Tinka Drills 7.1 Metres at 604 G/T Silver IN High‐grade Silver Zone at South Ayawilca
TINKA DRILLS 7.1 METRES AT 604 G/T SILVER IN HIGH‐GRADE SILVER ZONE
AT SOUTH 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 four drill holes from the ongoi ng resource expansion and exploration drill program at
the Company’s Ayawilca project in Peru. Highlights include a new intersection of high‐grade silver mineralization from
the “Silver Zone” in hole A23‐220 located on the edge of the massive sulphide “Zinc Zone” at South Ayawilca. The Silver
Zone has been reinterpreted with data from current and previous drill holes to have been emplaced along a northeast‐
trending sub‐vertical fault bordering the massive sulphides. High‐grade, structurally controlled, silver mineralization
is confirmed along a strike length of approximately 250 metres, open along‐strike in both directions and at depth.
Key Highlights:
New “Silver Zone” drill hole intercepts:
Hole A23‐220
29.5 metres at 182 g/t silver, 2.4% zinc & 0.8% lead from 289.65 metres depth, including
o 7.1 metres at 604 g/t silver, 2.7% zinc & 1.6% lead from 310.9 metres depth, including
0.65 metres at 2,565 g/t silver, 4.2% zinc & 5.7% lead from 313.7 metres depth.
The Silver Zone is interpreted as a northeast‐trending structure on the edge of the Zinc Zone sulphides along
a strike length of approximately 250 metres.
A follow‐up drill hole targeting a 100‐metre extension of the Silver Zone is in progress.
Mineralization is associated with a l o w a b u n d a n c e o f s u l p h i d e minerals including ‘ruby silvers’ with
sphalerite and galena in a carbonate‐rich vein matrix.
Hole A17‐095
8.7 metres at 135g/t Ag, 1.1% Zn & 0.6% Pb from 307.3 metres depth.
Silver Zone intercepts previously released:
Hole A17‐072
11.5 metres at 781 g/t silver, 2.9% zinc & 2.3% lead from 294.5 metres depth, including
o 2.0 metres at 3,167 g/t silver, 5.6% zinc & 5.5% lead from 302.0 metres depth.
Hole A19‐167
29.6 metres at 152 g/t silver, 3.1% zinc & 0.4% lead from 412.7 metres depth in hole A19‐167, including
o 7.3 metres at 366 g/t silver, 4.9% zinc & 0.5% lead from 412.7 metres depth, including
1.7 metres at 1,130 g/t silver, 14.5% zinc & 0.3% lead from 412.7 metres depth.
True thicknesses of the intercepts in the Silver Zone are estimated to be 65‐75% of the downhole thicknesses.
Dr. Graham Carman, Tinka’s President and CEO, stated: “The Silver Zone intersection in hole A23‐220 is important for
the Ayawilca project as it highlights the potential for high‐grade structurally‐controlled silver mineralization hosted
within a steeply‐dipping northeast‐trending fault on the edge of the massive sulphides at South Ayawilca that has seen
limited past drilling. So far, s ilver mineralization is defined over 250 metres of the structure and remains open in both
directions to the east and west. A follow‐up drill hole is in progress, targeting a further 100 metre strike extension of
the Silver Zone to the east as well as additional Zinc Zone mineralization.”
May 2, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
Dr. Carman continued: “Seven infill drill holes targeting high‐ grade Zinc Zone mineralization predominantly at West
Ayawilca remain to be reported. The drill hole information is currently being compiled and we expect to have final
results reported in May.”
A total of 11,350 metres have now been drilled for 33 drill hol es in the 2022‐23 resource definition drill program at
Ayawilca, mostly at the West and South Ayawilca areas. Two hol es at Central were drilled for the dual purposes of
exploration and hydrological studies. A drill hole map showing all holes in the 2022‐23 drill program is shown in Figure
1. A map focussing on the Silver Zone intersection drill holes only is shown in Figure 2.
Geological discussion of the “Silver Zone”
The new high‐grade drill interce pt in A23‐220 has led to a rein terpretation of silver‐rich intersections in several other
holes at Ayawilca which have a low sulphur content with relatively minor sphalerite and galena but contain visible silver
sulphides (including pyrargyrite also known as ‘ruby silver’) and abundant hydrothermal carbonate. Following a
detailed review of past drill holes, this style of mineralizati on is believed to be structurally controlled and emplaced
along a northeast‐trending fault zone (the “060 Fault”) on the northern flank of the massive sulphide mineralization at
South Ayawilca. Four drill holes are interpreted to have inter sected the Silver Zone along the 060 Fault within the
favourable Pucara limestone host. These Silver Zone drill intersections include:
Hole A23‐220: 29.5 metres at 182 g/t Ag, 2.4% Zn & 0.8% Pb from 289.65 metres (including 7.1 m at 604 g/t
Ag 2.7% Zn & 1.6% Pb from 310.9 metres (new drill hole);
Hole A17‐095: 8.7 metres at 135 g/t Ag, 1.1% Zn & 0.6% Pb from 307.3 metres (new intercept in past hole);
Hole 17‐072: 11.5 metres at 781 g/t Ag, 2.9% Zn & 2.3% Pb from 294.5 metres (including 2.0 m at 3,167 g/t
Ag, 5.6% Zn and 5.5% Pb from 302 metres); See previous news release dated July 17, 2017
Hole A19‐167: 29.6 metres at 152 g/t Ag, 3.1% Zn & 0.4% Pb from 412.7 metres (including 7.3 m at 366 g/t
Ag, 4.9% Zn & 0.5% Pb from 412.7 metres). See previous news release dated October 8, 2019
True thicknesses of the Silver Zone intercepts are estimated to between 65‐75% of the downhole thicknesses.
The Silver Zone mineralization has so far been identified along a 250 metres strike length of the northeast‐trending
structure. A follow‐up hole to A23‐220 is in progress to test a further 100 m strike extension of the silver mineralization
in hole A23‐223. A cross section of the Silver Zone mineralization intersected in hole A23‐220 is shown in Figure 3. A
longitudinal section along the 060 Fault highlights the along‐strike potential of the Silver Zone in Figure 4.
The Silver Zone mineralization is interpreted to have occurred late‐stage in the mineralization history at Ayawilca (i.e.,
post main‐stage zinc). The silver‐rich mineralization is relat ively low in total sulphide content (<20 vol.%). The main
gangue minerals are complex hydrothermal carbonates containing variable amounts of Mn, Mg and Fe and are cream
to pale brown in colour. The texture of the hydrothermal carbonates in the high‐grade silver zones is indicative of open
space filling (i.e., with banded and drusy carbonate textures). Complex carbonates also replace the original limestones
on the margins of the fault structure. Core photos of the typical Silver Zone mineralization are shown in Figure 5.
Other new Zinc Zone drill results from South Ayawilca include:
Hole A23‐218: 66.85 metres at 6.4% zinc from 229.0 metres depth, including
o 11.9 metres at 11.4% zinc from 231.4 metres depth; and
o 7.1 metres at 14.8% zinc from 272.9 metres depth.
Hole A23‐220: 10.55 metres at 9.6% zinc from 269.45 metres depth.
Hole A23‐221: 13.8 metres at 6.8% zinc from 290.0 metres depth.
True thicknesses of the mineralized intercepts are estimated to be between 65‐75% of the downhole thicknesses.
Table 1. Summary of new drill hole results in this news release (all from South Ayawilca)
Hole From (m) To (m) Interval (m) Zn % Pb % Ag g/t In ppm Comment
A23‐218 229.05 295.90 66.85 6.41 0.04 11 199 Zinc Zone
incl 231.40 243.30 11.90 11.42 0.05 16 295
and 272.90 280.00 7.10 14.79 0.08 27 795
A23‐220 269.45 280.00 10.55 9.55 0.07 15 248 Zinc Zone
and 289.65 319.12 29.50 2.37 0.82 182 9 Silver Zone
incl 310.90 318.00 7.10 2.74 1.61 604 6
incl 313.70 314.35 0.65 4.16 5.72 2565 ‐
A23‐221 143.25 144.25 1.00 13.58 0.17 29 66
and 290.20 304.00 13.80 6.77 0.03 11 119 Zinc Zone
A17‐095 307.30 316.00 8.70 1.10 0.60 135 ‐ Silver Zone
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 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 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”).
Figure 1. Drill hole map of all 2022‐2023 holes at Ayawilca highlighting 2021 Indicated Zinc Zone Resources
Figure 2. Drill hole map of South Ayawilca highlighting Silver Zone intersection holes only
Figure 3. Cross section highlighting recent drill hole A23‐220 (looking northeast)
Figure 4. Longitudinal section of the Silver Zone along the 060 Fault (looking northwest)
Figure 5
Silver Zone sulphide mineralization (sphalerite, galena, pyrargyrite) and textures in cores from A23‐220 and A17‐072
Table 2. Drill hole details for 2022‐2023 drill program including drill collar coordinate information
Drill
hole Easting Northing Elevation Azimuth Dip Depth m Area Commen t
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 (deepen‐
ing of A17‐066) Results reported
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 report ed
A22‐207 332710 8845883 4252 254 ‐74 332.00 West Results reporte d
A22‐208 333044 8845064 4197 270 ‐70 282.55 South Results report ed
A22‐209 332738 8845927 4251 257 ‐68 314.15 West Results reporte d
A22‐210 333047 8845065 4197 297 ‐48 259.80 South Results report ed
A22‐211 332785 8845707 4236 260 ‐75 295.00 West Results pending
A23‐212 333047 8845065 4197 228 ‐79 324.30 South Results report ed
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 report ed
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 HERE
A23‐219 333219 8845582 4182 180 ‐85 336.80 Central Results pending
A23‐220 333047 8845065 4197 308 ‐62 328.10 South Results HERE
A23‐221 333118 8845102 4207 332 ‐69 400.60 South Results HERE
A23‐222 333653 8845721 4119 180 ‐90 349.90 Central Hydrology hole
A23‐223 333118 8845102 4207 335 ‐62 230.00 South In progress
TOTAL 11,346.50
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. Tinka
is currently completing an 11,500 metre resource definition dri ll program at West Ayawilc a and South Ayawilca Zinc
Zone.
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.
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accepts responsibility for the adequacy or accuracy of this news release