Tinka Extends High Grade Zinc Mineralization At South Ayawilca

May 3rd, 2017
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Drills 13 Metres At 19 % Zinc & 19 Metres At 10 % Zinc In Hole A17-061

Vancouver, Canada – Tinka Resources Limited (“Tinka” or the “Company”) (TSXV: TK) (OTCPK: TKRFF) is pleased to announce results from four new drill holes at its 100%-owned Ayawilca zinc project in central Peru. Three holes were drilled into the new discovery area at South Ayawilca, with one drilled at West Ayawilca. These new results confirm high grade zinc mineralization at South Ayawilca is associated with gently dipping massive to semi-massive sulphide replacements of carbonate and clastic sediments. Hole A17-061 is approximately 80 metres off-section from holes A17-056 and A17-057 (April 3, 2017, TK press release). Zinc mineralization is all sulphide (sphalerite, marmatite) accompanied by minor galena and iron sulphides.

We have now released results for six of the planned 25 to 30 holes in the 2017 drill program. Three drill rigs are currently turning at South Ayawilca, with an additional rig to be mobilized to test the Zone 3 area shortly.

Key Highlights:

Hole A17-061 (South Ayawilca):

  • 18.6 metres at 10.4 % zinc & 52 g/t silver from 184.0 metres depth (includes 3.1 metres no recovery assigned a zero grade), including:
    • 2.6 metres at 23.6 % zinc, 2.4 % lead & 192 g/t silver from 196.2.0 metres depth; and
  • 13.4 metres at 18.7 % zinc, 57 g/t silver & 463 g/t indium from 220.0 metres depth, including:
    • 7.9 metres at 29.3 % zinc, 71 g/t silver & 719 g/t indium from 224.1 metres depth; and
  • 1.8 metres at 37.0 % zinc, 85 g/t silver & 808 g/t indium from 265.0 metres depth.

Hole A17-060 (South Ayawilca):

  • 4.5 metres at 15.0 % zinc, 20 g/t silver & 383 g/t indium from 275.0 metres depth; and
  • 30.5 metres at 3.4% zinc & 10 g/t silver from 298.0 metres depth, including:
    • 8.6 metres at 5.1 % zinc & 11 g/t silver from 303.4 metres depth.

Hole A17-056A (continuation of A17-056):

  • 4.1 metres at 18.6 % zinc, 27 g/t silver & 224 g/t indium from 309.0 metres depth, including:
    • 2.6 metres at 27.3 % zinc, 38 g/t silver & 336 g/t indium from 310.5 metres depth.

Hole A17-058 (West Ayawilca):

  • 4.2 metres at 20.2 % zinc, 4.2 % lead & 329 g/t silver from 103.5 metres depth (vein);
  • Abandoned at 301 metres prior to target depth.

Dr. Graham Carman, Tinka´s President and CEO, stated: “This set of drill results continues to show significant thicknesses of high grade zinc mineralization at South Ayawilca, as we step out from the recent discovery holes. The zinc bodies dip gently to the south, with the thicker zones of mineralization lying between two interpreted west-dipping northeast-trending faults approximately 250 metres apart, appearing to thicken towards the north. These structures were likely important conduits for the zinc mineralization. The mineralization at South Ayawilca remains open along strike in both directions (see Figures 1 & 2). At West Ayawilca, additional holes are required to fully test the extensions with more holes planned.”

Dr. Carman continued, Drilling continues with three rigs at South Ayawilca, focusing on expanding the new zinc discovery to the northeast towards the Central Ayawilca resource, and to provide confidence of continuity of mineralization. While our resource expansion drilling continues at Ayawilca, we are also looking forward to commencing the drilling at Zone 3.”

True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thickness, except where otherwise noted in Table 1. All significant results of the 2017 program are summarized in Table 1 with the strongest zinc intercepts in bold text.

Table 1. Summary of 2017 Drill Results

Drill hole From m To m Interval m Zn% Pb% Agg/t Indium g/t Reported
A17-056 1 90.30 90.65 0.35 29.0 0.4 82 443 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 here
And 309.00 313.10 4.10 18.6 0.1 27 224 here
Including 310.50 313.10 2.60 27.3 0.1 38 336 here
A17-057 84.90 86.35 1.45 24.8 0.0 62 157 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 here
and 133.25 134.35 1.105 30.3 3.2 500 61 here
Hole did not reach target, lost at 301 metres depth in sandstone
A17-059 results awaited
A17-060 262.40 264.40 2.00 14.8 0.0 35 1178 here
and 275.00 279.50 4.50 15.0 0.0 20 383 here
and 298.00 328.50 30.52 3.4 0.2 10 38 here
including 303.40 312.00 8.60 5.1 0.1 11 6 here
A17-061 122.70 150.50 27.80 4.4 0.1 18 24 here
including 145.70 147.50 1.805 27.2 0.0 32 157 here
and 184.00 202.60 18.63 10.4 0.5 52 59 here
including 196.20 198.80 2.60 23.6 2.4 192 19 here
including 201.90 202.60 0.70 28.7 3.6 202 41 here
and 220.00 233.40 13.40 18.7 0.9 57 463 here
including 224.10 230.00 7.90 29.3 0.8 71 719 here
and 265.00 266.80 1.80 37.0 0.2 85 808 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/t5 high grade vein intercepts with variable true thicknesses
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 laboratory in Lima, an ISO 9001:2000-registered laboratory, 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 (MS) using multi-acid digestion. Samples assaying over 1% zinc, lead, or copper are re-assayed using precise ore-grade AAS techniques.

Table 2. Summary of Drill Collar Information

Drill Hole WGS84 East WGS84 North Total depth (m) Elevation (m) Azimuth Dip
A17-056 333046 8845062 293.9 4201 300 -75
A17-056A 333046 8845062 376.4 4201 300 -75
A17-057 333046 8845062 477.0 4201 300 -55
A17-058 332557 8845657 301.0 4305 040 -82
A17-059 332840 8845192 248.9 4202 120 -85
A17-060 333174 8845005 358.4 4220 300 -70
A17-061 333058 8844996 326.9 4190 290 -67

Figure 1. Simplified cross section of holes A17-056, A17-057 & A17-060 (looking northeast)

Figure 2. Map of 2017 Ayawilca drill program on airborne RTP magnetics (red = magnetic sources)

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.

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. Both resources are open for expansion (May 25, 2016). The Silver Zone at Colquipucro, 2 km north of the Zinc Zone, has an Indicated Mineral Resource of 2.9 Mt at 112 g/t silver for 10.4 Moz silver and an Inferred Mineral Resource of 2.2 Mt at 105g/t silver for 7.5 Moz silver hosted by oxidized lenses between the surface and 80 metres depth (Feb. 26, 2015).

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.

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