Tinka Drills 20 Metres at 15% Zinc and 10 Metres at 17% Zinc as Exploration Continues at Ayawilca FOR Additional High Grade
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 July 29, 2019
TINKA DRILLS 20 METRES AT 15% ZINC AND 10 METRES AT 17% ZINC AS
EXPLORATION CONTINUES AT AYAWILCA FOR ADDITIONAL HIGH GRADE
Vancouver, Canada – Tinka Resources Limited (“Tinka” or the “ Company”) (TSXV & BVL: TK )
(OTCPK: TKRFF) is pleased to announce assay results for four new drill holes at the Company’s 100%-
owned Ayawilca Property in centr al Peru. Three holes were drill ed at West Ayawilca and one hole was
drilled at South Ayawilca.
Hole A19-162 at South Ayawilca intercepted thick zones of zinc mineralization within the existing resource,
as expected, however the zinc grades are much higher than expec ted compared with adjacent holes and are
approximately double the average grade of the Ayawilca Zinc Zone resource. Hole A19-162 also intercepted
a weakly mineralized limestone layer in the lower portion of the hole, significant in the fact that it supports
the Company’s thesis of possible limestone-hosted zinc mineralization lying beneath the existing resource.
Key Highlights from recent drilling
Hole A19-162 (South Ayawilca):
25.4 metres grading 11.6% zinc, 14 g/t silver and 223 g/t indium from 162.6 metres, including
o 10.0 metres grading 17.2% zinc, 14 g/t silver and 363 g/t indium from 176.0 metres; and
19.6 metres grading 15.2% zinc, 9 g/t silver and 212 g/t indium from 247.4 metres, including
o 7.2 metres grading 21.8% zinc, 12 g/t silver and 354 g/t indium from 259.8 metres;
Hole A19-159 (West Ayawilca):
11.2 metres grading 11.8% zinc and 24 g/t silver from 243.1 metres depth (resource infill);
Note: True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thicknesses.
Mineralization in the above intervals are relatively flat-dippi ng replacement zones hosted by limestone
and/or sandstone.
Hole A19-162 continued to a depth of 545 metres to test for min eralization underneath the zinc resource.
The deeper portion of A19-162 intersected a layer of limestone containing massive pyrite (with anomalous
zinc), a feature often seen near the edge of the Zinc Zone resource at Ayawilca. A follow-up hole from the
same drill platform, A19-163, is in progress (see cross section - Figure 1). Hole A19-163 intersected several
zones of zinc mineralization in the upper portion of the hole (assays awaited), and mineralization is believed
to remain open up-dip within an area not previously drilled. The next few drill holes will continue to test the
potential extension of South Ayawilca to the west, and the limestone at depth.
Dr. Graham Carman, Tinka’s President and CEO, stated: “The recently announced Preliminary Economic
Assessment (PEA) results for Ayawilca indicated a large zinc project with robust economics, a modest capex
and a long mine life. However, the publishing of the PEA should not be construed that the exploration
potential of Ayawilca has been exhausted. The Company continues to believe that potential remains for the
discovery of additional high grade zinc resources at Ayawilca, and better than expected assay results from
hole A19-162 reported here, confirm this belief. The addition of high grade resources, especially at West
and South Ayawilca, would clearly enhance the economics of the project as the PEA definitively shows that
the project economics is particularly sensitive to zinc grade.”
“The high-grade results in drill hole A19-162 highlight the potential of the South Ayawilca area, in
particular, to deliver additional positive exploration results. Mineralization remains open to the west, and
at depth, where a deeper limestone layer intersected in hole A19-162 will be tested further by hole A19-163
(in progress). More drill holes are planned, and we l ook forward to publishing the results in the coming
weeks as the assay results come to hand and are interpreted into our geological model.”
2
Figure 1. Conceptual cross section A-A’ highlighting results of A19-162
Discussion
Three holes were drilled at West Ayawilca, of which two holes were step outs (A19-160 and A19-161) and
one hole (A19-159) was an infill hole that also tested for deeper limestone units beneath the existing resource
(Figures 2 & 3). Holes A19-160 and A19-161 intersected mineral ized zinc veins in the upper sandstone
layer (see Table 1), but has not extended the limestone-hosted zinc mineralization at West Ayawilca to the
north. The upper portion of hole A19-159 intersected veins in the sandstone above the resource and served
as an infill hole, but the deeper portion of the hole did not e ncounter mineralized limestone at depth (hole
drilled to 695 m depth).
Hole A19-162 was drilled at the western edge of South Ayawilca, near the hinge of a regional anticline fold
(Figure 2 & 3). The top ~300 m portion of the hole served to in fill the existing resource, with assay results
(reported here) indicating that this part of the resource has higher zinc grades than expected based on nearby
holes. The deeper ~250 m portion of this hole was designed to test for repetitions of limestone, the
favourable host rock for replacement zinc mineralization, beneath the phyllite. A ~10 m interval of limestone
immediately below a major fault was intersected at 465 m depth in hole A19-162 (Figure 1). This limestone
contains massive pyrite lenses which are commonly found in clos e proximity to the Zinc Zone resources at
Ayawilca.
Hole A19-163 is current ly in progress from the same drill pad a s A19-162 but angled at a shallower dip
(Figure 1). The top of the hole targeted an area close to the edge of the zinc resource and intersected several
intervals of zinc mineralizatio n (assays pending). Hole A19-16 3 is planned to continue to approximately
480 metres depth to test the western limb of the anticline, and has so far intersected strongly altered limestone
over a ~50 metre interval from 400 metres depth (assays pending).
The magnetic map shows that magnetic anomalies over the project are strongly correlated with zinc
mineralization, and weaken toward s the west and northwest beyon d the extent of the mineral resource
(Figure 2). The weakening of the magnetic signature to the wes t is interpreted as a possible plunge of the
mineralization in that direction (yet to be confirmed with dril ling). Additional geophysical targets still
remain to be tested further with drilling, including the Zone 3 area (Figures 2 and 3).
3
Live Webcast: Tinka Resources - Investor Hour
Webcast Date: Wednesday, July 31, 2019 at 04:05 PM Eastern Daylight Time
The Company will hold a live Webcast - Investor Hour on Wednesday, July 31st 2019 at 4.05 pm EDT. The
President and CEO, Graham Carman, will present the results of the Company’s recent PEA and discuss the
next steps of the exploration program. The Investor Hour will be hosted by Gwen Preston of Resource
Maven. Following the presentation, there will be a question and answer session moderated by Gwen.
Audience URL:
Tinka shareholders and interested parties are welcome listen and participate in the live webcast by using
the following link:
https://event.on24.com/wcc/r/2059247/4A04B90B7E1E103C32370F058F1FD77F
____________________________________________________________________________________
Table 1 – Summary of 2019 drill holes at Ayawilca
Hole From (m) To (m) Interval
(m) Zn % Pb % Ag ppm In ppm
A19-159 66.70 67.50 0.80* 32.7 0.4 85 92
and 129.20 130.80 1.60* 13.7 0.0 29 14
and 156.10 158.30 2.20* 7.9 3.2 160 <1
and 170.20 172.80 2.60* 7.9 3.1 122 <1
and 243.10 254.30 11.20 11.8 0.03 24 3
and 332.40 333.10 0.70 18.7 0.4 79 1
A19-160 86.80 87.30 0.50* 9.8 0.1 135 6
A19-161 129.90 130.90 1.00* 19.6 3.5 111 1
and 140.00 141.20 1.20* 14.4 0.0 56 0
A19-162 101.90 103.80 1.90 22.8 0.0 31 176
incl 101.90 102.65 0.75 48.0 0.1 63 375
and 138.40 141.30 2.90 11.3 0.3 19 43
and 162.55 188.00 25.45 11.6 0.1 14 223
incl 176.00 186.00 10.00 17.2 0.0 14 363
and 247.40 267.00 19.60 15.2 0.0 9 212
incl 259.80 267.00 7.20 21.8 0.0 12 354
and 279.20 283.30 4.10 15.9 0.3 31 213
Note: Except for veins (marked with * in Table 1) which have unknown true thicknesses, the true thicknesses
of the zinc intersections are estimated to be at least 85% of t he downhole thicknesses as the zinc minerali-
zation at Ayawilca is generally flat-dipping replacement of lay ers or ‘mantos’ hosted by limestone and/or
sandstone.
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 inter-
vals and sent to ALS 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 labor atory samples are dried, crushed to 100% passing 2mm,
then 500 grams pulverized for multi-element analysis by ICP usi ng 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.
4
Figure 2. Map showing the airborne magnetics (TMI at 1km) over Ayawilca
Figure 3. Map of Ayawilca showing 2019 drill holes and Zinc Mineral Resources
5
Table 2 – 2019 Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)
Hole ID Easting Northing Elevation Azimuth Dip Depth m
A19-159 332705 8845740 4249 200 -80 695.8
A19-160 332763 8846202 4301 130 -80 369.8
A19-161 332506 8845879 4295 20 -68 410.2
A19-162 333047 8845065 4197 260 -77 545.1
A19-163** 333047 8845065 4197 260 -65 451.7
**Hole in progress Total 2,472.6
Qualified Person
Dr. Graham Carman, Tinka’s President and CEO, reviewed, verified and compiled the technical contents of
this release. Dr Carman is a Fellow of the Australasian Institute of Mining and Metallurgy, and is a qualified
person as defined by National Instrument 43-101.
About Tinka Resources Limited
Tinka is an exploration and development company with its flagsh ip property being the 100%-owned
Ayawilca carbonate replacement deposit (CRD) located in the zin c-lead-silver belt of central Peru, 200
kilometres northeast of Lima. The Ayawilca Zinc Zone contains 1 1.7 Mt of Indicated Resources grading
6.9% zinc, 0.2% lead, 15 g/t silver and 84 g/t indium and 45.0 Mt Inferred Resources grading 5.6% zinc,
0.2% lead, 17 g/t silver and 67 g/t indium. The Ayawilca Tin Z one contains an Inferred Mineral Resource
of 14.5 Mt at 0.63% tin, 0.21% copper & 18 g/t silver (November 26, 2018 release). The Colquipucro silver
oxide deposit contains 2.9 Mt of Indicated Resources grading 11 2 g/t silver (for 10.4 Moz Ag) and 2.2 Mt
Inferred Resources grading 105 g/t silver (for 7.5 Moz Ag) in h igh grade lenses within a preliminary open
pit shell using a $46/t NSR cut off (November 26, 2018 release) . A Preliminary Economic Assessment for
the Ayawilca Zinc Zone was released on July 2, 2019 (see 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
Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws (c ollectively "forward-looking statements"). All statements, other
t h a n s t a t e m e n t s o f h i s t o r i c a l f a c t a r e f o r w a r d - l o o k i n g s t a t e m e nts. 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 relate d to certain factors including, without limitations, drilling r esults, the
Company’s expectations regarding the Ayawilca Project PEA, capi tal 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 in itiatives, competition, operating performance, environmental an d
safety risks, delays in obtaining or failure to obtain necessar y permits and approvals from local authorities, community agree ments
and relations, and other development and operating risks. Shoul d 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 ther ein.
Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-lookin g
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