Tinka Drills 145 Metres at 10.9% Zinc Including 29 Metres at 20% Zinc at Ayawilca
TINKA DRILLS 145 METRES AT 10.9% ZINC INCLUDING 29 METRES AT 20% ZINC AT AYAWILCA
Vancouver, Canada – Tinka Resources Limited ( “Tinka” o r t h e “Company”) (T S X V & B V L : T K) (OTCQB: TKRFF) is
pleased to announce results for six recent drill holes from the Company’s ongoing infill and resource expansion drill
program at the Ayawilca project in Peru. All six drill holes ar e infill holes from the South Ayawilca area. Hole A23‐212
returned much better than expected results with a thick and hig h‐grade zinc intersection of 145.2 metres grading
10.9% zinc (estimated true thickness of ~ 100 metres) including 29.3 metres grading 20.2% zinc from a shallow depth
of 158 metres. The drill program at South Ayawilca continues to exceed our expectations with respect to the
continuity of the ultra high zinc grades. Drilling is expected to continue with two rigs until the end of April.
Key highlights of recent South Ayawilca drill holes
Hole A23‐212:
o 145.2 metres at 10.9% zinc from 158.2 metres depth, including:
29.3 metres at 20.2% zinc from 158.2 metres depth, and
10.6 metres at 14.9% zinc from 200.8 metres depth, and
9.8 metres at 15.1% zinc from 239.1 metres depth, and
3.6 metres at 35.0% zinc from 262.6 metres depth, and
25.8 metres at 13.1% zinc from 277.6 metres depth.
o The wide interval includes 4.4 metres of no recovery assumed zero grade in three separate zones.
Hole A22‐208:
o 4.6 metres at 32.4% zinc from 105.2 metres depth; and
o 9.9 metres at 9.7% zinc from 142.1 metres depth; and
o 71.2 metres at 8.8% zinc from 168.8 metres depth, including:
37.7 metres at 12.8% zinc from 194.0 metres depth, including
2.7 metres at 45.2% zinc from 188.0 metres depth, and
20.0 metres at 16.9% zinc from 211.9 metres depth; and
o 1.7 metres at 36.3% zinc from 265.9 metres depth.
Hole A22‐206:
o 37.8 metres at 10.5% zinc from 153.5 metres depth, including:
23.4 metres at 15.2% zinc from 168.0 metres depth; and
o 2.7 metres at 45.2% zinc from 188.0 metres depth and 1.7 metres at 15.9% zinc from 200.3 metres.
Hole A23‐215:
o 5.2 metres at 11.2% zinc from 144.4 metres depth; and
o 4.1 metres at 33.6% zinc from 190.0 metres depth; and
o 30.1 metres at 8.6% zinc from 263.4 metres depth, including
5.6 metres at 21.3% zinc from 264.5 metres depth.
Hole A22‐210: 2.7 metres at 16.2% zinc from 85.6 metres depth.
Hole A22‐201: An extension of hole A17‐066 (extended by 59 m) did not intersect significant mineralization.
A total of 10,000 metres have now been drilled for 30 drill holes in the 2022‐23 drill program with a further
1,000 metres (approximately) to be completed. Seven holes have results pending.
True thicknesses of the mineralized intercepts are estimated to be at least 70% of the downhole thicknesses.
March 6, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
Dr. Graham Carman, Tinka’s President and CEO, stated: “ Hole A23‐212 is without doubt Tinka’s best ever hole at
Ayawilca in terms of thickness and grade of the zinc mineralization – the hole intercepted a continuous zone of
massive sulphide mineralization grading 11% zinc over an interp reted true thickness of approximately 100 metres .
T h i s h o l e i s o n e o f f i v e f a n h o l e s r e p o r t e d h e r e , f o l l o w i n g ‐ u p on the spectacular high‐grade intercept of 39 metres
grading 20% zinc including 10.4 metres at 42% zinc in hole A22‐202 (link to news release). The results of these fan holes
prove that there is excellent continuity of the high‐grade zinc mineralization along a 200‐me tre strike length of folded
limestone at the western extremity of the South Ayawilca deposit. This ultra high‐grade zinc zone, which we are
continuing to define and extend with more drilling, is expected to be very important for the project as it is located at
the shallowest part of the South Ayawilca resource and therefore likely to be accessed early in the mine plan.”
“Importantly, exploration opportunities still exist to expand t his ultra high‐grade mineralization. The drill program will
continue until April with at least two more holes to be drilled at South Ayawilca. Several additional holes remain to be
reported including five holes from West Ayawilca. Next steps for the project, following completion of the drill program,
include an update of the mineral resource estimations and the evaluation of alternatives to fast track Ayawilca towards
development.”
Discussion of the geology
Table 1 summarises the highlighted drill intercepts for the six drill holes from South Ayawilca in this news release. The
Company has now completed approximately 10,000 metres of drilling in 30 holes in the 2022‐2023 resource definition‐
expansion program (see Table 2). A total of 23 holes have now been reported (see also previou s releases Oct 11 2022
, Nov 21 2022 , Jan 9 2023 and Jan 24 2023. Table 2 summarises the complete list of holes drilled in the 2022‐23 d rill
program. A drill hole map is presented in Figure 1.
This news release includes five holes drilled in a fan pattern from the same platform (holes A22‐206, 208, 210, A23‐212
and 215) targeting the core of an overturned fold ‘anticline’ covering approximately 200 metres of strike length (north‐
south). An impermeable quartz sandstone, a unit of the local G oyllar formation, forms the footwall to the massive
sulphide zone which has replaced the favourable Pucara limestone in the core of the anticline with substantial
quantities of zinc. The sandstone is folded around the Pucara l imestone forming an efficient trap which has
concentrated the zinc mineralization in the hinge of the fold a nd along the contacts with the sandstone. High‐grade
zinc is associated with semi‐massive sulphide (30‐70% sulphides) to massive sulphide (70‐100% sulphides)
mineralization as sulphide replacements of the limestone and as veins into the sandstone. The sulphides are dominated
by sphalerite, pyrite, and iron‐rich carbonates (siderite) with minor magnetite, pyrrhotite, and quartz. Sphalerite (both
high and low‐iron varieties) typically comprises between 30% and 90% of the total sulphides.
An interpretation of the zinc mineralization in the recent dril l holes is highlighted in Figure 2. The massive sulphide
body dips at a moderate angle to the east. A major northeast‐s outhwest trending fault located at the northern edge
of the sulphide body truncates the mineralization to the north. This “060 Fault” (shown in Figure 2) could also be an
important conduit for the mineralization at Ayawilca.
Figure 3 is an example of the ultra high‐grade zinc cores from A23‐212.
The final hole reported in this news release, A22‐201, is a dee pened exploration hole from 2017 (A17‐077) to 430 m
depth, targeting the possible extension of high‐grade zinc mine ralization intersected in nearby hole A22‐195 (6m at
18.8% Zn from 392.6m depth) on the eastern side of South Ayawilca (see link). On this occasion, A22‐201 did not
intersect any significant mineralization possibly as a result of the thinning out of the manto structure in A22‐195.
Table 1. Summary of drill hole results in this release from South Ayawilca
Hole From (m) To (m) Interval (m) Zinc % Lead %
Silver
g/t
Indium
ppm Notes
A22‐201 no significant results Extension of
hole A17‐066
A22‐206 153.55 191.35 37.80 10.54 0.06 17 181
incl 168.00 191.35 23.35 15.23 0.07 22 284
incl 188.00 190.65 2.65 45.21 0.14 76 1730
and 200.30 202.00 1.70 15.92 0.02 9 187
A22‐208 105.20 109.75 4.55 32.39 0.04 32 354
and 125.40 127.25 1.85 17.33 0.04 15 87
and 142.15 152.00 9.85 9.74 0.19 20 97
and 168.80 240.00 71.20 8.75 0.51 33 55
incl 194.00 231.65 37.65 12.76 0.75 44 89
incl 211.70 231.65 19.95 16.92 0.01 6 87
and 265.90 267.55 1.65 36.30 0.15 88 2940
A22‐210 85.60 88.30 2.70 16.22 0.39 92 216
and 157.20 164.20 7.00 4.39 0.45 79 4
A23‐212 124.30 126.10 1.80 32.74 0.02 21 58
and 158.20 303.40 145.20 10.86 0.19 31 229 1
incl 158.20 187.45 29.25 20.17 0.04 21 418
incl 200.80 211.40 10.60 14.87 0.20 48 426 2
incl 239.10 248.85 9.75 15.14 0.04 19 244
incl 262.60 266.20 3.60 34.96 0.07 50 868
incl 277.60 303.40 25.80 13.06 0.61 86 312 3
A23‐215 144.35 149.50 5.15 11.24 0.01 22 247
incl 144.35 145.45 1.10 31.46 0.03 32 811
and 190.00 194.10 4.10 33.59 0.19 72 1263
incl 190.70 192.80 2.10 42.82 0.34 118 1629
and 263.40 293.50 30.10 8.61 0.14 38 91
incl 264.50 270.10 5.60 21.34 0.06 36 451
incl 283.10 292.60 9.50 12.78 0.29 58 9
1 includes 4.4 m of no recovery assumed zero grade
2 includes 0.8 m of no recovery assumed zero grade
3 includes 3.6 m of no recovery assumed zero grade
Figure 1. Drill hole map of Ayawilca highlighting drill holes released here in RED
Figure 2.
Figure 3. An example of high‐g rade zinc mineralization in hol e A23‐212. The interval 205.5 ‐ 208.5 metres has an
average grade of 31.3% zinc, 90 g/t silver, and 0.13% lead.
Note on sampling and assaying
Drill holes are diamond HQ size core holes with recoveries gene rally above 80% and often close to 100%. The drill core is mark ed
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 was bagged on average over 1 to 2 m etre composite intervals and sent to SGS laboratory in Lima for
assay in batches. Standards and blanks were inserted by Tinka i nto each batch prior to departure from the core storage facilit ies.
At the laboratory samples are dried, crushed to 100% passing 2mm, then 500 grams pulverized for multi‐element analysis by ICPMS
using multi‐acid digestion. Samp les assaying over 1% zinc, lead , or copper and over 100 g/t silver were re‐assayed using preci se
ore‐grade AAS techniques. Samples within massive sulphide zones were also assayed for tin using fusion and AAS finish.
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.
Readers are encouraged to read the NI 43‐101 Technical Report e ntitled "Ayawilca Polymetallic Project, Central Peru,
NI 43‐101 Technical Report on Updated Preliminary Economic Assessment" available for download on Tinka’s website
at www.tinkaresources.com. The Technical Report was prepared by Mining Plus Peru S.A.C. (“Mining Plus”) as principal
consultant, Transmin Metallurgic al Consultants (“Transmin”), En vis E.I.R.L (“Envis”), and SLR Consulting (Canada) Ltd
(“SLR”).
Table 2. Drill hole details for 2022‐2023 drill program including drill collar coordinate information
Drill hole Easting Northing Elevation Azimuth Dip Depth Area Co mment
A22‐190 333281 8845755 4167 180 ‐50 498.95 Central Results repo rted
A22‐191 333169 8845799 4182 180 ‐55 478.80 Central Results repo rted
A22‐192 333345 8845195 4208 232 ‐74 385.90 South Results report ed
A22‐193 332766 8845659 4237 68 ‐65 365.40 West Results reported
A22‐194 333143 8845231 4226 135 ‐73 380.20 South Results report ed
A22‐195 333149 8845353 4221 148 ‐65 426.90 South Results report ed
A22‐196 333035 8845307 4235 174 ‐45 382.10 South Results report ed
A22‐197 332912 8845693 4220 264 ‐55 412.60 West Results reporte d
A22‐198 332900 8845768 4222 265 ‐53 451.10 West Results reporte d
A22‐199 333046 8845067 4195 303 ‐66 344.10 South Results report ed
A22‐200 332821 8845889 4246 260 ‐58 352.00 West Results reporte d
A22‐201 333342 8845195 4208 310 ‐73 58.90 South Results HERE
A22‐202 333046 8845066 4197 283 ‐52 270.15 South Results report ed
A22‐203 332839 8845685 4228 264 ‐60 350.00 West Results reporte d
A22‐204 333090 8845061 4196 307 ‐60 334.30 South Results report ed
A22‐205 332839 8845685 4227 244 ‐72 352.70 West Results reporte d
A22‐206 333044 8845064 4197 270 ‐58 217.30 South Results HERE
A22‐207 332710 8845883 4252 254 ‐74 332.00 West Results reporte d
A22‐208 333044 8845064 4197 270 ‐70 282.55 South Results HERE
A22‐209 332738 8845927 4251 257 ‐68 314.15 West Results reporte d
A22‐210 333047 8845065 4197 297 ‐48 259.80 South Results HERE
A22‐211 332785 8845707 4236 260 ‐75 295.00 West Results pending
A23‐212 333047 8845065 4197 228 ‐79 324.30 South Results HERE
A23‐213 332853 8845650 4225 258 ‐65 316.00 West Results pending
A23‐214 332710 8845883 4252 255 ‐67 287.10 West Results pending
A23‐215 333047 8845065 4197 180 ‐80 295.10 South Results HERE
A23‐216 332710 8845883 4252 220 ‐73 310.00 West Results pending
A23‐217 332853 8845650 4225 240 ‐78 300.00 West Results pending
A23‐218 333109 8845020 4190 330 ‐75 323.70 South Results pendin g
A23‐219 333219 8845582 4182 180 ‐85 336.80 Central Results pend ing
TOTAL 10037.90
Notes: Datum for coordinates is WGS84 Zone 18S. Azimuth is true azimuth
On behalf of the Board,
“Graham Carman”
Dr. Graham Carman, President & CEO
Further Information:
www.tinkaresources.com
Mariana Bermudez 1.604.685.9316
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About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%‐owned Ayawilca zinc‐
silver‐tin project in central Pe ru. The Zinc Zone deposit has a n estimated Indicated Mineral Resource of 19.0 Mt @
7.15% Zn, 16.8 g/t Ag & 0.2% Pb and Inferred Mineral Resource o f 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag & 0.4% Pb (dated
August 30, 2021). The Ayawilca Tin Zone has an estimated Inferred Mineral Resource of 8.4 Mt grading 1.0% Sn.
Forward Looking Statements: Certain information in this news re lease contains forward‐looking statements and forward‐looking
information within the meaning o f applicable securities laws (c ollectively "forward‐looking sta tements"). All statements, oth er
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: timing of planned
work programs and results varying from expectations; delay in obtaining results; 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 and operating performance;
environmental and safety risks; the Company’s expectations regarding the Ayawilca Project PEA; the political environment in which
the Company operates continuing to support the development and operation of mining projects; risks related to negative publicity
w i t h r e s p e c t t o t h e C o m p a n y o r t h e m i n i n g i n d u s t r y i n g e n e r a l ; the threat associated with outbrea k s o f v i r u s e s a n d i n f e c t i o u s
diseases, including the novel CO VID‐19 virus; delays in obtaini ng or failure to obtain necessary permits and approvals from lo cal
authorities; community agreements and relations; and, other dev elopment and operating risks. Should any one or more of these
risks or uncertainties materialize, or should any underlying as sumptions prove incorrect, actual results may vary materially f rom
those described herein. Although Tinka believes that assumptio ns 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 m ay be required by applicable secur ities laws, Tinka disclaims a ny
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