Tinka Reports Final Drill Hole Results from 11,000 Metre Drill Program and Provides Exploration Update
TINKA REPORTS FINAL DRILL HOLE RESULTS FROM 11,000 METRE DRILL PROGRAM 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 the final three drill holes of the 11,000‐metre 2022‐2023 drill program at South
Ayawilca and to provide an update on the Company’s ongoing exploration activities. The recent drill campaign at
Ayawilca was completed at the e nd of May 2023. The Company is now focused on completing a Mineral Resource
update for the Ayawilca deposit and revising future mining scen arios via a desktop trade‐off study. Exploration is also
continuing at the Company’s nearby Silvia copper‐gold project.
Drill results from the “Silver Zone” at South Ayawilca were hig hly encouraging with a high‐grade silver intercept in a
150‐metre step‐out in hole A22‐195. The other two new holes reported here, A23‐221 and A23‐223, intersected high‐
grade “Zinc Zone” mineralization in resource confirmation holes. All drill hole results have now been incorporated into
a revised geological model for the Ayawilca deposit, and an ind ependent consultant is currently updating the Mineral
Resource estimation for the Zinc and Tin Zones.
Key Highlights:
Zinc Zone
Hole A23‐223: 21.6 metres at 6.6% zinc and 18 g/t silver from 254.0 metres depth, including
o 7.6 metres at 10.7% zinc and 18 g/t silver from 268.0 metres depth.
Hole A23‐221: 13.8 metres at 6.8% zinc from 290.2 metres depth.
Silver Zone
Hole A22‐195: 3.4 metres at 465 g/t silver from 209.7 metres in a 150‐metre step‐out hole.
The Silver Zone is interpreted as a subvertical, northeast‐trending structure with high‐grade silver over a strike
length of at least 500 metres on the northern edge of the zinc‐rich massive sulphide bodies at South Ayawilca.
Previous downhole intercepts of the Silver Zone include 7.1 metres at 604 g/t silver and 11.5 metres at 781 g/t
silver.
The Silver Zone mineralization remains open in all directions including up‐ and down‐plunge.
True thicknesses of the above drill intercepts are estimated to be approximately 70% of the downhole thicknesses.
Dr. Graham Carman, Tinka’s President and CEO, stated: “We are pleased to report results from the final holes of the
11,000‐metre drill program at Ayawilca. These latest drill holes targeted both Zinc Zone massive sulphide mineralization
and extensions of the structurally controlled epithermal Silver Z o n e m i n e r a l i z a t i o n o n t h e e d g e o f t h e m a s s i v e z i n c
sulphides at South Ayawilca. All drill intersections have now been incorporated into a new geological model which will
form the basis of an updated Mineral Resource estimation which we expect to be released in September 2023.”
“Exploration is continuing at the Silvia NW copper‐gold target 30 km from Ayawilca. A 121 line‐kilometre drone
magnetic survey has just been completed, covering outcrops of Cu‐Au skarn mineralization which are exposed in several
locations over a 3km strike length. Sampling by Tinka has ident ified high‐grade copper‐gold skarn in trench samples
grading up to 2.7% copper and 22 g/t gold over 2 metres with th e best continuous sample being 46 metres at 0.8%
copper and 1.9 g/t gold – See previous news release. Processing and interpretation of the data are underway. An
environmental permit has been filed with the Peruvian authorities which will allow future drilling once granted.”
August 17, 2023
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
Zinc Zone Drill Results 2022‐23
The Company completed 33 diamond drill holes for 11,115 metres in the 2022‐23 drill campaign. These were both infill
and step‐out holes and were focused at West and South Ayawilca which are known areas of high‐grade zinc
mineralization. Figure 1 shows a drill map with 2022‐23 drill holes highlighted. Some of the best Zinc Zone intersections
ever made at Ayawilca were reported during this campaign, including:
South Ayawilca:
Hole A22‐202: 38.9 metres at 20.0% Zn, 0.1% Pb and 31 g/t Ag from 170.5 metres – news release Jan 9 ‘23.
Hole A22‐199: 42.4 metres at 9.4% Zn, 0.1% Pb and 19 g/t Ag from 246.5 metres – news release Jan 9 ‘23.
Hole A22‐212: 145.2 metres at 10.9% Zn, 0.2% Pb and 31 g/t Ag from 158.2 metres – news release Mar 6 ‘23.
Hole A22‐208: 71.2 metres at 8.8% Zn, 0.5% Pb and 33 g/t Ag from 168.8 metres – news release Mar 6 ’23.
Hole A22‐206: 37.8 metres at 10.5% Zn, 0.1% Pb and 17 g/t Ag from 153.6 metres – news release Mar 6 ‘23.
West Ayawilca:
Hole A22‐200: 44.9 metres at 12.0% Zn, 0.1% Pb and 16 g/t Ag from 283.6 metres ‐ news release Nov 21 ’22.
Hole A22‐207: 132.5 metres at 6.8% Zn, 0.3% Pb and 21 g/t Ag from 193.9 metres ‐ news release Jan 24 ’23.
Hole A22‐205: 134.0 metres at 4.8% Zn, 0.1% Pb and 10 g/t Ag from 180.0 metres – news release Jan 24 ‘23.
Hole A22‐203: 49.8 metres at 8.3% Zn, 0.1% Pb and 16 g/t Ag from 186.88 metres ‐ news release Jan 24 ‘23.
Hole A23‐216: 97.9 metres at 8.8% Zn, 0.1% Pb and 16 g/t Ag from 197.9 metres ‐ news release June 8 ’23.
The full suite of drill results from the 2022‐23 program have n ow been incorporated into an updated 3D geological
model and a Mineral Resource update is in progress. The updated Mineral Resource estimation is expected to be
available in September 2023.
Significant improvements to the geological interpretation based on the 2022‐23 drill program include the following:
1. Zinc Zone mineralization at West Ayawilca is more vertically co ntrolled than was previously interpreted – two
zinc sulphide ‘pipes’ each with diameters of between 100 and 15 0 metres extend through entire limestone
sequence (up to 200 metres vertically).
2. High‐grade, continuous massive zinc sulphide mineralization at South Ayawilca is concentrated within a tightly
folded anticline ‘hinge’ – this very high‐grade zone has the po tential to be a ‘starter mine’ to provide quick
payback of initial capital.
3. An initial hydrological study has also been conducted to better understand the underground water conditions
at Ayawilca. Hydrological information has been obtained from 11 down‐hole piezometers which were installed
on a wide drill spacing to get adequate coverage across the pro ject. The hydrological study, which is close to
final completion, will be important for mine plan studies in the future.
Silver Zone Drill Results
The Silver Zone is hosted by a steep‐dipping structure (“060 Fa ult”) located on the northern edge of the Zinc Zone
massive sulphides at South Ayawilca. Previously, the Silver Zon e had been identified along a 250 metres strike length.
However, resampling of an earlier hole in the drill campaign, A 22‐195, has led to an updated interpretation that the
Silver Zone extends for at least 500 metres along the northeast‐trending structure and remains open. A map showing
drill holes of the Silver Zone is shown in Figure 2. A longitudinal section of the Silver Zone is presented in Figure 3.
Hole A23‐223, a follow‐up to the h igh‐grade silver mineralizati on in A17‐072, intersected low‐grade silver
mineralization only and is interpreted to have intersected the Silver Zone structure at a depth which is too deep to be
well mineralized. The hole did, however, intersect strong Zinc Zone mineralization higher up in the hole.
To date, eight drill holes have intersected the Silver Zone stru c t u r e a c r o s s a s t r i k e l e n g t h o f ~ 5 0 0 m e t r e s . T h e
mineralization is interpreted to plunge at a shallow angle to the southwest (see Figure 2). Highlights of the Silver Zone
downhole intersections include:
Hole A23‐220: 29.5 m at 182 g/t Ag from 289.7 m including 7.1 m at 604 g/t Ag – news release May 2 ’23.
Hole A17‐095: 8.7 m at 135 g/t Ag from 307.3 m – news release May 2 ’23.
Hole 17‐072: 11.5 m at 781 g/t Ag from 294.5 m including 2.0 m at 3167 g/t Ag – news release July 17 ‘17.
Hole A19‐167: 29.6 m at 152 g/t Ag from 412.7 m including 7.3 m at 366 g/t Ag – news release Oct 8, ‘19.
Hole A22‐195: 3.4 m at 465 g/t silver from 209.7 m (this release).
Silvia Project Exploration
A drone magnetic survey was successfully completed at the Silvia NW copper‐gold target, 30 km west of Ayawilca – see
l o c a t i o n m a p i n Figure 4. In total 121 line‐kilometres of drone magnetic data was acquired covering an area of
approximately 13 km2. The geophysical data is currently being processed and interpreted.
At the Silvia NW target, high‐grade copper‐gold mineralization occurs in outcrops of ‘green garnet skarn’ associated
with chalcopyrite, secondary copper minerals (with very low ars enic) and microscopic native gold, adjacent to altered
felsic intrusions. “Area A” sampled up to 2.7% copper and 22 g /t gold over 2 metres in trench samples, with the best
trench sample being 46 metres at 0.8% copper and 1.9 g/t gold ‐ news release Nov 10 ‘21 . The Silvia NW target has
not been drilled in the past. Tinka has filed for an environmental drilling permit (“DIA”) to the Peruvian authorities and
is awaiting approval.
Table 1. Summary of new drill hole results in this release
Hole From (m) To (m) Interval (m) Zn % Pb % Ag g/t In ppm Sn
% Comment
A22‐195 209.65 213.00 3.35 0.28 0.24 465 0 Silver Zone
A23‐221 143.25 144.25 1.00 13.58 0.17 29 66
Zinc Zone
(Reported May 2,
2023)
and 234.00 254.00 20.00 1.35 Tin Zone
and 290.20 304.00 13.80 6.77 0.03 11 119
Zinc Zone
(Reported May 2,
2023)
A23‐223 194.00 195.20 1.20 8.80 5.16 240
and 254.00 275.60 21.60 6.63 0.04 18 332 Zinc Zone
incl 268.00 275.60 7.60 10.66 0.07 18 201
and 278.35 280.30 24.20 1.14 0.42 10 Silver Zone
incl 283.30 287.90 5.95 2.05 0.85 17
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 the large zinc sulphide bodies
Figure 2. Map of selected Silver Zone drill holes – new drill hole intersections are highlighted in red
Figure 3. Longitudinal section of the Silver Zone (Viewing NW) with downhole drill intersections
Figure 4. Regional map of Ayawilca and Silvia projects with selected mines and mining claims in Central Peru
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 here
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 reporte d
A23‐212 333047 8845065 4197 228 ‐79 324.30 South Results report ed
A23‐213 332853 8845650 4225 258 ‐65 316.00 West Results reporte d
A23‐214 332710 8845883 4252 255 ‐67 287.10 West Results reporte d
A23‐215 333047 8845065 4197 180 ‐80 295.10 South Results report ed
A23‐216 332710 8845883 4252 220 ‐73 310.00 West Results reporte d
A23‐217 332853 8845650 4225 240 ‐78 300.00 West Results reporte d
A23‐218 333109 8845020 4190 330 ‐75 323.70 South Results report ed
A23‐219 333219 8845582 4182 180 ‐85 336.80 Central Results repo rted
A23‐220 333047 8845065 4197 308 ‐62 328.10 South Results report ed
A23‐221 333118 8845102 4207 332 ‐69 400.60 South Results here
A23‐223 333118 8845102 4207 335 ‐62 348.40 South Results here
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 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
recently completed an 11,000‐metre resource definition drill pr ogram at West Ayawilca and South Ayawilca, and a
Mineral Resource update is pending.
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.
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