Tinka Drills 45 Metres @ 12% Zinc Including 16 Metres @ 22% Zinc at WEST Ayawilca
TINKA DRILLS 45 METRES @ 12% ZINC INCLUDING 16 METRES @ 22% ZINC AT WEST AYAWILCA
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 from four recent drill holes from the Company’s ongoing infill and resource expansion drill
program at the Ayawilca zinc project in Peru. Drill holes reported (A22‐193, 197, 198 and 200) are from the West
Ayawilca area and all have intersected high‐grade mineralization. A particular highlight is the high‐grade zinc intercept
in hole A22‐200, one of the best drill hole intersections ever made at West Ayawilca, with 44.9 metres at 12.0% zinc
including 16.1 metres at 22.2% zinc. Results have now been reported for nine holes in the current program (including
four in this release), with five more drill holes pending (incl uding holes A22‐202 and A22‐203, which are in progress).
A second drill rig has been mobilized and two rigs are operating 24‐7, one located each at West and South Ayawilca.
Key highlights
Drill holes A22‐200, A22‐197 and A22‐198 all intersected high‐grade zinc mineralization at West Ayawilca:
o A22‐200: 44.9 metres at 12.0% zin c from 283.3 metres depth, inc luding 16.1 metres at 22.2% zinc
from 312.1 metres depth.
o A22‐197: 79.4 metres at 5.3% zinc from 271.6 metres depth, including 26.3 metres at 8.4% zinc from
281.7 metres depth.
o A22‐198: 37.0 metres at 5.2% zinc from 312.3 metres depth, inc luding 7.2 metres at 9.1% zinc from
326.0 metres depth.
Drill hole A22‐193 intersected hi gh‐grade silver mineralization at relatively shallow depth on the edges of
the zinc zone mineralization at West Ayawilca:
o A22‐193: 21.6 metres at 175 g/t silver, 1.0% zinc and 0.3% lead from 168.3 metres depth, including
5.8 metres at 567 g/t silver, 0.8% zinc and 0.3% lead from 168.3 metres depth.
Holes reported here were drilled within the existing resource b oundaries and will impr ove the geological
knowledge and confidence of the West Ayawilca zinc zone, in par ticular the distribution of the high‐grade
zinc sulphide mineralization.
Zinc mineralization remains open at depth beneath hole A22‐200.
Drilling is expected to continue into early 2023 with two rigs operating ‐ one at South and one at West.
Results are now reported for nine drill holes in the 2022 drill program, with approximately 12 additional
holes planned or in progress with two drill rigs in operation.
True thicknesses of the mineralized intercepts are estimated to be at least 80% of the downhole thicknesses.
Dr. Graham Carman, Tinka’s President and CEO, stated: “The interval of 16 metres grading 22% zinc in hole A22‐200 is
one of the best zinc intersections ever drilled at West Ayawilc a. All of the new drill holes have confirmed that the zinc
sulphide mineralization at West occurs as strata‐bound sulphide replacement of the lowermost limestone and breccia‐
filling sulphide replacement of th e overlying carbonate rocks. Several more holes are planned to follow‐up on these
great drill results, targeting the highest‐grade parts of the z inc deposit and possible extensions. The drill program at
Ayawilca is continuing with two rigs ‐ one targeting West and the other South Ayawilca (where several holes have results
pending). We expect to be reporting drill results for several more months, with a resource update expected Q1 2023.”
November 21, 2022
T: 604.685.9316 [email protected]
TSXV & BVL: TK OTCQB: TKRFF NEWS RELEASE
Discussion of 2022 drill program results
Tinka has drilled approximately 4,900 metres so far in the 2022 zinc resource definition and expansion program, about
halfway through the planned drill program, with several holes pending results and two holes currently in progress (see
Figure 1; Table 2). The main objectives of the 2022 drill program at Ayawilca are to target high‐grade zinc mineralization
and to expand the measured and indicated zinc mineral resources. Indicated resources are currently estimated at 19.0
Mt grading 7.2% Zn, 17 g/t Ag & 0.2% Pb and inferred resources are 47.9 Mt @ 5.4% Zn, 20 g/t Ag & 0.4% Pb (dated
August 30th, 2021). Figure 1 shows a location map of the 2022 drill holes at the Ayawilca project.
As outlined in this news release, four holes were drilled to te st the geometry of the mineralization at West Ayawilca
and better define the upper and lower contacts of the massive s ulphide zones. The four holes are located on three
different east‐to‐west cross sections approximately 100 metres apart through West Ayawilca (see Figure 1).
Hole A22‐193 was drilled to the east to test the extension of the West zinc zone mineralization. A zone of high‐grade
silver, associated with disseminated pyrite and base metal mineralization, was found at a relatively shallow depth,
yielding 5.75 metres grading 567 g/t silver, 0.17 g/t gold and 1% zinc+lead from 168.25 metres. Only minor zinc was
intersected; however, a narrow zone of tin mineralization was intersected near the base of the hole (Figure 2A).
Hole A22‐197 was drilled to the west on the same section as A22‐193, to tes t the continuity of zinc mineralization
previously encountered in holes A14‐22 (33 metres at 7.4% Zn & 31 metres at 6.3% Zn) and A18‐141 (89.0 metres at
5.0% Zn). A22‐197 drilled an intersection of 79.4 metres at 5.3% zinc, including a high‐grade interval of 26.3 metres at
8.4% zinc associated with sulphide replacement of limestone bre ccia. A follow‐up hole is currently in progress (see
cross section, Figure 2A).
Hole A22‐198 was angled to the west on a section 100 metres north of A22‐19 7 (see Figure 1). This hole intersected
37.0 metres at 5.2% zinc within a banded limestone unit associated with magnetite alteration.
Hole A22‐200 was drilled a further 100 m to the north, to test the continui ty of zinc mineralization in A18‐118 (32
metres at 9.6% Zn) and A20‐179 (32 metres at 6.0% Zn). A22‐200 intersected one of the best zinc zone intervals ever
drilled at West Ayawilca – 44.9 metres at 12.0% zinc – proving the continuity of the high‐grade massive sulphide zinc
mineralization within the lower banded limestone. A follow‐up hole is planned (see cross section, Figure 2B).
Table 1. Summary of results for drill holes in this release
Hole From (m) To (m) Interval (m) Zn % Pb % Ag g/t In ppm Sn % Cu % Au g/t
A22‐193 168.25 189.80 21.55 0.97 0.31 175
0.07
incl 168.25 174.0 0 5.75 0.75 0.2 8 567
0.17
And 346.40 353.25 6.85
2
0.79 0.09
A22‐197 230.00 243.70 13.70 5.06 0.09 13 35
incl 238.25 238.9 0 0.65 25.84 0.05 4 6 283
And 271.60 351.00 79.40 5.34 0.02 7 55
incl 2 8 1 . 70 3 0 8 . 0 0 26.30 8 . 3 7 0.02 11 104
A22‐198 270.20 277.80 7.60 3.92 0.32 11 7
And 298.00 335.00 37.00 5.17 0.06 7 59
incl 3 2 6 . 00 3 3 3 . 2 0 7.20 9 . 1 1 0.04 14 151
And 379.00 379.40 0.40 20.40 0.01 8 11
A22‐200 220.30 227.60 7.30 6.43 0.04 9 1
And 283.30 328.20 44.90 11.95 0.06 16 144
incl 3 1 2 . 10 3 2 8 . 2 0 16.10 2 2 . 2 0 0.07 2 6 3 0 0
Notes 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 ALS and SGS laboratories i n
Lima for assay in batches. Standa rds and blanks were inserted b y Tinka into each batch prior to departure from the core storag e
facilities. 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. Samples assaying over 1% zinc, lead, or copper and over 100 g/t silver were re‐assayed using
precise ore‐grade AAS techniques. Samples within massive sulphide zones were also assayed for tin using XRF techniques.
Figure 1. Drill hole map of Ayawilca highlighting 2022 drill hole locations and Zinc Zone indicated resources
Figure 2. Cross sections through West Ayawilca
A. C‐C’
B. D‐D’
Table 2. Drill hole details for 2022 drill program to date
Drill hole Easting Northing Elevation Azimuth Dip Depth m Area Comment
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 HERE
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 pendin g
A22‐197 332912 8845693 4220 264 ‐55 412.60 West Results HERE
A22‐198 332900 8845768 4222 265 ‐53 451.10 West Results HERE
A22‐199 333046 8845067 4195 303 ‐66 344.10 South Results pendin g
A22‐200 332821 8845889 4246 260 ‐58 352.00 West Results HERE
A22‐201 333342 8845195 4208 310 ‐73 58.90 South
(deepening
of A17‐066)
Results pending
A22‐202 333046 8845066 4197 283 ‐52 230.00 South In progress
A22‐203 332839 8845685 4228 264 ‐60 120.00 West In progress
TOTAL
4886.95
Notes: Datum for coordinates: WGS84 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.
On behalf of the Board,
“Graham Carman”
Dr. Graham Carman, President & CEO
Further Information:
www.tinkaresources.com
Mariana Bermudez 1.604.685.9316
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 ‐ see news release ). The Ayawilca Tin Zone has an estimated Inferred Mineral Res ource of 8.4 Mt
grading 1.0% Sn. Tinka holds 46,000 hectares of mining claims in Central Peru, one of the largest holders of mining
claims in the belt. Tinka is actively exploring for copper‐gold skarn mineral deposits at its 100%‐owned Silvia project.
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 ct 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 ; t h e t h r e a t a s s o ci a t e d w i t h o u t b r e a k s o f v i r u s e s a n d i n f e ct 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