Tinka Provides Ayawilca Project Update
TINKA PROVIDES AYAWILCA PROJECT 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 provide an update on the Company’s exploration and d evelopment activities at its 100%-owned Ayawilca
project (“Ayawilca” or the “Project”) in central Peru.
Key Highlights for 2023
11,000 metre in-fill drill program has enhanced confidence in the Zinc and Silver mineral resources:
o Hole A23-216: 98 metres at 8.8% zinc including 36 metres at 19.0% zinc (news release June 8, 2023).
o Hole A23-217: 71.9 metres at 5.5% zinc & 8 g/t silver including 45.8 metres at 6.4% zinc & 10 g/t silver
and 4.85 metres at 15.2% zinc & 23 g/t silver (news release June 8, 2023).
o Hole A23-213: 30.4 metres at 6.0% zinc including 1.2 metres at 37.2% zinc, and 30.5 metres at 5.1%
zinc (news release June 8, 2023).
o A23-212: 145.2 metres at 10.9% zinc including 29.3 metres at 20 .2% zinc, 10.6 metres at 14.9% zinc,
9.8 metres at 15.1% zinc and 25.8 metres at 13.1% zinc (news release March 6, 2023).
o A22-208: 4.6 metres at 32.4% zinc, 9.9 metres at 9.7% zinc and 71.2 metres at 8.8% zinc including 37.7
metres at 12.8% zinc (news release March 6, 2023).
o A23-220 (Silver Zone): 29.5 metres at 182 g/t silver, 2.4% zinc & 0.8% lead including 7.1 metres at 604
g/t silver, 2.7% zinc & 1.6% lead (news release May 2, 2023).
This successful drill program has resulted in the decision by t he Company to update the mineral resource
estimate and Preliminary Economic Assessment (PEA) for the Proj ect which is expected to be completed by
March 2024.
Improved metallurgy recovery of the Tin Zone supported by testw ork, with ongoing work to improve the
silver recovery of the Silver Zone.
Project moving forward towards decision to undertake a pre-feasibility study.
The Company is fully funded to carry out its current work plans.
Dr. Graham Carman, Tinka’s President and CEO, stated: “To continue the advancement of our flagship Ayawilca project,
we believe it is a necessary next step to update the PEA and te chnical report on the project following the successful
recent drilling campaign. An updated PEA will include a processing scenario for both the Ayawilca Zinc Zone and the Tin
Zone and incorporate an update to the mineral resources.”
“We are very encouraged by the improvement in the tin recovery and concentrate grades following metallurgical
testwork on the Tin Zone. In addition, metallurgical test work of the Silver Zone mineralization is in progress. These final
testwork results, when available, will provide support for key assumptions on silver recoveries in the PEA.”
2022-2023 Drill Program
Tinka concluded an 11,000-metre zi nc resource definition and ex pansion drill program at the Project in Q3 2023
focusing on the Zinc Zone. The drill program achieved the primary objectives of targeting high-grade zinc mineralization
and enhancing the confidence in the geological model for the Ay awilca deposit. Results highlighted the quality of the
zinc mineralization at the Project, both in grade and thickness , and provided additional confidence in the geological
model. Key findings included:
Definition of two pipe-like zinc sulphide bodies at West that h ave strong vertical continuity (between 100 and
200 metres) connected by massive zinc sulphides at the base.
December 14, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
High-grade massive zinc mineralization at South was proven to be concentrated in a folded limestone ‘anticline’
at shallow depth.
A high-grade vein of silver mineralization, the “Silver Zone”, truncates the massive zinc mineralization at South
and could be an important third style of mineralization for the Project.
Preliminary Economic Assessment Update
As a result of the successful 2022-2023 drill campaign which returned some of the best drill results ever at the Project,
the Company has made the strategic decision to update the PEA (the most recent technical report for Ayawilca has an
effective date of October 14, 2021). A significant amount of new data has been acquired at the Project during the past
12 to 18 months, including:
11,000 metres of infill and exploration drilling at West and South Ayawilca.
Additional metallurgical testwork resulting in improved recoveries for the Tin Zone.
Geotechnical information from drill logs and down hole ‘televiewer’ surveys.
The PEA update, expected to be completed by March 2024, will incorporate a mineral resource update and an economic
assessment of a potential future mining strategy for the Zinc Z o n e a n d S i l v e r Z o n e , a s w e l l a s i n c l u d e a T i n Z o n e
processing scenario for the first time. SRK Consulting (UK) Lt d. has been selected as the lead mining consultant for
preparation of the PEA update.
Mineral Resource Update
An updated Mineral Resource Estimate (“MRE”) to be incorporated into the updated PEA in Q1 2024, is expected to
include a significant increase in the Zinc Zone indicated class ified resources as well as an increase in the Tin Zone
resource tonnage. SLR Consulting (Canada) Ltd. is again responsible for updating the MRE for the Project.
Metallurgical Testwork
Tin Zone:
Metallurgical testwork was conducted on two tin composite samples from Ayawilca at ALS Burnie, Australia: a coarse-
grained tin composite from South (AGC-01), thought to represent approximately 15% of the tin mineralization at the
Project, and a finer-grained tin composite (AGC-02) thought to represent ~85% of the tin mineralization. Each
composite sample was approximately 45 kg. The tin composites g raded around 2% Sn (as cassiterite) and contained
significant quantities of iron sulphides (pyrrhotite, pyrite an d marcasite) with associated iron carbonate (siderite) and
quartz, typical of the two styles of tin mineralization at Ayaw ilca. Zinc grades in these tin composite samples was low
(<1% Zn).
A processing flowsheet has been developed which included sulphi de flotation to remove the iron sulphides, gravity
concentration of the sulphide flotation tails, and tin flotatio n on the sulphide concentrate following a regrind. Acid
leaching was employed to remove the iron carbonates and magneti c separation was used to remove residual
pyrrhotite.
Composite AGC-01 generated a concentrate grade of ~50% tin at a n excellent recovery (~90%). Composite AGC-02
produced a concentrate grading 50% tin at a lower recovery (~45%), with a projected recovery in closed circuit of 50%
tin. There remain opportunities to improve the recovery and product quality with further testwork.
Silver Zone:
A single composite sample, typical of the Silver Zone mineraliz ation at the Project, is being tested by conventional
flotation at Plenge Laboratories, Lima, Peru. The Silver Zone bounds the northern edge of the Zinc Zone at South within
a vertical-dipping vein trending northeast-southwest and is bel ieved to be similar in style to other epithermal silver-
rich low sulphide vein deposits at various mines in central Per u. The metallurgical testwork will enable the Company
to assess the economic potential of the silver-rich mineralizat ion in the PEA update. The Silver Zone bounds the
northern edge of the Zinc Zone at South Ayawilca within a vertical-dipping vein, trending northeast-southwest.
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.
The NI 43-101 Technical Report entitled "Ayawilca Polymetallic Project, Central Peru, NI 43-101 Technical Report on
Updated Preliminary Economic Assessment" dated November 10, 2021, with an effective date of October 14, 2021, is
available for download under Tinka’s profile on SEDAR+ at www.sedarplus.ca The Technical Report was prepared by
Mining Plus Peru S.A.C. (“Mining Plus”) as principal consultant, Transmin Metallurgical Consultants (“Transmin”), Envis
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 of 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag & 0.4% Pb (dated at
August 30, 2021). The Ayawilca Tin Zone has an estimated Inferred Mineral Resource of 8.4 Mt grading 1.0% Sn (dated
at August 30, 2021). An update of the Preliminary Economic Asse ssment for the Ayawilca project, including a mineral
resource update, is expected during Q1 2024.
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 rega rding the timing and successful completion of the PEA update;
the political environment in which the Company operates continuing to support the development and operation of mining projects;
risks related to negative public i t y w i t h r e s p e c t t o t h e C o m p a n y or the mining industry in general; the threat associated with
outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; delays in obtaining or failure to obtain necessary
permits and approvals from local authorities; community agreements and relations; and, other development and operating risks.
Should any one or more of these risks or uncertainties material ize, or should any underlying a ssumptions prove incorrect, actual
results may vary materially from those described 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