TIBILLOS, PERU

The Company has signed an option agreement to purchase 100% interest in the Anita de Tibillos Copper Porphyry property (“Tibillos”) from an arm’s length private owner in Peru.  Tibillos totals 1,000 hectares and is located about 40 km northeast of the town of Palpa, situated 50 km northwest of Nazca, along the Pan American highway. 

Tinka has the right to acquire 75% interest in Tibillos by making cash payments totaling US$600,000 over a period of five years, including a cash payment of US$11,000, payment of outstanding mineral claim fees, and undertake certain exploration programs in the first year of the agreement.  Tinka has the exclusive right to purchase the remaining 25% interest in Tibillos by making cash payments of US$500,000 over a further five year period provided that Tinka has earned the initial 75% interest.   The Vendor retains no royalties. 

Tibillos is located within the coastal batholith and falls along a contiguous line of porphyry deposits including Lara, Tingo, Puquio and Los Pinos. Tibillos was sampled by Noranda in the 1990’s who took 87 rock chip samples over an area of 2.5 km x 1 km .  Within a 1 km x 1 km area, 64 of these rock samples averaged 640 ppm Cu with the highest being 3,150 ppm Cu.  The granodiorite host rock is extremely leached; experience gained elsewhere, in similar environments, shows that surface copper values do not reflect the actual copper grades found in primary sulphides at depth or in any supergene zone, yet to be identified.  These results are very encouraging, and Tibillos has never been drill tested.   The granodiorite subcrop has been traced for over 4 km east-west by 2 km north-south and is covered by quartzites and younger volcanics on all sides. 

A preliminary mapping survey was recently completed by the Company’s independent consulting geologist. The objective of this initial survey was to determine, where possible, the geometry and zoning features of the porphyry target. Thus far, a typical zonation from propylitic to pyritic and phyllic zones has been identified on the western side of the target zone, but faulting has complicated the eastern side, down-dropping propylitic and pyritic altered volcanic and sedimentary roof pendant rocks next to the highly altered porphyry. A target zone of potentially economic mineralization at least 800 m east-west by 700 m north-south has been interpreted so far.

The Company has received a report from an independent geophyscist on the induced polarisation (IP) survey undertaken on the property.

The pole-dipole survey consisted of 12 lines totalling 20 km with the object of determining, where possible, the geometry and zoning features of the porphyry target.  The data was modelled using both the Zonge 2-D and UBC 3-D inversion programs; both methods produced similar and coherent chargeability and resistivity models.

The IP data has produced a target area in the central part of the porphyry roughly 800 m east-west by up to 500 m north-south.  This model fits the observed surface mineralization.  Also, there exists a conductive body in the southeastern part of the survey area that is underlain by volcanics.  Skarn-style mineralization was noted in a small mine operated by informal miners about 2 km southeast from here which is hosted by similar rocks.

The Company has received a permit for a phase 1 drill program which will allow for up to 18 platforms.  Construction work on the drill platforms and access roads will begin as soon as possible and the Company is seeking a drill contractor to undertake this drill program. 

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