Tinka Drills 45 Metres at 11.5% Zinc and 6.5 Metres at 27% Zinc at WEST Ayawilca
TINKA DRILLS 45 METRES AT 11.5% ZINC AND 6.5 METRES AT 27% ZINC AT WEST 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 from four infill drill holes from the Company’s ongoing resource definition and expansion
drill program at the Ayawilca zinc project in Peru. All four holes reported are from the West Ayawilca area. The results
reported in this release are of similar or better grade to the earlier holes and show strong continuity of the limestone‐
hosted zinc sulphide mineralization at West Ayawilca. The Company recently announced an extension of the drill
program to 11,000 metres due to the strong results particularly from South Ayawilca. Approximately 8,200 metres in
24 drill holes have been completed with results reported for 17 holes. The drill program is progressing without
interruption with two rigs operating 24/7 and is expected to continue until April 2023.
Following the spectacular zinc intercept of 38.9 metres at 20% zinc (including 10.4 metres at 42% zinc) in hole A22‐202
from South Ayawilca (news release dated Jan 9, 2023) , f o u r a d d i t i o n a l h o l e s h a v e b e e n c o m p l e t e d a n d r e s u l t s ar e
pending.
Key highlights – West Ayawilca
Hole A22‐207:
o 5.9 metres at 24.0% zinc from 115.9 metres and
o 132.5 metres at 6.8% zinc from 193.9 metres depth, including:
45.2 metres at 11.5% zinc from 248.0 metres depth, and
6.5 metres at 27.2% zinc from 319.9 metres depth.
Hole A22‐203:
o 49.8 metres at 8.3% zinc from 186.8 metres depth, including:
5.9 metres at 13.9% zinc from 197.7 metres depth, and
2.8 metres at 23.3% zinc from 216.2 metres depth.
Hole A22‐205:
o 134.0 metres at 4.8% zinc from 180.0 metres depth, including:
14.4 metres at 9.4% zinc from 300.0 metres depth.
Hole A22‐209: 1.0 metre at 11.4% zinc, 0.8% lead & 63 g/t silver from 274.3 metres depth.
True thicknesses of the mineralized intercepts are estimated to be at least 75% of the downhole thicknesses.
Dr. Graham Carman, Tinka’s President and CEO, stated: “These new drill results from West Ayawilca add to the
confidence in our geological model and reaffirm the zinc grades within the limestones. The grade of the zinc
mineralization is consistently high both within the basal limestone replacement zones and the overlying breccia‐hosted
sulphide bodies. Importantly, the vertical continuity of the breccia‐hosted zinc mineralization is better than was
previously recognised in some of the earlier holes at West Ayawilca. Several additional holes will further test the vertical
and horizontal extents of the breccia‐hosted mineralization. Meanwhile at South Ayawilca, the second drill rig is
progressing well with a series of fan holes following up on the spectacular intercept of 39 metres grading 20% zinc in
hole A22‐202. We look forward to publishing results of these follow‐up holes once they come to hand.”
January 24, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
Discussion of the latest drill results
Tinka has now completed approximately 8,200 metres for 24 holes in the 2022‐2023 resource definition‐expansion drill
program with 17 of the holes now reported (including this release) ‐ see previous results dated Oct 11, 2022 , Nov 21,
2022 and Jan 9, 2023 . The objectives of the drill program continue to be to target high‐grade zinc mineralization at
South and West Ayawilca and to expand measured and indicated zinc resources. Table 1 summarises the drill intercepts
in the four infill holes at West Ayawilca highlighted in this news release. Table 2 summarises the complete list of holes
to date in the 2022/2023 drill program. An updated drill hole map of the drill program is shown in Figure 1. A cross
section of holes A22‐203 and A22‐205 is shown in Figure 2. A cross section of hole A22‐207 is shown in Figure 3. A
typical example of the breccia‐hosted zinc mineralization in drill core from A22‐207 is shown in Figure 4.
Hole A22‐207 was a follow‐up of hole A22‐200, one of the best holes ever dr illed at West Ayawilca (44.9 metres at
12.0% zinc from 283.3 metres) and produced a similar intercept at a shallower depth: 45.2 metres at 11.5% zinc from
248.0 metres. This high‐grade interval formed part of a thicker lower grade interval consisting mostly of breccia‐hosted
zinc mineralization which is typically observed in the upper po rtions of the West Ayawilca deposit: 132.5 metres at
6.8% zinc from 194 metres depth downhole (from 180 metres vertical depth).
Holes A22‐203 and A22‐205 were both follow‐up holes of A22‐197 (79.4 metres at 5.3% zinc from 271.6 metres depth
including 26.3 metres at 8.4% zinc from 281.7 metres depth). A2 2‐203 intersected 49.8 metres 8.3% zinc from 186.8
metres depth in limestone breccia, approximately 80 metres up‐s ection of the mineralized zinc intercept in hole A22‐
197. Hole A22‐205 was drilled underneath A22‐197 and intercepted 63.3 metres at 6.6% zinc including 14.4 metres at
9.4% zinc from 291 metres depth.
Hole A22‐209 tested the northern‐most extens ion of the mineralization at We st Ayawilca. The best mineralization in
A22‐209 was 1 metre at 11.3% zinc with an additional narrow intercept of 1.7 metres at 7.7% Zn+Pb & 108 g/t Ag.
Table 1. Summary of results for drill holes in this release
Hole From (m) To (m) Interval
(m) Zinc % Lead % Silver g/t Indium ppm
A22‐203 155.90 156.85 0.95 30.26 0.10 88 370
and 186.80 236.60 49.80 8.27 0.07 16 30
incl 197.70 203.55 5.85 13.94 0.02 17 23
incl 216.20 219.00 2.80 23.34 0.21 51 144
incl 227.45 229.30 1.85 23.67 0.09 43 203
A22‐205 180.00 314.00 134.00 4.75 0.09 10 132
incl 196.40 206.60 10.20 6.20 0.01 11 32
incl 250.70 314.00 63.30 6.60 0.16 13 215
incl 290.95 305.30 14.35 9.41 0.70 25 222
A22‐207 115.90 121.80 5.90 24.04 0.03 23 70
and 193.90 326.40 132.50 6.77 0.33 21 36
incl 248.00 293.20 45.20 11.48 0.57 39 94
and 319.90 326.40 6.50 27.15 0.06 37 69
incl 322.60 326.40 3.80 42.86 0.04 53 118
A22‐209 274.30 275.30 1.00 11.35 0.84 63 0
and 308.30 310.00 1.70 5.10 2.59 108 1
Notes 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 facilities.
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 zone s were also assayed for tin using fusion and atomic absorption
techniques.
Figure 1. Drill hole map of Ayawilca highlighting 2022‐2023 drill holes and Zinc Zone indicated resources
Note: New drill holes are highlighted in red in this release
Figure 2. Cross of hole A22‐203 and A22‐205 at West Ayawilca
Figure 3. Cross of hole A22‐207 at West Ayawilca
Figure 4. Drill core of breccia‐hosted zinc sulphides (brown colour) in drill hole A22‐207 with interstitial carbonates
and clays (white colour).
Table 2. Drill hole details for 2022‐2023 drill program including drill collar coordinates.
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 (deepening
of A17‐066) Results pending
A22‐202 333046 8845066 4197 283 ‐52 270.15 South Results report ed
A22‐203 332839 8845685 4228 264 ‐60 350.00 West Results HERE
A22‐204 333090 8845061 4196 307 ‐60 334.30 South Results report ed
A22‐205 332839 8845685 4227 244 ‐72 352.70 West Results HERE
A22‐206 333044 8845064 4197 270 ‐58 217.30 South Results pendin g
A22‐207 332710 8845883 4252 254 ‐74 332.00 West Results HERE
A22‐208 333044 8845064 4197 270 ‐70 282.55 South Results pendin g
A22‐209 332738 8845927 4251 257 ‐68 314.15 West Results HERE
A22‐210 333047 8845065 4197 297 ‐48 259.80 South Results pendin g
A22‐211 332785 8845707 4236 260 ‐75 295.00 West Results pending
A23‐212 333047 8845065 4197 228 ‐79 324.30 South Results pendin g
A23‐213 332853 8845650 4225 258 ‐65 316.00 West Results pending
TOTAL 8185.20
Notes: Datum for coordinates is WGS84 Zone 18S. Azimuth is true azimuth.
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”).
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 ‐ see news release ). The Ayawilca Tin Zone has an estimated Inferred Mineral Res ource of 8.4 Mt
grading 1.0% Sn. Tinka holds 46,000 hectares of mining claims in Central Peru, one of the largest holders of mining
claims in the belt. Tinka is actively exploring for copper‐gold skarn mineral deposits at its 100%‐owned Silvia project.
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