Tinka Intersects Exceptional Zinc Grades at Ayawilca and Expands Silver Zone Discovery
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 October 8, 2019
TINKA INTERSECTS EXCEPTIONAL ZINC GRADES AT AYAWILCA AND
EXPANDS SILVER ZONE DISCOVERY
Vancouver, Canada – Tinka Resources Limited (“Tinka” or the “ Company”) (TSXV & BVL: TK )
(OTCPK: TKRFF ) is pleased to announce assay results for three recent drill h oles at the Company’s
100%-owned Ayawilca project in Peru.
Hole A19-165 has returned some of the best zinc intersections e ver drilled at South Ayawilca, both from
within and immediately outside of the zinc resource boundary. T he hole intercepted four separate, gently
dipping mineralized zones with downhole thicknesses of between 9 and 29 metres and grading between
11.8% and 14.0% zinc, within a cumulative downhole interval of 170 metres (note: downhole thicknesses
approximate true thicknesses in this hole). A summary of the as says from the four intervals in hole A19-
165 is provided below.
Hole A19-167, a recently completed and deepened 2017 drill hole , intersected very high grade silver
mineralization (>1,000 g/t Ag) accompanied by base metals (14.5 % Zn, 0.3% Pb) over a narrow 1.7 metre
interval approximately 100 metres beneath the existing Zinc Zon e resource, within a wider zone of lower
grade silver mineralization asso ciated with strongly altered Pu c ar á l im e s to n e ( s e e F i gu re 1 ). T h e s i l v er
intersection in hole A19-167 lies 80 metres from the silver int ersection in hole A19-163 (13.9 metres at
130 g/t Ag; see Sep. 5, 2019, news release). This new “Silver Zone” discovery supports Tinka´s view that
Ayawilca still has significant exploration potential, including upside for precious metals.
Key highlights from recent drill holes at South Ayawilca:
Zinc Zone:
Hole A19-165
9.0 metres @ 11.9% zinc & 18 g/t silver from 117.2 metres; and
25.9 metres @ 11.8% zinc, 0.2% lead, 23 g/t silver & 325 g/t indium from 167.8 metres,
including
o 4.0 metres @ 24.6% zinc, 33 g/t silver, 0.1% lead & 475 g/t indium from 169.1 metres;
o 7.0 metres @ 18.9% zinc, 42 g/t silver, 0.5% lead & 584 g/t indium from 178.4 metres ;
and
28.7 metres @ 14.0 % zinc , 14 g/t silver, 0.1% lead & 101 g/t indium from 214.6 metres,
including
o 18.65 metres @ 17.4% zinc, 11 g/t silver, & 68 g/t indium from 221.5 metres; and
14.9 metres @ 12.3% zinc, 38 g/t silver, 0.6% lead & 297 g/t indium from 271.5 metres,
including
o 1.2 metres @ 36.6% zinc, 80 g/t silver, 0.2% lead & 1020 g/t indium from 278.6 metres;
o 0.95 metres @ 44.1% zinc, 90 g/t silver, 0.3% lead & 867 g/t indium from 285.45 metres.
Hole A19-166
0.8 metres @ 38.5% zinc, 117 g/t silver & 0.4% lead & 442 g/t indium from 122.3 metres; and
0.85 metres @ 31.1% zinc, 40 g/t silver & 311 g/t indium from 138.7 metres.
Silver Zone:
Hole A19-167 (extension of drill hole A17-064 from 361 metres depth)
7.3 metres @ 4.9% zinc, 366 g/t silver & 0.5% lead from 412.7 metres, including
o *1.7 metres @ 14.5% zinc, 1,130 g/t silver & 0.3% lead from 412.7 metres; and
7.85 metres @ 6.1% zinc, 150 g/t silver & 0.8% lead from 434.45 metres, including
o 0.9 metres @ 21.7% zinc, 415 g/t silver & 3.0% lead from 434.5 metres.
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Note: True thicknesses of the Zinc Zone intersections are estim ated to be approximately equal to the
downhole thicknesses in hole A19-165 and at least 85% of the do wnhole thicknesses in A19-166. The
true thickness of the Silver Zone intersections in A19-167 cann ot be determined at this time as insuf-
ficient data is available.
Dr. Graham Carman, Tinka’s President and CEO, stated: “Hole A19-165 is an exceptional drill hole with
four separate mineralized intervals with outstanding zinc grades over significant thicknesses, confirming
continuity of the mineralization an d increasing confidence in our geological model. Zinc grades in the
upper two zones were higher than predicted by the resource model (see Figure 1). Multiple phases of zinc
mineralization, as indicated by spectacular colour banding of the sphalerite crystals, indicate that the
mineralization at Ayawilca was multi-phase while also highlighting the fact that each phase added to the
zinc grade of the deposit (see Figures 2 and 3)”.
“We are also excited by the high grade Silver Zone discovery in hole A19-167, originally a 2017 Tinka
drill hole that was recently deepened to test extensions of the silver mineralization encountered in hole
A19-163. The success of A19-167 proves that Ayawilca has very high -grade silver mineralization which
is believed to have developed around the edge of the Ayawilca Zinc Zone. This recent discovery offers a
new exploration target and potentially significant precious metal upside to supplement the very large zinc
resource.”
“The 2019 drill program at South Ayawilca is greatly im proving our understanding of the structural and
lithological controls of the high grade zinc mineralization. Drill hole A19-166 was drilled at a very
shallow angle and confirmed the geometry of a locally overturned anticline which has acted as a
structural trap for the zinc mineralization. An add itional drill hole, A19-168 was recently collared, which
will act as an additional infill hole and provide further geotechnical information.”
Figure 1. Cross section A-A’ showing assay results for holes A 19-165/166/167 (yellow text boxes)
and ‘base case’ mineral resource blocks coloured by NSR (values in $US/t).
Notes to Figure 1:
1. The zinc block model is based on the base case mineral resource estimate at a US$55/t cut off (Nov. 26,
2018). High grade (>US$100/t or >6.5% ZnEq) zinc resource blocks are coloured red, lower grade blocks
are coloured in green (>US$55/t or 3.6% ZnEq) and blue coloured blocks are below the cut off.
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2. The NSR value was based on estimated metallurgical recoveries, assumed metal prices and smelter terms,
which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions
were: US$1.15/lb Zn, US$300/kg In, US$15/oz Ag, and US$1.0/lb Pb. Metal recovery assumptions were:
90% Zn, 75% In, 60% Ag, and 75% Pb. The NSR value for each block was calculated using the following
NSR factors: US$15.34 per % Zn, US$4.70 per % Pb, US$0.18 per gram In, and US$0.22 per gram Ag.
3. The NSR value was calculated using the following formula:
NSR = [Zn(%)*US$15.34+Pb(%)*US$4.70+In(g/t)*US$0.18+Ag(g/t)*US$0.22].
4. The ZnEq value was calculated using the following formula: ZnEq = NSR/US$15.34.
Figure 2. Drill core photographs from the inter val in A19-165 grading 18.9% zinc, 42 g/t silver,
0.5% lead, & 584 g/t indium over 7 metres from 178.4 metres. Va rious phases of zinc sulphides are
noted by red-purple-brown hues.
Details of assay intervals within the core photo above:
179.3-181.3 metres (sample 47295): 2.0 metres grading 27.8% Zn, 23 g/t Ag, 0.02% Pb, 733 g/t In
181.3-182.1 metres (sample 47296): 0.8 metres grading 5.9% Zn, 13 g/t Ag, 0.02% Pb, 95 g/t In
182.1-183.2 metres: (sample 47297): 1.1 metres grading 31.2% Zn, 38 g/t Ag, 0.34% Pb, 558 g/t In.
Figure 3. Detailed photo of zinc sulphide textures (see arrow above): iron ri ch sphalerite or marmatite
(purple) with bands of later low iron sphalerite (brown and yellow) and quartz (white). The banding of the
zinc sulphides highlights multiple stages of zinc mineralization at Ayawilca.
Note: The photos shown in Figures 2 and 3 are of selected intervals and not necessarily indicative of mineralization
hosted on the property.
Detailed photo:
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Figure 4. Map of Ayawilca showing 2019 drill holes and Zinc Mineral Resources
Table 1 – Summary of new drill hole assays from Ayawilca
Drill Hole
From
(m) To (m) Interval (m) Zn % Pb % Ag ppm In ppm
A19-165 117.20 126.20 9.00 11.9 0.0 18 40
incl 125.10 126.20 1.10 37.2 0.0 36 136
and 167.80 193.70 25.90 11.8 0.2 23 325
incl 169.10 173.10 4.00 24.6 0.1 33 475
incl 178.40 185.40 7.00 18.9 0.5 42 584
and 214.60 243.30 28.70 14.0 0.1 14 101
incl 221.50 240.15 18.65 17.4 0.0 11 68
and 271.50 286.40 14.90 12.3 0.6 38 297
incl 278.60 279.80 1.20 36.6 0.2 80 1,020
incl 285.45 286.40 0.95 44.1 0.3 90 867
A19-166 122.30 123.10 0.80 38.5 0.4 117 442
and 138.70 139.55 0.85 31.1 0.0 40 311
A19-167 384.50 388.00 3.50 2.8 0.5 222 0
and 412.70 420.00 7.30 4.9 0.5 366 0
incl 412.70 414.40* 1.70 14.5 0.3 1,130 0
and 434.45 442.30 7.85 6.1 0.8 150 0
incl 434.45 435.35 0.90 21.7 3.0 415 2
Note: True thicknesses of the zinc intersections in hole A19-165 are estimated to be approximately equal to the
downhole thicknesses, and at least 85% of the downhole thicknes ses in hole A19-166. The true thicknesses of the
intersections in hole A19-167 cannot be determined at this time as insufficient data is available.
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Table 2 – 2019 Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)
Hole ID Easting Northing Elevation Azimuth Dip Final Depth m
A19-165 333047 8845065 4197 280 -62 463.5
A19-166 333047 8845065 4197 280 -40 250.5
A19-167
(extension of A17-064
from 361.1 metres depth)
333061 8844994 4191 290 -50 506.0
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-co re is bagged on average over 1 to 2 metre composite
intervals and sent to ALS laboratories in Lima for assay in bat ches. Standards and blanks are inserted by Tinka into
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 analys is 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.
Qualified Person
Dr. Graham Carman, Tinka’s President and CEO, reviewed, verifie d and compiled the technical contents
of this release. Dr Carman is a Fellow of the Australasian Inst i t u t e o f M i n i n g a n d M e t a l l u r g y, a n d i s 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 gra ding 112 g/t silver (for 10.4 Moz Ag) and
2.2 Mt Inferred Resources grading 105 g/t silver (for 7.5 Moz A g) in high 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
than statements of historical fact are forward-looking statemen ts. Forward-looking statements are based on the beliefs and
expectations of Tinka as well as assumptions made by and inform ation currently available to Tinka's management. Such
statements reflect the current risks, uncertainties and assumpt ions related to certain factors including, without limitations, drilling
results, the successful completion of work programs, the Compan y’s expectations regarding the Ayawilca Project PEA, changes in
world metal markets, changes in equity markets, uncertainties r elating to the availability and costs of financing needed in th e
future, equipment failure, unexp ected geological conditions, im precision in resource estimates or metal recoveries, success of
future development initiatives, c ompetition, operating performa nce, environmental and safety risks, delays in obtaining or fai lure
to obtain necessary permits and approvals from local authoritie s, community agreements and relations, and other development an d
operating risks. Should any one or more of these risks or uncer tainties materialize, or should any underlying assumptions prov e
incorrect, actual results may vary materially from those descri bed 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 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