Tinka Provides Update ON the Drill Program at Ayawilca, Mobilizes a Third Drill Rig
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 November 19, 2020
TINKA PROVIDES UPDATE ON THE DRILL PROGRAM AT AYAWILCA, MOBILIZES
A THIRD DRILL RIG
Vancouver, Canada – Tinka Resources Limited ( “Tinka” or the “ Company”) ( TSXV & BVL: TK )
(OTCPK: TKRFF) is pleased to provide an update on the ongoing drill program at the Company’s 100% owned
Ayawilca zinc-silver project in central Peru.
As at today’s date, 2,000 metres have been drilled in the 2020 program and the overall program is about 30%
complete. A third rig has been mobilized to site and has commenced drilling. We now expect the drill program
to continue until February 2021, at which time we will take a b reak in the drilling to compile data and update
the project resource estimations.
Three holes have been completed since the program commenced in October (drillholes A20-169, 170, and 171),
and three holes are in progress (drillholes A20-172, 173 and 174). Samples for the first two drillholes are in the
laboratory, and we expect assay results to be received by the end of November.
Drilling is currently targeting ex tensions of the Zinc Zone Ind icated Resources at the West and South areas
(Figure 1), the portions of the resource with the greatest thic kness and the highest grades. Drillholes at the
Colqui Silver Zone are planned la ter in the program to test for extensions of high-grade silver mineralization
along the Colquipucro Fault.
President and CEO of Tinka, Dr. Graham Carman, stated: “We are pleased with progress of drilling to date,
and we look forward to the results from the first drillholes. The arrival of a third rig will speed up the program,
while allowing us to also complete a limited number of geotechnical holes within the framework of our work
program and budget.”
“The prices of industrial metals and precious metals have increased significantly in recent times. In the case of
zinc, prices are at 18 month highs (~US$1.20/lb) while inventories remain low. Silver prices have also excelled
due to global currency devaluation and fiscal stimul us, with silver prices up over 40% in the past year
(~US$24/oz). The sharp move higher in silver is the reason we have been re-emphasizing our silver resources,
as Ayawilca has substantial silver in the Zinc Zone and also at our nearby Colqui Silver Zone.”
“A Preliminary Economic Assessment (PEA) completed in July 2019 on the Ayawilca Zinc Zone resulted in an
after-tax NPV8% of US$363 million (using US$1.20/lb Zn and US $18/oz Ag) with initial capex of US$262 mil-
lion, which is modest for a base metal project of this size. Tinka is continuing to evaluate ways to add value to
the project through optimization of the PEA, which c ould eventuate in an even more compelling project on the
back of an updated resource in 2021.”
About Ayawilca: The Ayawilca Zinc Zone (sulphide) contains an estimated 1.8 b illion pounds zinc and 5.8
million ounces silver in the Indicated category, and 5.6 billion pounds zinc and 25.2 million ounces silver in the
Inferred category ( see news release dated November 26, 2018 ). The Colqui Silver Zone (oxide) contains an
estimated 14.3 million ounces silver in the Indicated category and 13.2 million ounces silver in the Inferred
category, with mineralization starting from surface (see link to Technical Report dated July 2, 2019).
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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
Figure 1. 3D image of Ayawilca highlighting 2020 drill holes in the current drill program (all
with assays pending) and Zinc Zone Indicated Resources
About Tinka Resources Limited
Tinka is an exploration and devel opment company with its flagship property being the 100%-owned Ayawilca
zinc-silver project in central Peru. The Ayawilca Zinc Zone has an estimated Indicated resource of 11.7 Mt
grading 6.9% zinc, 15 g/t silver & 0.2% lead and an Inferred resource of 45.0 Mt grading 5.6% zinc, 17 g/t silver
& 0.2% lead (dated November 26, 2018). The Colqui Silver Zone (oxide) has an estimated Indicated resource
of 7.4 Mt grading 60 g/t silver, and an Inferred resource of 8. 5 Mt grading 48 g/t silver occurring from surface
(dated May 25, 2016). A Preliminary Economic Assessment for the Zinc Zone was released on July 2, 2019 (see
release). The Qualified Person, Dr. Graham Carman, Tinka’s President a nd CEO, and a Fellow of the
Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.
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Forward Looking Statements: Certain information in this news re lease contains forward-looking statements and forward-
looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All
statements, other than statements of historical fact are forwar d-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, uncerta inties and assumptions related to certain factors including,
without limitations: timing of pla nned drill programs and resul ts varying from expectations; delay in obtaining results;
expectations regarding the Ayawilca Project PEA; the potential impact of epidemics, pandemics or other public health
crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business, operations
and financial condition; changes in world metal markets; 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 in itiatives; competition and operating performance;
environmental and safety risks; delays in obtaining or failure t o o b t a i n n e c e s s a r y p e r m i t s a n d a p p r o v a l s f r o m l o c a l
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 underly ing assumptions prove incorrect, actual results may vary
materially from those described herein. Although Tinka believe s that assumptions inherent in the forward-looking
statements are reasonable, forwar d-looking statements are not g uarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inhere nt uncertainty therein. Ex cept 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