Tinka Resources Limited (TSX-V:TK) (BVL: TK) (OTCPK: TKRFF) is pleased to announce assay results for six holes from its ongoing resource step-out drill program at the Company’s 100%-owned Ayawilca project, central Peru. Three holes are reported from West Ayawilca area (holes A18-115, 116 & 118) and three from the Zone 3 area (A18-110, 113 & 119).
Drill hole A18-118 intersected 106.5 metres grading 6.8 % zinc (uncut) from 237.3 metres depth, one of the best intercepts ever drilled at West Ayawilca, approximately 50 metres north of the current zinc mineral resource. The footprint of high-grade zinc mineralization continues to grow. In addition, high-grade tin intercepts are reported from the Zone 3 area for the first time. Three rigs continue to drill step-out holes at West Ayawilca and at Zone 3, with other targets at South Ayawilca and Valley to be tested in coming weeks.
West Ayawilca Area
Hole A18-116: *
Hole A18-115: *
Zone 3 Area
|Note:||True thicknesses of the zinc and tin intersections are estimated to be at least 85% of the downhole thicknesses, except for vein intercepts (marked *) where true thicknesses are unknown.|
Dr. Graham Carman, Tinka´s President and CEO, stated: “Tinka is targeting high-grade zinc mineralization outside of the existing resource boundaries in the 2018 step-out drill program, and we are very pleased to report results for hole A18-118, one of the best mineralized holes from West Ayawilca. Importantly, our geological model has successfully predicted zinc mineralization is concentrated close to the hinge of an ‘anticline’ fold within limestone beneath sandstone cover, and this mineralization remains open. At West Ayawilca more holes are planned to target the projections of the fold hinge and its flat-lying eastern limb. The steep-dipping western fold limb, tested by A18-115 & 116, appears to host vein-style mineralization in the overlying sandstone only.”
“We continue to target possible connections between the resource areas at West and Central Ayawilca, and several holes have results pending. The Zone 3 area is also beginning to show encouraging zinc intersections (e.g., hole A18-119), and although the mineralization is relatively deep, we believe Zone 3 has the potential to add significant new resources to the project. High-grade tin mineralization in A18-119, more than 2 kilometres away from West Ayawilca, further indicates the potential and very large size of the Ayawilca mineralized system.”
West Ayawilca Geology – Discussion
Three geological rock units are observed in all areas at Ayawilca: an upper sandstone, a middle limestone which hosts most of the sulphide zinc mineralization, and a lower phyllite. The main geological feature of West Ayawilca is an ‘anticline’ fold which has a flat-lying eastern limb and a steep-dipping western limb. The hinge of this fold and the flat-lying eastern side of the fold are prospective for zinc and hosts massive sulphide zinc mineralization at West Ayawilca and South Ayawilca up to ~200 metres in vertical thickness, typically in the form of tabular sulphide bodies or “mantos”, and more irregular shaped ‘chimneys’. At these areas, most if not all of the limestone is completely replaced by massive sulphide mineralization. Magnetite replacement of limestone predates the sulphide zinc mineralization and typically, as magnetite increases in the drill cores the quantity of sphalerite decreases.
The ultimate source or ‘feeder’ of the zinc mineralization remains uncertain, but Tinka geologists believe the zinc mineralization was brought into the limestone via steep northeast-trending faults that transect the Ayawilca property.
Zone 3 Geology – Discussion
The main geological feature at Zone 3 is an overturned ‘syncline’ which has folded the sequence into a ‘V’ and resulted in limestone outcropping at surface on the eastern fold limb. Limestone in hole A18-119 at Zone 3 has been heavily replaced by magnetite, and to a lesser extent pyrite and sphalerite. As at West Ayawilca, Tinka geologists believe that the strongest zinc mineralization is likely to occur around the edges of the magnetite bodies.
Massive pyrite replacement at the base of the limestone hosts significant tin mineralization (e.g., A18-113 & A18-110). The pyrite mineralization postdates and replaces massive pyrrhotite replacement bodies, which hosts tin mineralization elsewhere at the base of the limestone especially at Central Ayawilca. At Zone 3 and elsewhere, the zinc and tin are completely different styles of mineralization and are physically separated.
Massive sulphide and magnetite replacement at Zone 3 appears to be hosted close to the hinge of the overturned syncline near the Chaucha Fault, with zinc and lead rich mineralization extending into the overlying sandstone (Figure 3). Tinka geologists believe that the magnetite-pyrite/pyrrhotite zonation seen in Zone 3 may be similar to West and Central Ayawilca, with a tin-rich core and zinc-rich margins, particularly near fault intersections.
Summary of Ayawilca Inferred Zinc Zone Mineral Resources (Nov’ 8, 2017)
South Ayawilca: 13.3 million tonnes at 9.5 % ZnEq (7.6 % zinc, 0.2 % lead, 25 g/t silver & 118 g/t indium);
West Ayawilca: 9.0 million tonnes at 7.2 % ZnEq (6.1 % zinc, 0.2 % lead, 14 g/t silver & 64 g/t indium);
Central Ayawilca: 13.0 million tonnes at 5.7 % ZnEq (4.7 % zinc, 0.3 % lead, 13 g/t silver & 54 g/t indium);
East Ayawilca: 7.5 million tonnes at 6.2 % ZnEq (5.1 % zinc, 0.2 % lead, 13 g/t silver & 69 g/t indium);
TOTAL: 42.7 million tonnes at 7.3 % ZnEq (6.0 % zinc, 0.2 % lead, 17 g/t silver & 79 g/t indium).
|1||US$55/t NSR cut off was used. Metal price assumptions were US$1.15/lb Zn, US$300/kg In, US$18/oz Ag, US$1.10/lb Pb. Metal recovery assumptions were 90% Zn, 75% In, 60% Ag, and 75% Pb for the ZnEq calculation.|
|2||The NSR value was calculated using the formula: NSR = Zn(%)*US$15.34+Pb(%)*US$6.15+In(g/t)*US$0.18+Ag(g/t)*US$0.27|
|3||The ZnEq value was calculated using the formula: ZnEq = NSR/US$15.34|
|4||Numbers may not add due to rounding|
Qualified Person – Mineral Resources:
The Mineral Resources disclosed in this press release have been estimated by Mr. David Ross, P.Geo., an employee of Roscoe Postle Associates Inc. (RPA), and is independent of Tinka. By virtue of his education and relevant experience, Mr. Ross is a “Qualified Person” for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). 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 has been filed under the Company’s profile on SEDAR at www.sedar.com and is available on the Company’s website at www.tinkaresources.com
True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thickness, except where marked. Significant new drill intercepts are summarized in Table 1 with the strongest intercepts in bold text. Table 2 summarizes the drill collar information for the recent holes.
Table 1. Significant drill intercepts at Ayawilca in 2018
|A18-110||278.20||282.00||3.80||3.7||0.3||7||0||Zone 3||April 25’18|
|and||322.60||326.00||3.40||4.8||0.0||4||48||Zone 3||April 25’18|
|and||329.90||342.00||12.10||4.9||0.0||8||60||Zone 3||April 25’18|
|and||436.00||442.00||6.00||5.6||0.0||4||50||Zone 3||Feb 15’18|
|including||438.90||439.60||0.70||14.7||0.0||3||137||Zone 3||Feb 15’18|
|and||454.00||458.00||4.00||8.4||0.0||5||126||Zone 3||Feb 15’18|
|including||456.20||456.70||0.50||41.7||0.0||7||366||Zone 3||Feb 15’18|
|A18-111||173.80||178.80||5.00||20.2||0.3||74||420||Zone 3||Feb 15’18|
|and||372.70||374.00||1.30||6.5||0.0||6||212||Zone 3||April 25’18|
*Vein style mineralization where true thickness cannot be determined.
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|
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 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. Samples assaying over 200 ppm tin are re-assayed by fusion methods with an AAS finish (method AAS90B).
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.
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 Inferred Mineral Resource estimate now consists of 42.7 Mt at 6.0 % zinc, 0.2 % lead, 17 g/t silver & 79 g/t indium, and a Tin Zone Inferred Mineral Resource of 10.5 Mt at 0.63 % tin, 0.23 % copper & 12 g/t silver (Nov. 8, 2017, release). Drilling for resource extensions and the testing of new targets is ongoing.
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