Tinka Drills 98 Metres at 8.8% Zinc Including 36 Metres at 19.0% Zinc at Ayawilca and Provides Exploration Update
TINKA DRILLS 98 METRES AT 8.8% ZINC INCLUDING 36 METRES AT 19.0% ZINC AT AYAWILCA AND
PROVIDES EXPLORATION UPDATE
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 five recent drill holes from th e Ayawilca Project and to provide an update on the
Company’s exploration activities. All five drill holes were res ource confirmation holes f rom West Ayawilca, and all
intersected strong zinc mineralization. The Company has now su ccessfully completed its 11,000-metre drill program
at Ayawilca which commenced mi dway through 2022. Two drill rigs were demobilized during May 2023 and
independent mining consultants have now been engaged to complete an updated mineral resource estimate.
The 2022-23 drill program has significantly improved the geolog ical model of the mineralized zinc bodies at West and
South Ayawilca and improved the confidence in the continuity of mineralization. One exploration hole at South
Ayawilca has results pending. The next steps for the project i nclude an updated resource estimate to be announced
during Q3 2023 and the continuation of low impact exploration.
Key Highlights – Drill hole results from West Ayawilca:
Hole A23-216
97.9 metres at 8.8% zinc and 16 g/t silver from 197.90 metres depth, including
o 35.8 metres at 19.0% zinc and 35 g/t silver from 260.0 metres depth, including
13.5 metres at 25.3% zinc and 44 g/t silver from 265.5 metres depth.
Hole A23-217
71.9 metres at 5.5% zinc and 8 g/t silver from 186.1 metres depth, including
o 45.8 metres at 6.4% zinc and 10 g/t silver from 210.4 metres depth, including
4.85 metres at 15.2% zinc and 23 g/t silver from 210.4 metres depth.
Hole A23-213
30.4 metres at 6.0% zinc from 180.0 metres depth, including
o 1.2 metres at 37.2% zinc from 207.3 metres depth, and
30.5 metres at 5.1% zinc from 260.0 metres depth.
Hole A22-211
38.15 metres at 6.3% zinc, 1.1% lead and 28 g/t silver from 151.0 metres depth, including
o 6.6 metres at 9.2% zinc, 5.2% lead and 81 g/t silver from 182.55 metres depth.
Hole A22-214
13.1 metres at 3.7% zinc from 243.9 metres depth
True thicknesses of these intercepts are estimated to be at least 75% of the downhole thicknesses.
Dr. Graham Carman, Tinka’s President and CEO, stated: “The 2022-23 drill program has been one of the most successful
drill programs since Tinka began exploring at Ayawilca. The latest results highlight the quality of the zinc mineralization
at Ayawilca in terms of both grade and thickness and provide strong confidence in the geological resource.”
"We have confirmed at West Ayawilca that two pipe-like sulphide bodies hosted by brecciated limestones extend
through the 100-200-metre-thick lim estones and are connected by massive sulphides at the base. At South Ayawilca,
June 8, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
very high-grade massive sulphide zinc mineralization is concent rated in a folded limestone at shallower depth - this
discovery has the potential to be a ‘starter mine’ which could provide early payback.”
“Our contention that Ayawilca is one of the best zinc explorati on and development projects in the Americas has been
reinforced by the recent drill program. I wish to thank our sta ff, our stakeholders at the project and our drilling
contractor for their hard work which has enabled this drill program to be successfully completed. We now look forward
to the mineral resource update for the Ayawilca Zinc Zone and Tin Zone deposits, which will be released during Q3 2023.
In the meantime, low impact exploration is continuing at Ayawilca and at our nearby Silvia copper-gold project.”
Discussion - Geology of the Zinc Zone Deposits at Ayawilca
A total of 11,115 metres were drilled in 33 holes at Ayawilca d uring the 2022-23 drill program (see Figure 1). Around
90% of the drill holes were focused at West and South Ayawilca for resource confirmation and definition purposes.
Two holes were also drilled at Central Ayawilca for the dual purposes of exploration and a hydrological study.
The 2022-23 drill program has considerably improved our understanding of the geology of the Ayawilca Zinc Zone and
improved the confidence in the geometry of the mineralized bodi es at West and South. Two of the most important
conclusions from the drilling include:
1. At West Ayawilca, two pipe-like zinc sulphide bodies hosted by brecciated limestones extend through the 100-
to 200-metre-thick limestone seque nce along a northwest-southea st trend and are connected by massive
sulphide mineralization at the base of the limestone;
2. At South Ayawilca, very high-grade massive sulphide zinc mineralization is concentrated within a tightly folded
limestone at relatively shallow depth - this discovery has the potential to be a ‘starter mine’ which could
provide early payback of capital.
West Ayawilca
The footprint of the zinc mineralization hosted by limestones a t West Ayawilca covers an area of approximately 700
metres by 300 metres projected to surface (see Figure 1). Drilling in 2022-23 focused on defining the geometry of two
pipe-like breccia bodies which host continuous, semi-massive sulphide (SMS) mineralization within the limestone. The
breccia bodies have surface dimensions of between 100 to 200 metres and are elongated along a northwest-southeast
direction. Zinc mineralization extends over a vertical thicknes s of between 100 to 150 metres through the entire
brecciated limestone sequence up to the overlying sandstones. The breccia bodies are connected by massive sulphide
(MS) zinc mineralization at the base of the limestone.
Zinc sulphide (as sphalerite) is the dominant economic mineralization. Silver and lead (as silver sulphosalts and galena)
is typically more common around the edges of the zinc bodies and in carbonate-rich veins. Iron sulphides are common
including pyrite, marcasite, and pyrrhotite. Carbonate (siderite, an Fe-rich variety) is the dominant gangue mineral.
The new interpretation of the geology at West Ayawilca is the r esult of a redesigned drill program in 2022-23 which
targeted the northwest-southeast trend rather than the late-stage east-west trending veins which outcrop. All 13 holes
at West Ayawilca in the 2022-23 program were drilled on an east -west orientation (mostly angled to the west) in
contrast to previous holes which were mostly orientated north-s outh. The improvement in vertical continuity of the
mineralization is positive for the project, as it will likely lead to more cost-effective mining with less dilution.
The brecciation of the limestones is interpreted to have occurr ed as result of karst dissolution and collapse of the
limestones, possibly during the early stages of hydrothermal activity. The mineralization is focused within the hinge of
a major anticline fold immediately adjacent to the Colquipucro Fault (see cross sections, Figure 2 ). A longitudinal
section showing the geometry of the zinc mineralization along the northwest-southeast trend is shown in Figure 3.
Photographs of the typical massive sulphide zinc mineralization and the semi-massive sulphide breccia mineralization
at West Ayawilca is shown in Figure 4.
South Ayawilca
The highest-grade area of zinc mineralization at the project is located at South Ayawilca. Massive sulphide (MS)
mineralization has been identified over an area (projected to s urface) of approximately 400 metres by 200 metres
elongated in a northeast-southwest direction (see Figures 1 and 3 ) . V e r y h i g h - g r a d e m a s s i v e s u l p h i d e z i n c
mineralization is focused in the hinge zone of an anticline fol d structure. Drill results including cross sections from
South Ayawilca can be reviewed in the following disclosures – see news release January 9 th 2023; and news release
March 6th 2023.
Update on Exploration Activities at Ayawilca
Tinka’s geologists have recently sampled manganese-altered outcrops at Ayawilca which are interpreted to be surface
expressions of the Silver Zone discovery ( see news release May 2nd 2023). The results of this sampling, together with
the final drill hole at South Ayawilca, will be announced as soon as assays become available and interpreted.
Other news: Tinka recently received approval for the extension of the env ironmental permit (EIAsd) at Ayawilca for a
period of three more years until May 2026. The modified and extended EIAsd has combined the two previous individual
permits at Ayawilca and Colquipucro into one large permit which also incorporates several undrilled exploration targets
as well as potential future mine components. The successful ap proval of the EIAsd is an important milestone for the
project, as it will allow the Company to continue with its exploration and development plans into the medium term.
Table 1. Summary of drill hole results in this release
Hole From (m) To (m) Interval (m) Zn % Pb % Ag g/t In ppm Sn % Cu % Area
A22-211 151.00 189.15 38.15 6.32 1.13 28 9 West
incl 182.55 189.15 6.60 9.21 5.20 81 0 0.44 0.23
A23-213 157.50 159.50 2.00 10.87 0.36 33 7 West
and 180.00 210.40 30.40 6.00 0.03 8 26
incl 207.30 208.50 1.20 37.17 0.07 31 235
and 260.00 290.50 30.50 5.06 0.02 9 142
A23-214 243.90 256.95 13.05 3.71 0.06 11 1 West
A23-216 197.90 295.80 97.90 8.84 0.03 16 145 West
incl 260.00 295.80 35.80 19.00 0.03 35 387 0.19 0.11
incl 265.50 279.00 13.50 25.28 0.04 44 567 0.20 0.15
A23-217 186.10 258.00 71.90 5.52 0.04 8 129 West
incl 210.40 256.20 45.80 6.43 0.04 10 180
incl 210.40 215.25 4.85 15.20 0.10 23 344
A23-219* 212.70 219.00 6.30 6.05 0.33 9 91 Central
and 297.40 304.00 6.60 - - - - 1.00 0.05
* Hole A23-219 at Central Ayawilca was primarily a hydrological hole drilled for the purposes of understanding the underground
aquifer. This hole intersected minor zinc and tin mineralization, which will be incorporated into the updated resource estimate.
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.
Figure 1. Drill hole map of 2022-2023 holes at Ayawilca highlighting large zinc sulphide bodies (pink shade)
Figure 2. Cross sections through West Ayawilca highlighting Zinc Zone mineralization hosted by Pucara limestone
Figure 3. Longitudinal north – south section of West and South Ayawilca highlighting 2022-23 drill results in red.
Figure 4. Photographs of zinc mineralization in hole A23-216:
A. Massive sulphide mineralization at the base of the limestone (sp = sphalerite, py = pyrite)
B. Breccia hosted semi-massive sulphide mineralization (cl = clay and carbonate alteration)
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 here
A23-212 333047 8845065 4197 228 -79 324.30 South Results report ed
A23-213 332853 8845650 4225 258 -65 316.00 West Results here
A23-214 332710 8845883 4252 255 -67 287.10 West Results here
A23-215 333047 8845065 4197 180 -80 295.10 South Results report ed
A23-216 332710 8845883 4252 220 -73 310.00 West Results here
A23-217 332853 8845650 4225 240 -78 300.00 West Results here
A23-218 333109 8845020 4190 330 -75 323.70 South Results report ed
A23-219 333219 8845582 4182 180 -85 336.80 Central Results here
A23-220 333047 8845065 4197 308 -62 328.10 South Results report ed
A23-221 333118 8845102 4207 332 -69 400.60 South Results report ed
A23-223 333118 8845102 4207 335 -62 348.40 South Results pending
TOTAL 11,115.00
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 flagsh ip 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 recently completed an 11,000-metre resource definition drill program at West Ayawilca and South Ayawilca.
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 fac t are forward-looking statemen ts. 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 devel opment 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
with respect to the Company or the mining industry in general; the threat associated with outbre aks of viruses and infectious
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