Tinka Continues to Expand Zinc and Tin Footprint at Ayawilca

January 20th, 2016

Drill intersections include 6.8 metres at 8.2% zinc, 117g/t indium & 12g/t silver in A15-53
And 4.0 metres at 2.0% tin, 0.23% copper & 7g/t silver in A15-55 within wider lower-grade intervals

Vancouver, Canada – Tinka Resources Limited (“Tinka” or the “Company”) (TSXV: TK) (OTCPK: TKRFF) is pleased to announce results of the final eight holes of its 2015 drill hole program at the 100%-owned Ayawilca project, central Peru. Twenty-three holes were completed during 2015 for 8,917.5 metres in total, with all holes drilled beyond the boundary limits of the February 2015 Inferred Zinc Mineral Resource (PR Feb’26 2015). The footprint of the zinc, and tin-copper mineralization, continues to grow (~1km x 1.5km). Zinc mineralization remains open particularly to the south and northeast, where the Company is prioritizing new drill permit renewals and extensions by 2nd half 2016. Tin-copper drill intersections cored directly below the zinc from the same diamond holes (A15-49, A15-52 & A15-55) further underpin the growing significance of the Ayawilca polymetallic system. Tin in A15-55 is 130 metres east of reported mineralization in A15-40 (52.3 m at 1.2% tin, 0.16% copper & 15g/t silver), and still open.

New drill intersections include:

Zinc Mineralization (mantos):

  • A15-53: 16.5 metres at 5.5% zinc, 92g/t indium & 11g/t silver from 344.2 metres depth, including:
    • 6.8 metres at 8.2% zinc, 117g/t indium & 12g/t silver from 353.9 metres depth;
  • A15-52: 18.6 metres at 4.4% zinc, 81g/t indium and 4g/t silver from 306.1 metres depth, including
    • 1.6 metres at 11.1% zinc, 280g/t indium & 7g/t silver from 319.9 metres depth;
  • A15-49: 8.3 metres at 3.6% zinc, 2.1% lead & 28g/t silver from 279.7 metres depth;

Zinc Mineralization (veins):

  • A15-54: 5.8 metres at 8.9% zinc and 26g/t silver from 95.9 metres depth, including:
    • 1.6 metres at 28.1% zinc and 76g/t silver from 95.9 metres depth;

Tin-Copper Mineralization (mantos):

  • A15-55: 13.0 metres at 0.74% tin, 0.11% copper & 5g/t silver from 411.6 metres depth, including
    • 4.0 metres at 2.0% tin, 0.23% copper & 7g/t silver from 420.6 metres depth, and;
  • A15-52: 5.1 metres at 1.2% tin, 0.33% copper & 24g/t silver from 356.1 metres depth, including
    • 0.9 metres at 5.26% tin, 0.53% copper & 38g/t silver from 359.0 metres depth;
  • A15-49: 9.5 metres at 0.9% tin, 0.26% copper & 12g/t silver from 393.9 metres depth, including
    • 2.4 metres at 2.4% tin, 0.43% copper & 8g/t silver from 396.6 metres depth.
  • True thickness of the mantos are estimated to be at least 75% of the down-hole lengths for zinc and 85% for tin-copper, as the mineralization is generally flat-lying. True thicknesses of high-grade veins in A15-54 (Table 1) are estimated to be between 60% and 80% of the down-hole lengths;

Dr. Graham Carman, Tinka’s President and CEO, stated: “We are very pleased with the new drill results, which continue to show that Ayawilca is a large and “growing” polymetallic discovery. We estimate only 30% of the prospective area at Ayawilca has been drill tested, with high-priority targets lying immediately outside of the permitted area (e.g., South Ayawilca, West Ayawilca, Chaucha). Drilling permit renewals and extensions are under way to test targets beyond the current limits of drilling. We expect the new permits, which will cover an area of approximately 9 km2 (i.e., 3 times the size of the existing permits), will be granted during the second half of 2016.

“The 2015 drill program, in particular, has extended the zinc mineralization to the south and has also linked the Central and Eastern Ayawilca zinc areas together. Tinka’s geological team is now compiling and interpreting the extensive information gathered from the drilling. We expect to update the February 2015 zinc mineral resource, as well as estimate an initial tin-copper mineral resource, in 2016.”

“In the next 6 months Tinka will continue its field activities focusing on district-scale exploration. We are planning a systematic property-wide airborne magnetic survey covering the entire tenement package, consisting of 140 km2, just as soon as weather and permitting processes allow (expected May, 2016). Company geologists have already identified base metal occurrences several kilometres to the north, with characteristics similar to those outcropping over the blind Ayawilca zone, in areas of no or limited previous exploration. Only 15% of our highly prospective tenement package has been covered with magnetics - we believe this upcoming airborne survey will find new areas of mineralization and provide additional upside for the future of the project. Tinka remains in a strong financial position with around C$7 million cash and no debt at the end of September 2015.”

2015 Ayawilca Drill Program

The 2015 program focused on drill testing extensions of the Inferred Mineral Resource at East, Central and West Ayawilca (see Figures 1 & 2). Twenty three step-out holes for 8,917.5 metres were completed using two diamond drill rigs between August and December 2015. One hole (A15-48) was lost at 69 metres depth.

In the case of tin, true widths are at least 85% of down-hole length due to the flat-lying mineralization. True widths of the zinc intercepts are believed to be at least 75% of the down-hole widths, as the mineralization is interpreted to be generally gently dipping. Table 1 shows the drill intercepts highlights for all 2015 holes. Table 2 summarises the drill hole collar information for all 2015 holes. Two north-south interpretive cross sections are shown for 333400E and 333900E sections, respectively (see Figures 3 and 4).

Geology of Ayawilca

Zinc mineralization at Ayawilca occurs as massive to semi-massive sulphide replacements of Mesozoic limestone up to 250 metres thick (Pucara Group). The zinc mineralization is interpreted to be hosted mostly by gently-dipping replacement bodies or ‘mantos’, with feeders which are sub-vertical to steeply-south dipping. The zinc occurs as sulphide impregnations (sphalerite) accompanied by abundant pyrite, pyrrhotite, chlorite, iron carbonate, and/or magnetite. Minor sulphides include galena, chalcopyrite, and arsenopyrite. The Pucara limestone is overlain by a 150 metre thick sequence of Cretaceous sandstone (Goyllarisquizga Group). The sandstone forms a barren cap to the mineralization, although narrow sphalerite-rich sub-vertical veins (<1 - 3 metres wide) cut the sandstone and occasionally outcrop at the surface especially at West Ayawilca.

Massive to semi-massive pyrrhotite mantos, which occur at or near the base of the Pucara Group limestone, host tin and copper mineralization. The pyrrhotite bodies are magnetic, and are the main source of the strong geophysical anomalies. The pyrrhotite-tin-copper mantos vary in thickness from a few metres to up to 50 metres thick. Sulphide stockwork veins occur beneath the mantos hosted within the underlying metamorphic rocks (Excelsior Group). Based on a mineralogical study of eight tin-bearing samples from seven drill holes (PR November 25, 2014), tin at Ayawilca occurs predominantly as cassiterite (tin oxide), the most common ore mineral of tin, with minor stannite (tin-copper sulphide). Almost half of the cassiterite was coarse-grained (> 0.3 mm), providing the opportunity for possible gravity separation of the coarser tin fractions in any future mining operation. Copper was predominantly chalcopyrite.

The Ayawilca project is located in the high Andes Mountains at elevations of between 4,000 and 4,300 metres. Ayawilca would likely be mined, if proven to be economic, using underground mining methods accessed by horizontal portals at lower elevations.

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 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 (Inferred Mineral Resource of 13.3 Mt @ 5.9% Zn, 0.2% Pb, 68g/t In, 14g/t Ag for 7.7% Zn Eq., PR Feb’26 2015) has the potential to be a major zinc sulphide discovery located 40 kilometres from Peru’s largest historic zinc mine at Cerro de Pasco. The adjacent Colquipucro silver oxide project (Indicated Mineral Resource of 7.4 Mt @ 60g/t Ag for 14.3 Moz Ag and Inferred Mineral Resource of 8.5 Mt @ 48g/t Ag for 13.2 Moz Ag, Feb’ 26, 2015) is a near-surface, sandstone-hosted, silver oxide deposit.

On behalf of the Board,

Graham Carman
Dr. Graham Carman, President & CEO

Investor Information:
www.tinkaresources.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, 1.604.699.0202
info@tinkaresources.com

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, the successful completion of the current and future drill programs, the interpretation and actual results from the drill programs, 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 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 HQ diamond cores with recoveries generally at or 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. The other half-core is bagged on average over 1 to 2 metre composite intervals and sent to SGS laboratory in Lima for assay in batches. Standards, blanks and duplicates are inserted by the Company for quality control purposes. At the laboratory, samples are dried, crushed to 100% passing 2mm, with 500 grams pulverized for multi-element analysis by ICP using multi-acid digestion. Samples assaying over 1% zinc, lead, or copper are re-assayed using precise ore-grade AAS techniques.

Samples which assayed approximately 200 ppm tin or greater in the ICP analysis were re-assayed for tin by fusion with sodium peroxide and AAS finish (SGS Lima laboratory method SGS-MN-ME-112). The fusion results are presented in Table 1, where available. The high-grade tin interval in A15-40 (50.5 metres) was check assayed by XRF pressed powder technique (ALS Lima laboratory method ME-XRF15b) with the results being the same as fusion within analytical uncertainty. Gold was assayed by fire-assay with a 30g charge using an AAS finish, but is not routinely assayed due to low gold values found in most samples.

Notes on drill results in Table 1:

The down-hole intersections using a 1% Zn or 0.1% Sn cut-off grade (over 6 metre intervals) are summarized in Table 1. High-grade zinc intersections use a 3% Zn cut-off grade. Intercepts (Int) shown are down-hole widths. Cut-off grades are 1% Zn or 0.1% Sn over 6 metre intervals. In the case of tin, true widths are at least 85% of down-hole length due to the flat-lying nature of the mineralization. True widths of the zinc intercepts are believed to be at least 75% of the down-hole widths as the mineralization is generally gently dipping (except where marked with * in hole A15-36 where true thickness is estimated to be approx. 30% of down-hole length). N/A = Not assayed.

Table 1. Highlights of 2015 Drill Results at Ayawilca (New results highlighted)

Drill hole

From (m)

To (m)

Int (m)

Zn (%)

Pb (%)

Ag (g/t)

Cu (%)

Sn (%)

In (g/t)

Au (g/t)

A15-55

265.90

268.25

2.35

3.54

1.89

49

0.08

0.03

1

N/A

and

308.40

314.90

6.50

2.03

2.89

72

0.09

0.02

<1

N/A

and

389.55

407.30

17.75

1.34

0.01

1

0.01

0

38

N/A

and

411.60

424.60

13.00

0.19

0.01

5

0.11

0.74

7

N/A

including

420.65

424.60

3.95

0.07

0.00

7

0.23

2.02

5

N/A

and

454.60

458.30

3.70

2.82

0.00

2

0.05

0.05

14

N/A

A15-54

95.90

101.70

5.80

8.89

0.05

26

0.05

<0.01

2.5

N/A

including

95.90

97.50

1.60

28.14

0.04

76

0.12

0.01

8

N/A

and

107.00

118.20

11.20

4.81

0.03

22

0.03

<0.01

3

N/A

including

113.90

114.40

0.50

33.37

0.23

152

0.17

0.01

7

N/A

including

107.00

107.50

0.50

13.97

0.07

39

0.13

<0.01

7

N/A

including

115.20

115.80

0.60

22.67

0.15

147

0.17

0.01

6

N/A

including

117.70

118.20

0.50

18.32

0.06

53

0.12

0.01

24

N/A

and

138.50

141.70

3.20

9.96

0.62

84

0.04

<0.01

1

N/A

including

138.50

139.10

0.60

27.93

2.22

230

0.08

<0.01

1

N/A

and

162.00

180.00

18.00

3.71

0.89

65

0.02

<0.01

1

N/A

including

168.40

168.90

0.50

37.43

0.19

134

0.23

<0.01

9

N/A

and

193.60

194.10

0.50

14.53

0.10

102

0.09

<0.01

4

N/A

and

200.40

205.20

4.80

3.00

0.08

19

0.02

<0.01

5

N/A

including

202.80

203.30

0.50

16.31

0.10

69

0.07

<0.01

42

N/A

A15-53

128.00

132.00

4.00

7.63

<0.01

13

<0.01

<0.01

1

N/A

including

128.00

130.00

2.00

12.26

0.01

20

0.01

<0.01

2

N/A

and

160.00

164.00

4.00

4.45

0.03

16

<0.01

<0.01

7

N/A

and

190.00

191.40

1.40

0.75

1.35

240

<0.01

<0.01

<1

N/A

and

344.20

360.7

16.50

5.45

0.02

11

0.12

0.05

92

N/A

including

353.90

360.7

6.80

8.17

0.02

12

0.09

0.08

117

N/A

and

380.30

389.00

8.70

4.36

0.14

9

0.04

0.1

8

N/A

A15-52

192.00

192.60

0.60

10.23

4.06

161

0.05

0.03

152

N/A

and

198.50

202.10

3.60

2.06

0.02

5

0.01

<0.01

27

N/A

and

232.00

246.10

14.10

1.88

1.69

27

0.05

0.03

<1

N/A

and

270.60

274.95

4.35

6.38

0.61

14

0.05

0.05

<1

N/A

and

306.1

324.7

18.60

4.38

0.03

4

0.06

0.06

81

N/A

including

319.9

321.5

1.60

11.13

0.02

7

0.13

0.07

280

N/A

and

356.10

361.20

5.10

0.28

<0.01

24

0.33

1.21

17

N/A

including

359.00

359.85

0.85

0.34

<0.01

38

0.53

5.26

25

N/A

and

364.00

387.00

23.00

2.77

0.06

6

0.02

0.03

43

N/A

including

370.30

371.25

0.95

16.59

0.04

10

0.05

0.04

301

N/A

and

394.20

400.70

6.50

3.09

0.01

3

0.04

0.12

18

N/A

A15-51

376.00

380.10

4.10

3.05

0.03

1

<0.01

<0.01

93

A15-50

384.60

392.60

8.00

1.97

<0.01

1

0.01

<0.01

13

N/A

A15-49

30.90

31.70

0.80

7.56

0.73

50

0.04

0.03

40

N/A

and

84.50

85.00

0.50

19.60

0.14

59

0.12

0.01

83

N/A

and

167.70

174.20

6.50

1.15

0.85

87

0.05

0.19

<1

N/A

and

279.70

288.00

8.30

3.57

2.07

28

0.03

0.06

5

N/A

and

302.00

309.80

7.80

2.49

1.45

25

0.02

0.03

<1

N/A

and

393.90

403.40

9.50

0.39

0.02

12

0.26

0.88

8

N/A

including

396.60

399.00

2.40

0.03

<0.01

8

0.43

2.39

6

N/A

A15-47

152.30

154.65

2.35

0.24

0.20

210

0.01

<0.01

<1

N/A

and

178.35

179.00

0.65

5.21

5.87

133

0.07

<0.01

<1

N/A

and

386.00

390.00

4.00

3.64

<0.01

1

0.02

0.05

4

N/A

and

396.00

398.50

2.50

5.14

<0.01

10

0.10

0.13

210

N/A

A15-46

99.20

101.30

2.10

37.25

2.29

255

0.15

0.04

347

N/A

and

185.70

192.00

6.30

3.10

0.01

5

0.01

<0.01

9

N/A

and

230.70

231.20

0.50

6.23

9.92

308

0.26

0.03

1

N/A

and

246.50

248.00

1.50

3.41

2.49

97

0.14

<0.01

1

N/A

A15-45

109.40

109.90

0.50

10.75

0.12

36

0.03

0.04

73

N/A

and

115.40

115.90

0.50

17.69

0.08

33

0.03

<0.01

45

N/A

and

168.20

174.50

6.30

2.12

0.02

2

<0.01

<0.01

16

N/A

and

308.00

314.00

6.00

2.30

0.91

13

0.04

<0.01

1

N/A

and

344.00

350.00

6.00

2.36

0.53

8

0.01

0.07

1

N/A

and

367.25

376.00

8.75

3.00

0.17

5

0.02

0.04

12

N/A

including

373.00

374.40

1.40

8.96

0.05

11

0.07

0.03

6

N/A

and

381.80

384.50

2.70

5.47

0.08

5

0.00

0.05

7

N/A

A15-44

172.80

178.70

4.90

3.21

0.06

23

0.02

<0.01

28

N/A

and

305.90

310.90

5.00

2.80

0.02

6

0.04

<0.01

23

N/A

and

350.55

365.40

14.85

0.46

<0.01

26

0.36

1.10

15

N/A

including

358.00

363.65

5.65

0.05

<0.01

47

0.56

2.16

16

N/A

A15-43

130.70

134.00

3.30

14.87

0.07

23

0.05

0.04

99

N/A

and

151.30

156.10

4.80

2.24

1.08

16

0.02

<0.01

<1

N/A

and

177.20

206.50

29.30

2.16

0.31

7

0.01

<0.01

27

N/A

and

221.00

252.30

31.30

2.63

0.01

5

0.08

<0.01

52

N/A

including

222.50

226.00

3.50

4.74

<0.01

4

0.02

<0.01

63

N/A

and

281.90

329.60

47.70

0.08

0.00

4

0.20

0.47

4

N/A

including

314.00

320.00

6.00

0.01

0.00

10

0.52

1.28

6

N/A

A15-42

78.00

82.00

4.00

2.80

0.02

12

0.02

<0.01

1

N/A

and

110.00

116.50

6.50

3.03

0.01

7

0.01

<0.01

<1

N/A

including

115.40

116.50

1.10

13.02

0.04

17

0.04

<0.01

1

N/A

and

170.00

176.00

6.00

1.74

1.03

112

0.03

<0.01

<1

N/A

A15-41

82.40

86.00

3.60

15.35

0.06

31

0.05

0.01

103

N/A

including

82.40

84.30

1.90

28.08

0.04

45

0.10

0.02

190

N/A

and

233.70

242.70

9.00

4.31

1.25

29

0.06

0.01

1

N/A

and

268.10

273.40

5.30

4.35

0.45

9

0.03

0.01

3

N/A

and

286.50

294.50

8.00

1.43

0.29

8

0.01

0.02

5

N/A

and

306.00

308.40

2.40

6.71

0.01

3

0.06

0.03

172

N/A

and

294.00

340.00

46.00

0.58

0.02

4

0.10

0.20

16

N/A

A15-40

55.00

62.00

7.00

3.89

<0.01

3

<0.01

<0.01

1

N/A

and

201.60

223.50

21.90

1.89

0.18

8

0.04

0.03

13

N/A

and

231.40

248.50

17.10

3.42

0.23

8

0.05

0.03

62

N/A

including

233.80

241.75

7.95

5.31

0.04

9

0.07

0.04

91

N/A

and

300.20

301.20

1.00

7.67

0.14

36

0.06

0.02

140

N/A

and

326.20

378.5

52.3

0.32

0.03

15

0.16

1.20

9

N/A

including

328.00

341.00

13.00

0.05

<0.01

12

0.25

2.94

8

N/A

including

330.00

332.50

2.50

0.02

<0.01

10

0.18

8.81

4

N/A

A15-39

182.60

183.60

1.00

9.64

0.01

10

0.03

<0.01

23

N/A

and

294.80

303.20

8.40

3.29

0.13

9

0.01

0.06

56

N/A

and

320.00

350.00

30.00

3.53

0.10

7

0.01

0.08

50

N/A

including

329.25

331.00

1.75

18.87

0.01

27

0.01

0.07

226

N/A

and

370.00

452.00

82.00

0.01

<0.01

5

0.22

0.33

3

N/A

including

370.00

420.00

50.00

0.01

<0.01

6

0.25

0.52

3

N/A

including

380.00

388.00

8.00

<0.01

<0.01

3

0.19

1.43

1

N/A

A15-38

236.60

280.00

43.40

3.65

0.08

13

0.06

0.08

63

N/A

including

268.00

278.00

10.00

5.90

0.02

16

0.08

0.18

119

N/A

and

294.00

303.30

9.30

4.20

0.02

5

0.03

0.11

31

N/A

and

312.00

328.00

16.00

1.83

<0.01

1

0.03

0.06

46

N/A

and

354.00

360.70

6.70

2.25

<0.01

2

0.05

0.04

46

N/A

and

372.70

379.00

6.30

2.46

<0.01

1

0.02

0.1

22

N/A

and

379.00

388.00

9.00

0.04

<0.01

4

0.26

0.04

5

N/A

A15-37

84.00

89.60

5.60

3.12

0.33

26

0.02

<0.01

50

N/A

and

475.50

481.90

6.40

4.16

0.74

25

0.03

<0.01

53

N/A

A15-36

79.70

87.00

7.30*

7.10

1.29

194

0.12

<0.01

53

0.24

and

344.50

354.00

9.50

4.00

0.01

2

0.05

0.07

74

N/A

and

360.00

399.35

39.35

0.27

0.06

19

0.11

0.21

26

N/A

A15-35

162.00

190.00

28.00

3.26

0.78

25

0.06

0.06

10

N/A

and

196.00

246.00

50.00

2.97

0.33

12

0.02

0.1

31

N/A

including

202.00

216.00

14.00

3.78

0.04

6

0.02

0.1

19

N/A

including

238.00

246.00

8.00

4.74

0.06

19

0.05

0.17

67

N/A

and

262.00

302.00

40.00

2.26

0.03

3

0.02

<0.01

9

N/A

including

288.00

296.00

8.00

3.53

0.04

8

0.06

<0.01

6

N/A

and

340.00

354.15

14.15

0.31

0.00

1

0.16

0.36

12

N/A

A15-34

98.00

99.30

1.30

5.64

0.18

92

0.14

<0.01

138

N/A

and

364.00

368.00

4.00

1.50

0.12

6

0.02

<0.01

<1

N/A

and

418.00

426.00

8.00

1.41

0.22

8

0.02

0.01

5

N/A

Notes on drill hole data Table 2:

Eastings and Northings are based on the PSAD56/18S UTM datum. Elevations were taken from a measured topographic model compiled from field surveys using theodolite from known surveyed points at a scale of 1:1,000. Azimuth and dip measurements of drill holes were taken using compass and inclinometer at surface. All holes were down-hole surveyed; small variances in both azimuth and dip do occur down hole but are not shown here.

Table 2. Drill hole collar coordinates and hole details

Drill Hole

Easting

Northing

Elevation m

Depth m

Azimuth

Dip

Comment

A15-34

333,713

8,846,592

4,209

435.6

000

-70

Reported Sep’ 29 2015

A15-35

333,720

8,846,129

4,138

385.7

180

-75

Reported Sep’ 29 2015

A15-36

333,904

8,846,291

4,113

425.8

180

-80

Reported Sep’ 29 2015

A15-37

333,858

8,846,620

4,198

509.1

000

-60

Reported Sep’ 29 2015

A15-38

333,884

8,846,090

4,118

441.1

000

-90

Reported Sep’ 29 2015

A15-39

333,698

8,845,727

4,185

568.3

000

-75

Reported Sep’ 29 2015

A15-40

333,893

8,845,891

4,113

423.1

000

-75

Reported Oct’ 13 2015

A15-41

333,397

8,845,857

4,202

360.3

180

-75

Reported Oct’ 28 2015

A15-42

332,858

8,846,372

4,275

299.2

180

-85

Reported Oct’ 28 2015

A15-43

333,507

8,845,865

4,171

427.5

000

-85

Reported Oct’ 28 2015

A15-44

333,400

8,845,723

4,220

392.9

180

-80

Reported Oct’ 28 2015

A15-45

333,800

8,845,816

4,145

404.2

000

-65

Reported Oct’ 28 2015

A15-46

333,160

8,845,900

4,230

407.3

180

-60

Reported Oct’ 28 2015

A15-47

333,997

8,846,181

4,062

425.8

180

-60

New Results

A15-48

334,314

8,846,134

3,982

68.7

000

-85

Hole Lost

A15-49

333,717

8,846,122

4,137

424.4

020

-70

New Results

A15-50

334,194

8,846,345

4,062

453.2

000

-80

New Results

A15-51

333,732

8,846,440

4,176

451.7

025

-70

New Results

A15-52

333,904

8,845,832

4,153

450.3

000

-80

New Results

A15-53

333,904

8,845,832

4,153

412.5

180

-80

New Results

A15-54

332,868

8,846,185

4,267

264.7

325

-45

New Results

A15-55

334,000

8,845,775

4,113

486.1

000

-70

New Results

Figure 1. Generalized Geology Map of Ayawilca-Colquipucro showing drill holes and target areas
For details of zinc equivalent calculations at Ayawilca Inferred Mineral Resource, refer to notes to Table 1 in PR Feb’26 2015

Figure 2. Highlights Ayawilca drill program 2015
Drill permit boundaries reflect limits of the current drill permit, not mineral tenure, which extend well beyond boundaries shown.

Figure 3. Cross Section Interpretation - 333400E

Figure 4. Cross Section Interpretation - 333900E