Tinka Drills 10.8 Metres Grading 16.7% Zinc At South Ayawilca; Zinc Resource Update By November 2017

September 18th, 2017
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Vancouver, Canada – 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

Figure 2. Ayawilca 2017 drill hole map showing 2016 Mineral Resource boundaries

Figure 3. Simplified longitudinal section D-D’ through South Ayawilca with interpreted zinc bodies

Figure 4. Simplified cross section E-E’ through West Ayawilca with interpreted zinc bodies

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 1000 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

Investor Information:
www.tinkaresources.com

Rob Bruggeman 1.416.884.3556
rbruggeman@tinkaresources.com
Company Contact:

Mariana Bermudez, 1.604.699.0202
info@tinkaresources.com

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