Tinka Drills 32 Metres Grading 9.6 % Zinc Within a Wider Interval of 107 Metres Grading 6.8 % Zinc IN Ayawilca Step-Out Hole
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 May 24, 2018
TINKA DRILLS 32 METRES GRADING 9.6 % ZINC WITHIN A WIDER INTERVAL OF
107 METRES GRADING 6.8 % ZINC IN AYAWILCA STEP-OUT HOLE
Vancouver, Canada – Tinka Resources Limited ( “Tinka” or the “ Company”) ( T S X V & B V L : T K)
(OTCPK: TKRFF) is pleased to announce assay results for six holes from its ongoing resource step-out drill
program at the Company’s 100%-owned Ayawilca project, central P eru. Three holes are reported from West
Ayawilca area (holes A18-115, 116 & 118) and three from the Zone 3 area (A18-110, 113 & 119).
Drill hole A18-118 intersected 106.5 metres grading 6.8 % zinc (uncut) from 237.3 metres dept h, one of
the best intercepts ever drilled at West Ayawilca, approximately 50 metres north of the current zinc mineral
resource. The footprint of high-grade zinc mineralization continues to grow. In addition, high-grade tin
intercepts are reported from the Zone 3 area for the first time. Three rigs continue to drill step-out holes at
West Ayawilca and at Zone 3, with other targets at South Ayawilca and Valley to be tested in coming weeks.
Key Highlights
West Ayawilca Area
Hole A18-118:
106.5 metres at 6.8 % zinc (uncut), 0.2 % lead, 17 g/t silver & 48 g/t indium from 237.3 metres including:
o 2.9 metres at 24.1 % zinc, 1.7 % lead & 109 g/t silver from 237.3 metres depth, and
o 11.8 metres at 6.4 % zinc & 24 g/t silver from 252.3 metres depth, and
o 23.9 metres at 9.2 % zinc & 15 g/t silver from 270.0 metres depth, and
o 31.9 metres at 9.6 % zinc, 19 g/t silver & 138 g/t indium from 311.9 metres depth, including
9.8 metres at 17.0 % zinc, 25 g/t silver and 330 g/t indium from 334.0 metres depth.
Hole A18-116: *
1.2 metres at 15.9 % zinc, 25.6 % lead & 559 g/t silver from 47.7 metres depth, and
0.6 metres at 28.5 % zinc, 5.3 % lead & 477 g/t silver from 110.8 metres depth, and
1.0 metres at 19.6 % zinc, 6.3 % lead & 527 g/t silver from 141.8 metres depth.
Hole A18-115: *
0.4 metres at 21.5 % zinc, 0.3% lead & 182 g/t silver from 125.3 metres depth.
Zone 3 Area
Hole A18-119:
6.5 metres at 2.7 % zinc, 2.0 % lead & 77 g/t silver from 376.6 metres depth, and
11.2 metres at 5.3 % zinc & 83 g/t indium from 451.5 metres depth.
Hole A18-113:
20.3 metres at 1.26 % tin & 0.30% copper from 658.0 metres depth, including
o 7.9 metres at 2.39 % tin & 0.64 % copper from 664.1 metres depth.
Hole A18-110:
12.0 metres at 0.87 % tin & 0.43% copper from 525.0 metres depth, including
o 1.45 metres at 5.93 % tin & 0.33 % copper from 525.0 metres depth.
Note: True thicknesses of the zi nc and tin intersections are es timated to be at least 85% of the downhole thicknesses, except for vein
intercepts (marked *) where true thicknesses are unknown.
Dr. Graham Carman, Tinka´s President and CEO, stated: “Tinka is targeting high-gra de zinc mineralization
outside of the existing resource boundaries in the 2018 step-out drill program, and we are very pleased to
report results for hole A18-118, one of the best mineralized holes from West Ayawilca. Importantly, our geo-
logical model has successfully predicted zinc mineralization is concentrated close to the hinge of an ‘anticline’
fold within limestone beneath sandstone cover, and this mineralization remains open. At West Ayawilca more
holes are planned to target the projections of the fold hinge and its flat-lying eastern limb. The steep-dipping
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western fold limb, tested by A18-115 & 116, appears to host vein-style mineralization in the overlying sand-
stone only.”
“We continue to target possible connections between the resource areas at West and Central Ayawilca, and
several holes have results pending. The Zone 3 area is also beginning to show encouraging zinc intersections
(e.g., hole A18-119), and although the mineralization is relatively deep, we believe Zone 3 has the potential to
add significant new resources to the project. High-grade tin mineralization in A18-119, more than 2 kilome-
tres away from West Ayawilca, further indicates the potential and very large size of the Ayawilca mineralized
system.”
Figure 1 shows a drill hole location map of the Ayawilca project. Figures 2 and 3 are interpretive cross sections
through the Ayawilca project highlighting new results.
West Ayawilca Geology – Discussion
Three geological rock units are observed in all areas at Ayawil ca: an upper sandstone, a middle limestone
which hosts most of the sulphide zinc mineralization, and a low er phyllite. The main geological feature of
West Ayawilca is an ‘anticline’ fold which has a flat-lying eastern limb and a steep-dipping western limb. The
hinge of this fold and the flat-lying eastern side of the fold are prospective for zinc and hosts massive sulphide
zinc mineralization at West Ayawilca and South Ayawilca up to ~200 metres in vertical thickness, typically in
the form of tabular sulphide bodies or “mantos”, and more irreg ular shaped ‘chimneys’. At these areas, most
if not all of the limestone is completely replaced by massive s ulphide mineralization (see Figures 2 and 3).
Magnetite replacement of limestone predates the sulphide zinc m ineralization and typically, as magnetite in-
creases in the drill cores the quantity of sphalerite decreases.
The ultimate source or ‘feeder’ of the zinc mineralization rema ins uncertain, but Tinka geologists believe the
zinc mineralization was brought into the limestone via steep no rtheast-trending faults that transect the Aya-
wilca property (not shown in Figure 2 & 3).
Zone 3 Geology – Discussion
The main geological feature at Zone 3 is an overturned ‘synclin e’ which has folded the sequence into a ‘V’
and resulted in limestone outcropping at surface on the eastern fold limb (Figure 3). Limestone in hole A18-
119 at Zone 3 has been heavily replaced by magnetite, and to a lesser extent pyrite and sphalerite. As at West
Ayawilca, Tinka geologists believe that the strongest zinc mineralization is likely to occur around the edges of
the magnetite bodies.
Massive pyrite replacement at the base of the limestone hosts s ignificant tin mineralization (e.g., A18-113 &
A18-110). The pyrite mineralization postdates and replaces mas sive pyrrhotite replacement bodies, which
hosts tin mineralization elsewhere at the base of the limestone especially at Central Ayawilca (see Figure 3).
At Zone 3 and elsewhere, the zinc and tin are completely differ ent styles of mineralization and are physically
separated.
Massive sulphide and magnetite replacement at Zone 3 appears to be hosted close to the hinge of the overturned
syncline near the Chaucha Fault, with zinc and lead rich mineralization extending into the overlying sandstone
(Figure 3). Tinka geologists believe that the magnetite-pyrite/pyrrhotite zonation seen in Zone 3 may be similar
to West and Central Ayawilca, with a tin-rich core and zinc-rich margins, particularly near fault intersections.
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Figure 1. Ayawilca drill hole location map highlighting 2018 drill holes & known zinc resources
Summary of Ayawilca Inferred Zinc Zone Mineral Resources (Nov’ 8, 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 % zin c, 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
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Figure 2. Cross section through West Ayawilca and South Ayawilca (see Fig. 1 for location)
Nov’ 2017 mineral resource blocks are colour-coded by NSR value
Figure 3. Cross section from South Ayawilca to Zone 3 (see Fig. 1 for location)
Nov’ 2017 mineral resource blocks are colour-coded by NSR value
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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True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thickness, except
where marked. 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. Significant drill intercepts at Ayawilca in 2018
Drill hole
From
m To m
Interval
m Zn %
Pb
%
Ag
g/t
Indium
g/t
Tin
%
Copper
% Area Reported
A18-110 278.20 282.00 3.80 3.7 0.3 7 0 Zone 3 April 25'18
and 322.60 326.00 3.40 4.8 0.0 4 48 Zone 3 April 25'18
and 329.90 342.00 12.10 4.9 0.0 8 60 Zone 3 April 25'18
and 436.00 442.00 6.00 5.6 0.0 4 50 Zone 3 Feb 15'18
including 438.90 439.60 0.70 14.7 0.0 3 137 Zone 3 Feb 15'18
and 454.00 458.00 4.00 8.4 0.0 5 126 Zone 3 Feb 15'18
including 456.20 456.70 0.50 41.7 0.0 7 366 Zone 3 Feb 15'18
and 525.00 537.00 12.00 66 0.87 0.43 Zone 3 Here
including 525.00 526.45 1.45 25 5.93 0.33 Zone 3 Here
A18-111 173.80 178.80 5.00 20.2 0.3 74 420 Zone 3 Feb 15'18
and 372.70 374.00 1.30 6.5 0.0 6 212 Zone 3 April 25'18
A18-113 494.00 502.00 8.00 3.2 0.0 7 39 Zone 3 Here
and 658.00 678.30 20.30 5 1.26 0.30 Zone 3 Here
including 664.10 672.00 7.90 10 2.39 0.64 Zone 3 Here
A18-114 300.00 319.30 19.30 9.2 0.2 19 2 West April 25'18
including 300.00 304.00 4.00 16.2 0.2 26 2 West April 25'18
and 351.40 365.80 14.40 12.8 1.9 140 98 West April 25'18
including 352.30 354.30 2.00 11.8 12.1 837 292 West April 25'18
including 357.00 358.40 1.40 29.2 0.4 58 24 West April 25'18
including 361.20 365.80 4.60 16.8 0.1 15 26 West April 25'18
A18-115 125.30 125.70* 0.40 21.5 0.3 182 51 West Here
A18-116 47.70 48.90* 1.20 15.9 25.6 559 0 West Here
and 50.50 50.75* 0.25 11.0 15.7 679 0 West Here
and 110.80 111.40* 0.60 28.5 5.3 477 0 West Here
and 141.80 142.80* 1.00 19.6 6.3 527 0 West Here
A18-117 results pending West
A18-118 120.00 121.10* 1.20 9.8 0.3 73 3 West Here
and 183.10 184.30* 1.20 36.9 1.0 104 27 West Here
and 237.30 343.80 106.50 6.8 0.2 17 48 West Here
including 237.30 240.20 2.90 24.1 1.7 109 4 West Here
including 252.30 264.10 11.80 6.4 0.2 24 1 West Here
including 270.00 293.90 23.90 9.2 0.0 15 14 West Here
including 311.90 343.80 31.90 9.6 0.3 19 138 West Here
including 334.00 343.80 9.80 17.0 0.1 25 330 West Here
A18-119 372.20 373.10 0.90 6.5 4.2 104 8 Zone 3 Here
and 376.60 383.10 6.50 2.7 2.0 77 6 Zone 3 Here
and 410.00 440.00 30.00 3.1 0.3 24 54 Zone 3 Here
and 451.50 462.70 11.20 5.3 0.0 7 83 Zone 3 Here
*Vein style mineralization where true thickness cannot be determined.
Table 2. Summary of Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)
Drill Hole Easting North ing Total depth (m) Elevation (m) Azimu th Dip
A18-109 334040 8846140 704.2 4088 130 -70
A18-110 334049 8846138 566.7 4086 350 -70
A18-111 333982 8846287 566.5 4107 035 -75
A18-112 334430 8845945 541.1 4000 250 -70
A18-113 334045 8846545 726.6 4206 035 -80
A18-114 332510 8845882 385.0 4293 090 -70
A18-115 332545 8845646 493.2 4302 070 -82
A18-116 332510 8845882 450.9 4298 090 -80
A18-117 332510 8845882 380.4 4298 060 -70
A18-118 332538 8845780 363.8 4284 060 -65
A18-119 334045 8846545 618.5 4206 215 -80
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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. Samples assaying over 200 ppm tin are
re-assayed by fusion methods with an AAS finish (method AAS90B).
The qualified person, Dr. Graham Carman, Tinka’s President and C E O , a n d a F e l l o w o f t h e A u s t r a l a s i a n
Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.
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 limitations, d rilling 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