Overview

Tinka's primary focus is on the Ayawilca Property, which is located 200 km northeast of Lima in the Department of Pasco, Central Peru, at altitudes of between 3,800 and 4,300 metres. The Property is 40 km northwest of the world-class Cerro de Pasco zinc-lead-silver mine, and 100 km south of the giant copper-zinc Antamina mine.

Tinka owns 100% of the contiguous 150 km2 mining concessions at Ayawilca. Initial claims were acquired in 2005, at which time the only known mineralization on the Ayawilca property was silver oxide mineralization in the Colquipucro zone. In 2012, drilling by Tinka discovered zinc mineralization at Ayawilca in the limestone beneath the sandstones that host the Colquipucro silver mineralization. At that time, the Company's focus shifted from the silver mineralization to the zinc mineralization and a total of 67,000 metres of drilling for zinc mineralization has since been completed. The drilling has identified a large area of zinc mineralization, as well as a separate zone of tin mineralization, making Ayawilca the most significant zinc discovery in Peru in the past two decades.

To date, there have been four mineral resource estimates completed on the zinc and tin mineralization at Ayawilca. Significant increases in the mineral resources were reported in both 2017 and 2018, upon completion of ~20,000 metre exploration drill programs in each of those years.

As of November 26 2018, the Ayawilca Zinc Zone has an Indicated Mineral Resource of 11.7 million tonnes at 6.9% zinc, 0.16% lead, 84g/t indium & 15g/t silver (8.1% Zinc Equivalent) containing 1.8 billion pounds of zinc, 42 million pounds of lead, 983 tonnes of indium, and 5.8 million ounces of silver. In addition, Ayawilca has an Inferred Mineral Resource of 45.0 million tonnes at 5.6% zinc, 0.23% lead, 67g/t indium & 17g/t silver (6.7% Zinc Equivalent) containing 5.6 billion pounds of zinc, 230 million pounds of lead, 3,003 tonnes of indium and 25 million ounces of silver.

Resources were estimated at a cut-off grade of US$55 per tonne. Metal price assumptions used were US$1.15/lb Zn, US$1.00/lb Pb, US$300/kg In, and US$15/oz Ag. Metal recovery assumptions were 90% Zn, 75% Pb, 75% In, & 60% Ag.

As of November 26 2018, the Ayawilca Tin Zone has an Inferred Mineral Resource of 14.5 million tonnes at 0.63% tin, 0.21% copper and 18 g/t silver (0.70% Tin Equivalent) containing 201 million pounds of tin, 67 million pounds of copper, and 8 million ounces of silver. Resources were estimated at a cut-off grade of US$55 per tonne. Metal price assumptions used were US$9.00/lb Sn, US$2.85/lb Cu, and US$15/oz Ag. Metal recovery assumptions were 86% Sn, 75% Cu, and 60% Ag.

The Colquipucro Silver Zone has a Mineral Resource (February 26 2015) of 7.4 Mt at 60 g/t silver for 14.3 Moz silver (Indicated) and 8.5 Mt at 48 g/t silver for 13.2 Moz silver (Inferred) in a preliminary open pit shell generated in Whittle software. Colquipucro is located 2 km north of Ayawilca, with mineralization occurring from surface to a depth of 80 metres. Metal price assumption was US$24/oz Ag. Silver mineralization is oxidized and leachable.

Qualified Person – Mineral Resources: The Mineral Resources disclosed have been estimated by Mrs. Dorota El Rassi, P. Eng., and Mr. David Ross, P.Geo., both employees of RPA and independent of Tinka. By virtue of their education and relevant experience, Mrs. El Rassi and Mr. Ross are "Qualified Persons" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014).

Infrastructure Map of Central Peru

Infrastructure Map of Central Peru