Vancouver, Canada — Tinka Resources Limited (“Tinka” or the “Company”) (TSXV: TK) (OTCPK: TKRFF) is pleased to announce assay results of a ten hole, 1600-metre drill program at its 100%-owned Colquipucro silver project in central Peru. Seven of the holes (CDD39 to CDD45) were infill holes drilled on two section lines spaced 100 metres apart within the existing silver resource (32 million ounces inferred silver oxide resource reported on April 9, 2014.). All seven holes intersected strong, near-surface, oxidized, silver mineralization over substantial thicknesses. Three other holes (CDD36 - CDD38) were step-out holes testing the extension of mineralization to the northwest with one hole intersecting significant grade.
- CDD45: 136.0 metres at 75 grams per tonne (g/t) silver from 4.0 metres depth including 14.0 metres at 211 g/t silver from 40.0 metres depth;
- CDD44: 60.0 metres at 92 g/t silver from 90.0 metres depth including 10.1 metres at 264 g/t silver from 118.0 metres depth;
- CDD43: 38.9 metres at 200 g/t silver* from 104.0 metres depth, including 11.0 metres at 605 g/t silver from 120.7 metres depth;
- CDD41: 86.0 metres at 90 g/t silver** from 6.0 metres depth including 26.0 metres at 119 g/t silver from 18.0 metres depth and 12.0 metres at 198 g/t silver from 66.0 metres depth;
- CDD39: 40.5 metres at 140 g/t silver from 94.0 metres depth including 4.0 metres at 699 g/t silver from 102.0 metres depth.
- CDD37 (Step-out hole): 6.0 metres at 105 g/t silver from 22.0 metres depth.
** includes 7.1 metres of no recovery in 3 intervals with zero grade assumed.
Dr. Graham Carman, Tinka’s President and CEO, stated: “These excellent new drill results provide better definition of the high-grade, near-surface silver oxide zones at Colquipucro, which will be important in any future mining operation. Thick (~80 metre true thickness) silver oxide mineralization occurs at or near to the surface beneath Colquipucro hill in CDD41 (86 metres at 90 g/t silver) and a number of other adjacent holes (e.g. CDD30: 104 metres at 96 g/t silver). Near the southern margin of the resource, CDD43 (39 metres at 200 g/t silver, including 11 metres at 605 g/t silver) has defined a 40 metre wide, high-grade east-west trending structure at a vertical depth of 50 metres.”
“This recent drill program has now achieved a drill line spacing of 50 metres across the Colquipucro resource. The next steps for the project will include an updated resource estimate, to be calculated by an independent consultant, during Q1 2015. Further metallurgical test work of the silver oxide mineralization will determine the likely recoveries of any future silver leach operation. Silver recoveries in initial leach tests of between 50-85% were previously obtained, results which are considered very encouraging. Once metallurgical testing is completed and results assessed, the next phase work program is likely to include a Preliminary Economic Assessment (PEA).”
Geology of the Silver Mineralization
Drill holes completed in the current program are plotted on a geology map - see Figure 1. Highlights of drill holes on two cross sections are also plotted - see Figure 2. Silver mineralization at Colquipucro is defined over an area of approximately 430 metres (north-south) by 200 metres (east-west), and a vertical thickness of around 80 metres. Drill line spacings are 50 metres apart across the deposit.
The silver mineralization at Colquipucro is hosted predominately by a quartz sandstone unit (“Goyllar Group”), 80-100 metres thick, dipping gently to the southwest. The silver oxide mineralization occurs with iron oxides (following oxidation of primary sulphides), with or without manganese oxide, commonly in highly fractured rocks. Mineralization appears to be enriched at the lower contact of the sandstone, and in east-west trending fracture zones which dip at moderate angles (30 to 70 degrees) to the north. Beneath the sandstone lies a sedimentary unit consisting of breccia, siltstone, shale and limestone approximately 150 metres thick (“Oyon Formation”). The Oyon Formation hosts zinc mineralization (oxidized or transitional to sulphide). A metamorphic sedimentary rock, “phyllite” (“Excelsior Group”), lies beneath the Oyon Formation and is unmineralized. Drill holes were angled to the south or to the north at angles of between 42 and 60 degrees. Tables 1 and 2 summarize all drill results and drill collar information.
The true widths of the drill intercepts are between 60% and 100% of the reported down-hole widths (see Table 1). A 15 g/t silver cut-off over 6 metre drilling intervals was used by the Company. Intervals of no core recovery within mineralized intervals have been given a zero grade.
Ayawilca Drill Program
Tinka has recently completed a 6,400 metre drill program at the Ayawilca zinc and associated base metals project, located 2km to the south of Colquipucro. We expect the full results of the drill program at Ayawilca to be released by the end of January 2015.
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 a junior resource acquisition and exploration company with projects in Peru. Tinka’s focus is on its 100%-owned Ayawilca and Colquipucro projects in the highly mineralized zinc-lead-silver belt of central Peru, 200 kilometres north of Lima. The Ayawilca project, located 40 kilometres from Peru’s largest historic zinc mine, Cerro de Pasco, has the potential to be a major zinc sulphide discovery. The nearby Colquipucro silver oxide project is a near-surface, sandstone hosted silver oxide deposit with a current inferred resource containing 32 million ounces silver with potential for expansion.
On behalf of the Board,
Dr. Graham Carman, President & CEO
1305 — 1090 West Georgia St., Vancouver, BC, V6E 3V7
James Powell + 1-647-478-8976
Seema Sindwani +1 647-478-3017
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, 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 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.
Notes on core sampling:
All holes are diamond core holes with recoveries generally between 80% - 100%. HQ drill core is marked up, logged, and photographed on site. Cores are cut in half and sampled at the Company’s core storage facility, with half-cores stored as reference. Half-core is bagged on average over 2 metre composite intervals and sent to Certimin Laboratory in Lima for assay in batches. Standards and blanks are inserted into each batch prior to departure from the Company’s 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 25 g/t silver in the ICP are then re-assayed using an ore-grade AAS technique. The AAS result takes priority over the ICP for reporting purposes. In the historic drill holes (CDD1 to CCD35), AAS re-assaying was done when ICP data exceeded 100 g/t silver. The AAS silver values have been found to be generally 1-2% higher than the ICP silver results.
Silver intersections have been calculated on the basis of a 15 g/t cut-off over 6 metre intervals. For intervals of no core recovery within a mineralized interval (see Comments in Table 1), the non-recovered intervals have been given zero grade. Poor core recoveries can occur within zones of broken and/or clay rich rock, or where drills cut old mine work-ings.
Table 1. Summary of all significant silver oxide drill intersections from Colquipucro (new results highlighted)
|Drill hole||From m||To m||
|CDD45||4.0||140.0||136.0||75||2.7m no recovery in 4 intervals|
|and||104.0||142.9||38.9||200||6.9m no recovery in 3 intervals|
|CDD41||6.0||92.0||86.0||90||7.1m no recovery in 3 intervals|
|including||66.0||78.0||12.0||198||0.8m no recovery in 1 interval|
|and||36.0||84.0||48.0||25||1.5m no recovery in 1 interval|
SIGNIFICANT PAST DRILL RESULTS
|Drill hole||From m||To m||
|CDD34||74.0||112.3||38.3||56||0.8m no recovery in 1 interval|
|CDD30||2.0||106.0||104.0||96||1.8m no recovery in 1 interval|
|CDD29||2.0||124.0||122.0||76||3.8m no recovery in 2 intervals|
|including||106.0||120.0||14.0||189||0.4m no recovery in 1 interval|
|and||158.0||180.0||22.0||23||3.9m no recovery in 2 intervals|
|CDD28||22.0||132.0||108.0||57||3.6m no recovery in 2 intervals|
|CDD22||12.0||98.0||86.0||80||1.5m no recovery in 1 interval|
|CDD21||14.0||108.0||94.0||91||1.3m no recovery in 1 interval|
|CDD20||22.0||88.0||66.0||30||10.4m no recovery in 2 workings|
|and||96.0||128.9||30.0||35||7.5m no recovery in 2 intervals|
|and||100.0||124.5||24.5||23||0.5m no recovery in 1 interval|
|CDD17||102.0||126.1||24.1||31||0.8m no recovery in 1 interval|
|and||118.0||146.0||28.0||25||3.4m no recovery in 2 intervals|
NSR = No significant result.
Notes on drill hole data (Table 2):
Eastings and Northings are based on PSAD56 Zone18S UTM datum. The coordinates for all holes were surveyed using a theodolite, based on known surveyed points within the project area. Azimuth and dip measurements of drill holes were taken using compass and inclinometer. All holes from CDD36 onwards were down-hole surveyed using a Reflex system (detailed data not shown).
Table 2. Drill hole collar coordinates and hole details
|Drill hole||Easting||Northing||Elevation m||Depth m||Azimuth||Dip||Comment||Date|
|PAST COLQUIPUCRO DRILL HOLES|
|Drill hole||Easting||Northing||Elevation m||Depth m||Azimuth||Dip||Comment||Date|