Tinka Drills 10.8 Metres Grading 16.7% Zinc at South Ayawilca; Zinc Resource Update by November 2017

2017-09-18 / @newswire

 

VANCOUVER, Sept. 18, 2017 /CNW/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV: TK) (OTCPK: TKRFF) is pleased to announce assay results for an additional nine step-out drill holes from the Company's 100%-owned Ayawilca zinc project in central Peru. Strong zinc intercepts continue to be encountered at South Ayawilca and West Ayawilca. An initial hole at the Chaucha area, about 1.5 kilometres north of the Ayawilca resource, shows encouraging geology and this area requires additional work. Tinka continues to expand the footprint of the zinc mineralization at Ayawilca, with approximately 15,000 metres in 44 holes drilled year-to-date at several prospective areas (Figure 1). Step-out drilling in the current program is expected to continue at South Ayawilca until December.

The Company is also pleased to announce that it intends to update the Ayawilca zinc resource estimation on completion of the two holes now in progress at South Ayawilca (including sampling and assaying). The resource update is expected to be completed by early November. RPA Inc. of Toronto has been retained to complete the resource update and the accompanying National Instrument 43-101 report.

Key Highlights of latest drill holes
Hole A17-089 (South Ayawilca):

  • 10.8 metres at 16.7 % zinc & 681 g/t indium from 218.6 metres depth, including
    • 1.8 metres at 35.9 % zinc & 1,248 g/t indium from 218.6 metres depth, and
    • 2.7 metres at 33.6 % zinc & 1,800 g/t indium from 222.5 metres depth;
  • 9.2 metres at 7.9 % zinc, 18 g/t silver & 60 g/t indium from 241.0 metres depth.

Hole A17-083 (West Ayawilca):

  • 2.9 metres at 8.0 % zinc, 0.6 % lead & 61 g/t silver from 81.6 metres depth;
  • 10.2 metres at 3.0 % zinc, 0.7 % lead & 15 g/t silver from 268.0 metres depth.

Hole A17-085 (West Ayawilca):

  • 1.8 metres at 9.6 % zinc from 292.3 metres depth;
  • 2.4 metres at 14.3 % zinc, 0.2 % lead & 18 g/t silver from 303.1 metres depth.

Dr. Graham Carman, Tinka ?s President and CEO, stated: "Our ongoing drill program continues to expand the high grade zinc mineralization at South Ayawilca and to grow the West Ayawilca zone beyond the limits of the existing resource model. Following up on our successful campaign so far, I am pleased to announce that Tinka is planning an updated estimate of the zinc mineral resources at Ayawilca by early November. This resource update will be a significant milestone for the Company, and it will incorporate mineralization at the high-grade South Ayawilca discovery.Importantly, drilling will continue beyond this period as we test the southern and eastern extensions of South Ayawilca for further high-grade discoveries."

Dr. Carman continued: "Tinka was recently awarded the title of 'Explorer of the Year Americas 2017' by the Mining Journal of London, UK. We are very proud of this award as it brings with it recognition of our achievements during the year. We believe there is much more value to be added, as we advance towards a significant resource update and continue to de-risk Ayawilca with additional studies including metallurgical test work which will be reported late 2017. We also believe there is more exploration upside to be unlocked as zinc mineralization remains open in multiple directions."

See Table 1 for a summary of all significant zinc intercepts in the 2017 drill program to date.

South Ayawilca area
Mineralization at South Ayawilca remains open to the south and southeast (Figure 2). Five holes from South Ayawilca have assays pending (A17-093 through A17-097) and two holes are in progress (A17-098 and A17-099). Holes A17-087 and A17-089 have some very high grade zinc intercepts at the western end of South Ayawilca where the prospective limestone appears to thin out (Figure 3).

West Ayawilca area
New results from holes A17-083 and A17-085 have expanded the mineralization at West Ayawilca to the northeast (Figure 4). Mineralization remains open in this direction, and further drilling is planned in 2018.

Chaucha, Zone 3 and Valley target areas
Tinka has now drilled its first exploration holes into the Chaucha, Zone 3 and Valley target areas, about 1.5 kilometres north of the Ayawilca zinc resources (Figure 1). At Chaucha, two holes were successfully drilled to test a discrete magnetic anomaly approximately 150 metres across. Drill hole A17-086 intersected massive iron oxides (magnetite - hematite) and pyrite over a down hole interval of 125 metres (from 57.50 to 181.80 metres) within a sub-vertical brecciated carbonate host rock.Although there was no significant zinc mineralization we believe the abundance of iron, a first for this style of mineralization at Ayawilca, could indicate the presence of a large hydrothermal system nearby. More drilling is planned in 2018, to better understand the significance of the mineralization encountered. The second hole at Chaucha, A17-084, tested outside the limit of the magnetic anomaly and did not intersect significant mineralization.

At the Zone 3 area, hole A17-081 was stopped at 506 metres in chlorite-altered limestone. The chlorite alteration is interpreted to indicate a nearby mineralizing heat source. Results are pending for hole A17-091, which also encountered strong chlorite alteration in a fault zone. Given the high priority of the resource drilling, the Company recently moved the drill rig from Zone 3 to South Ayawilca. More drilling is planned for Zone 3 in 2018. At the Valley area, results are pending for holes A17-090 and 092.

True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thickness, except where otherwise noted in footnotes to Table 1. All significant results of the 2017 program are summarized in Table 1 with the strongest intercepts in bold text. Table 2 summarizes all drill collar information to date.

Maps attached:
Figure 1:Geological map with 2017 drill holes and targets;
Figure 2:Drill hole locations at South, West and Central Ayawilca;
Figure 3:Longitudinal section of South Ayawilca;
Figure 4:Cross section of West Ayawilca;

NI 43-101 Technical Report:
On June 29, 2016, Tinka filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru in support of the Company's news release dated May 25, 2016. The NI 43-101 Technical Report was authored by Mr. David Ross. P.Geo., of Roscoe Postle Associates Inc., who is an independent "qualified person" as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.tinkaresources.com.

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.

Figure 1. Geological map highlighting all 2017 drill holes to date & prospective areas (CNW Group/Tinka Resources Limited)

Figure 2. Ayawilca 2017 drill hole map showing 2016 Mineral Resource boundaries (CNW Group/Tinka Resources Limited)

Figure 3. Simplified longitudinal section D-D' through South Ayawilca with interpreted zinc bodies (CNW Group/Tinka Resources Limited)

Figure 4. Simplified cross section E-E' through West Ayawilca with interpreted zinc bodies (CNW Group/Tinka Resources Limited)

Table 1. Summary of 2017 Drill Results from Ayawilca by Area and Date of Release

Drill hole

From m

To m

Interval
m

Zn %

Pb %

Ag g/t

Indium
g/t

Area
Ayawilca

Reported

A17-0561

90.30

90.65

0.35

29.0

0.4

82

443

South

April 3 '17

and

113.00

113.40

0.40

31.2

0.0

85

759


April 3 '17

and

126.00

189.90

63.90

5.6

0.1

17

29


March 6 '17

including

127.50

145.40

17.90

11.6

0.2

36

20


March 6 '17

Including

127.50

133.30

5.80

22.5

0.3

77

50


March 6 '17

and

199.20

204.70

5.50

5.8

0.1

6

38


April 3 '17

and

228.50

233.70

5.20

12.9

0.0

11

162


March 6 '17

and

242.00

293.90

51.90

10.1

0.1

624

233


April 3 '17

including

279.00

293.90

14.90

20.6

0.2

1524

441


April 3 '17

including

279.00

285.40

6.40

37.5

0.4

301

916


April 3 '17

A17-056A

286.50

296.00

9.50

9.3

0.3

19

88

South

May 3'17

and

309.00

313.10

4.10

18.6

0.1

27

224


May 3'17

including

310.50

313.10

2.60

27.3

0.1

38

336


May 3'17

A17-057

84.90

86.35

1.45

24.8

0.0

62

157

South

April 3 '17

and

143.70

144.50

0.80

40.4

0.1

138

261


April 3 '17

and

157.60

197.70

40.10

9.1

0.2

22

168


April 3 '17

including

168.20

177.80

9.60

16.8

0.1

22

299


April 3 '17

and

227.15

234.90

7.75

3.5

0.2

21

85


April 3 '17

and

264.00

279.30

15.30

20.0

2.5

102

263


April 3 '17

including

265.75

269.00

3.25

34.5

2.1

96

196


April 3 '17

including

272.50

277.70

5.20

32.5

1.3

69

639


April 3 '17

A17-058

103.50

107.70

4.205

20.2

4.2

3294

15

West

May 3'17

and

133.25

134.35

1.105

30.3

3.2

500

61


May 3'17

A17-058 did not reach target, lost at 301 metres in sandstone





A17-059

50.30

51.10

0.80

37.5

0.5

69

70

South

June 8'17


58.00

60.00

2.00

6.3

0.0

12

30


June 8'17

Drill hole

From m

To m

Interval
m

Zn %

Pb %

Ag g/t

Indium
g/t

Area
Ayawilca

Reported

A17-060

262.40

264.40

2.00

14.8

0.0

35

1178

South

May 3'17

and

275.00

279.50

4.50

15.0

0.0

20

383


May 3'17

and

298.00

328.50

30.52

3.4

0.2

10

38


May 3'17

including

303.40

312.00

8.60

5.1

0.1

11

6


May 3'17

A17-061

122.70

150.50

27.80

4.4

0.1

18

24

South

May 3'17

including

145.70

147.50

1.805

27.2

0.0

32

157


May 3'17

and

184.00

202.60

18.603

10.4

0.5

52

59


May 3'17

including

196.20

198.80

2.60

23.6

2.4

192

19


May 3'17

including

201.90

202.60

0.70

28.7

3.6

202

41


May 3'17

and

220.00

233.40

13.40

18.7

0.9

57

463


May 3'17

including

224.10

230.00

7.90

29.3

0.8

71

719


May 3'17

and

265.00

266.80

1.80

37.0

0.2

85

808


May 3'17

A17-062

152.40

153.05

0.655

33.6

0.3

166

42

South

June 28'17

A17-062 was lost prior to target depth in a fault zone at 313 metres



A17-063

302.20

349.90

47.70

11.3

0.0

18

313

South

June 8'17

including

303.30

313.10

9.80

17.4

0.0

28

587


June 8'17

including

327.40

339.60

12.20

17.1

0.0

26

495


June 8'17

A17-064

269.90

270.40

0.50

15.6

0.0

11

304

South

June 8'17

and

277.20

277.60

0.40

14.5

0.0

17

39


June 8'17

A17-065

119.00

119.75

0.75

36.6

0.1

88

157

South

June 8'17

and

204.00

210.00

6.00

4.0

0.0

4

9


June 8'17

and

219.50

238.80

19.30

4.7

0.0

7

93


June 8'17

including

236.20

238.80

2.60

20.6

0.0

23

529


June 8'17

and

266.40

293.00

26.60

3.6

0.0

4

46


June 8'17

and

307.30

332.00

24.70

3.8

0.0

5

51


June 8'17

and

340.00

346.00

6.00

2.6

0.1

7

16


June 8'17

A17-066

185.20

185.50

0.30

37.8

0.0

40

1330

South

June 8'17

and

330.90

334.40

3.50

7.4

0.1

24

111


June 8'17

and

345.00

350.00

5.00

11.3

0.1

37

270


June 8'17

A17-067

256.40

265.00

8.60

2.7

0.2

39

0

South

June 28'17

A17-068

343.55

344.30

0.75

6.1

11.6

210

7

Central

June 28'17

and

382.00

388.00

6.00

4.0

0.1

46

47


June 28'17

A17-069

182.00

190.00

8.00

3.0

0.5

13

17

South

June 28'17

and

261.60

262.30

0.70

17.8

0.0

14

73


June 28'17

and

271.40

300.70

29.30

10.4

0.1

17

278


June 28'17

including

287.30

299.40

12.10

19.1

0.1

25

440


June 28'17

A17-070

100.00

105.10

5.10

6.3

0.6

127

82

South

June 28'17

and

306.80

308.40

1.60

15.4

0.1

40

529


June 28'17

and

317.50

356.80

39.306

7.1

0.1

13

100


June 28'17

including

340.00

356.80

16.80

12.9

0.1

19

183


June 28'17

including

340.00

348.00

8.00

20.9

0.1

19

265


June 28'17

A17-071

327.20

350.00

22.80

8.4

0.8

35

17

South

July 7'17

including

332.40

345.00

12.60

11.6

0.9

35

30


July 7'17

A17-072

104.80

105.60

0.80

27.0

0.3

73

125

South

July 7'17

and

294.50

306.00

11.50

2.9

2.3

781

0


July 7'17

including

302.00

304.00

2.00

5.6

5.5

3167

0


July 7'17

A17-073

no significant results


Zone 3

July 7'17

A17-074

71.40

73.60

2.205

31.0

0.1

138

23

West

July 7'17

and

148.00

148.70

0.705

18.3

0.3

38

0


July 7'17

A17-075

359.00

379.87

20.80

5.0

0.0

11

44

South

July 7'17

including

376.30

379.80

3.50

10.2

0.0

17

96


July 7'17

A17-076

196.70

199.50

2.80

4.5

0.4

54

43

South

Aug 15 '17

and

264.00

269.90

5.90

1.2

1.0

58

0


Aug 15 '17

and

368.00

373.70

5.70

2.4

1.9

55

0


Aug 15 '17

A17-077

265.10

268.00

2.90

2.9

2.8

84

0

Central

Aug 15 '17

and

337.30

339.60

2.30

9.2

0.0

11

79


Aug 15 '17

and

348.60

359.60

11.00

2.6

0.7

86

1


Aug 15 '17

Drill hole

From m

To m

Interval
m

Zn %

Pb %

Ag g/t

Indium
g/t

Area
Ayawilca

Reported

A17-078

190.00

191.20

1.20

8.9

0.3

380

32

Central

Aug 15 '17

and

400.10

404.40

4.30

7.8

0.1

4

57


Aug 15 '17

A17-079

209.30

225.15

15.85

2.4

1.2

25

0

West

Aug 15 '17

and

254.40

270.00

15.60

2.4

0.1

5

16


Aug 15 '17

and

273.25

309.50

36.25

5.2

0.2

10

65


Aug 15 '17

including

304.00

309.50

5.50

12.5

0.0

8

103


Aug 15 '17

A17-080

171.70

174.00

2.30

3.5

2.2

58

0

West

Aug 15 '17

and

291.30

306.50

15.20

6.0

0.0

7

184


Aug 15 '17

including

304.70

306.50

1.80

28.4

0.0

34

1400


Aug 15 '17

A17-081

no significant results

Zone 3

Here

A17-082

not sampled - did not reach target depth

Chaucha

Here

A17-083

81.60

84.50

2.90

8.0

0.6

61

133

West

Here

and

175.80

178.70

2.90

2.9

1.3

46

0


Here

and

268.00

278.20

10.20

3.0

0.7

15

3


Here

A17-084

no significant results

Chaucha

Here

A17-085

100.00

102.00

2.00

8.3

0.0

10

28

West

Here

and

292.30

294.10

1.80

9.6

0.1

4

2


Here

and

303.10

305.50

2.40

14.3

0.2

18

20


Here

A17-086

no significant results

Chaucha

Here

A17-087

133.50

134.40

0.90

9.6

0.1

472

15

South

Here

and

148.00

150.00

2.00

3.9

0.1

166

9


Here

and

242.00

242.80

0.80

7.4

3.3

607

26


Here

and

262.90

264.55

1.65

5.4

0.2

84

1


Here

A17-088

no significant results

Valley

Here

A17-089

218.60

229.40

10.80

16.7

0.0

33

681

South

Here

including

218.60

220.40

1.80

35.9

0.0

40

1248


Here

including

222.50

225.20

2.70

33.6

0.1

68

1800


Here

and

241.00

250.20

9.20

7.9

0.0

18

60


Here

including

245.70

246.80

1.10

25.7

0.1

49

355


Here

including

249.40

250.20

0.80

35.6

0.1

51

103


Here

1 hole lost at 293.9 metres; wedged and completed as A17-056A to 376 metres depth



2 includes 0.6 m with no core recovery from 315.2 to 315.8 m; this interval was given a zero grade

3 includes 3.1 m with no core recovery from 198.8 to 201.9 m; this interval was given a zero grade

4 includes a silver assay cut at 1,000 g/t; actual assay in A17-056 was 0.2 m at 16,490 g/t Ag, 7.0% Zn & 6.9 % Cu from 287.1 m.

5 high grade vein intercepts with variable true thicknesses



6 includes 4.3 m of no recovery assumed zero grade



7 includes 1.7 m of no recovery assumed zero grade



Note:Assays are calculated using a zinc only cut-off grade of 2% over 6 metres



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-core is bagged on average over 1 to 2 metre composite intervals and sent to ALS or SGS laboratories in Lima for assay in batches. Standards and blanks are inserted into each batch prior to departure from Tinka's core storage facilities. At the laboratory samples are dried, crushed to 100% passing 2mm, then 500 grams pulverized for multi-element analysis 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.

Table 2. Summary of Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)

Drill Hole

Easting

Northing

Total depth (m)

Elevation (m)

Azimuth

Dip

A17-056

333046

8845062

293.9

4202

300

-75

A17-056A

333046

8845062

376.4

4202

300

-75

A17-057

333046

8845062

477.0

4202

300

-55

A17-058

332557

8845657

301.0

4299

040

-82

A17-059

332840

8845192

248.9

4209

120

-85

A17-060

333174

8845005

358.4

4218

300

-70

A17-061

333058

8844996

326.9

4191

290

-67

A17-062

333175

8845004

309.0

4218

000

-90

A17-063

333241

8845118

416.6

4229

310

-70

A17-064

333062

8844993

369.1

4191

290

-50

A17-065

333174

8845090

366.3

4225

300

-75

A17-066

333345

8845193

371.6

4211

310

-70

A17-067

333059

8844996

302.8

4190

120

-85

A17-068

333552

8845279

419.7

4185

310

-75

A17-069

333114

8845103

374.3

4210

300

-65

A17-070

333152

8845150

367.8

4230

310

-75

A17-071

333328

8845044

383.3

4202

310

-70

A17-072

333114

8845103

445.9

4233

300

-53

A17-073

334458

8846616

710.0

4024

210

-75

A17-074

332666

8845491

429.6

4124

015

-75

A17-075

333434

8845121

395.3

4201

310

-70

A17-076

333155

8845153

420.7

4230

310

-55

A17-077

332966

8845460

416.2

4243

130

-70

A17-078

333656

8845227

477.2

4174

310

-75

A17-079

332919

8845717

322.6

4223

310

-65

A17-080

332915

8845805

335.4

4220

310

-70

A17-081

334696

8846099

506.8

4151

190

-70

A17-082

333774

8847585

67.2

3922

290

-65

A17-083

332968

8845607

317.6

4216

310

-70

A17-084

333694

8847613

123.1

3938

300

-75

A17-085

332903

8845938

346.6

4250

310

-70

A17-086

333693

8847613

217.9

3938

300

-50

A17-087

333005

8844940

316.8

4160

290

-72

A17-088

332689

8846884

224.6

4163

170

-65

A17-089

333003

8844943

330.1

4160

325

-60

On behalf of the Board,

"Graham Carman"

Dr. Graham Carman, President & CEO

About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone has an Inferred Mineral Resource of 18.8 Mt at 5.9 % zinc, 0.2 % lead, 15 g/t silver & 74 g/t indium, and a Tin Zone Inferred Mineral Resource of 5.4 Mt at 0.76 % tin, 0.31 % copper & 18 g/t silver (May 25, 2016). A significant resource expansion drill program began in February 2017 and is ongoing.

Forward Looking Statements: Certain information in this news release 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 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, drilling results, the Company's expectations regarding mineral resource calculations, capital and other costs varying significantly from estimates, production rates varying from estimates, 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 initiatives, competition, operating performance, environmental and safety risks, 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 materialize, or should any underlying assumptions 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

SOURCETinka Resources Limited

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