at the “Vetas” area, a target
drilled for the first time in 2018. High-grade silver intercep ts 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:
o 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 r esources (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 appointe d as independent consultant to un-
dertake 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 in crease meaningfully as a result of this year's drill pro-
gram. 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 num-
ber of large mining companies, and the Company has signe d multiple confidentiality agreements and con-
ducted 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.)”
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“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 war-
ranted. Further drill testing of the veins, along with other targets, is planned for 2019.”
Figure 1. Geological Map of Ayawilca
Summary of Ayawilca Inferred Zinc Zone Mineral Resources (November, 2017)
South Ayawilca: 13.3 million tonnes at 9.5 % ZnEq (7.6 % zin c, 0.2 % lead, 25 g/t silver & 118 g/t indium);
West Ayawilca: 9.0 million tonnes at 7.2 % ZnEq (6.1 % zin c, 0.2 % lead, 14 g/t silver & 64 g/t indium);
Central Ayawilca: 13.0 million tonnes at 5.7 % ZnEq (4.7 % zin c, 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 % l ead, 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 rec overy
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
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Figure 2. Ayawilca drill hole map highlighting 2018 holes & existing zinc resources
Figure 3. Schematic cross section of the Vetas area (S-S’) highlighting silver-lead-zinc carbonate veins
Note: Vein intercepts shown are true width (in metres), except where marked * unknown
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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 Cam p V e i n
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 esti-
mated to be at least 90% of the downhole thicknesses. Estimate d 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) Azimu th 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 bee n estimated by Mr. David
Ross, P.Geo., an employee of Ros coe 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 Mine ral 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
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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
Investor Information:
www.tinkaresources.com
Rob Bruggeman 1.416.884.3556
Company Contact:
Mariana Bermudez, 1.604.699.0202
Notes on sampling and assaying
Drill holes are diamond HQ or NQ size core holes with recoverie s 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 bag ged 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 centr al 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-look ing statements and forward-looking
information within the meaning of 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. F orward-looking statements are based on the beliefs and expectat ions 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 lim itations, 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, une xpected
geological conditions, imprecision in resource estimates or met al recoveries, success of future development initiatives, compe tition,
operating performance, environmental and safety risks, delays i n obtaining or failure to obtain necessary permits and approval s from
local authorities, community agreements and relations, and othe r development and operating risks. Should any one or more of th ese
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 inh erent 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