Overview

The Ayawilca Property 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.

Tinka is focusing on growing the Ayawilca Mineral Resources. During 2017, Tinka completed around 20,000 metres of diamond drilling at Ayawilca, and by December 2017 the drill program is ongoing. A new zinc discovery was made during 2017 at South Ayawilca that has significantly increased the resources at the Property. As announced on November 8, 2017, the Company announced a 130% increase to the previous zinc resources.

Three NI 43-101 Mineral Resources exist on the Property, as announced on November 8, 2017 (refer to NI 43-101 report dated December, 2017). The Zinc Zone and Tin Zone resources are presumed to be mineable by underground methods for resource calculation purposes. The Colquipucro Silver Zone is presumed to be mineable by open pit methods.

The Ayawilca Zinc Zone has an Inferred Mineral Resource of 42.7 million tonnes at 7.3% Zinc Equivalent (6.0 % zinc, 79 g/t indium, 17 g/t silver, 0.2 % lead) containing 5.6 billion pounds of zinc, 3,300 tonnes of indium, 23 million ounces of silver, and 200 million pounds of lead. Resources were estimated at a cut-off grade of US$55 per tonne. Metal price assumptions used were US$1.15/lb Zn, US$300/kg In, US$18/oz Ag, US$1.10/lb Pb. Metal recovery assumptions were 90% Zn, 75% In, 60% Ag, and 75% Pb.

The Ayawilca Tin Zone has an Inferred Mineral Resource of 10.5 million tonnes at 0.70 % Tin Equivalent (0.63 % tin, 0.23 % copper, 12 g/t silver) containing 145 million pounds of tin (66,000 tonnes), 53 million pounds of copper, and 4 million ounces of silver. Resources were estimated at a cut-off grade of US$55 per tonne. Metal price assumptions used were US$9.50/lb Sn, US$3/lb Cu, and US$18/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 occuring 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 Mr. David Ross, P.Geo., an employee of RPA and independent of Tinka. By virtue of his education and relevant experience, Mr. Ross is a "Qualified Person" 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