VANCOUVER, Feb. 10, 2017 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV:
TK) (OTCPK: TKRFF) is pleased to announce that the
Ministry of Energy and Mines in Peru has granted to the Company the permit to
initiate drilling activities at Ayawilca. A drilling contractor is
now mobilizing from Lima to site,
with diamond drilling expected to commence on or about February 15, 2017.
The drill program will initially utilize one rig, with a second
rig expected to mobilize in April. The focus of the drill
program will be to expand the existing Zinc Zone mineralization
within newly permitted areas along strike of existing mineral
resources, as well as testing new zinc targets outlined by recent
geophysical and geochemical programs.
Dr. Graham Carman, Tinka´s
President and CEO, stated: "We are very pleased to commence our
2017 drill program at Ayawilca, which will focus on the discovery
of additional high-grade zinc mineralization beyond the existing
resource boundaries. I wish to thank our Peru staff and consultants, as well as our
local stakeholders, for their tireless efforts in getting these
permits finally approved. Going forward, Tinka has a minimum
3 year window to advance the project under the conditions of the
EIA. Ayawilca is already a significant zinc resource, and we
intend to advance the project as quickly and efficiently as
possible through an aggressive step-out drill program throughout
2017."
"Phase I of the drill program will target extensions
of the highest grade and thickest parts of the existing Zinc Zone
resource at West Ayawilca. Mineralization there remains open
to the south and west. Phase II of the drill program will
target the Zone 3 and Chaucha areas, which are two of our highest
priority anomalies outside of the resource footprint. This second
drilling phase is expected to commence in April 2017, when at least one additional drill
rig will be deployed at the project. We look forward to providing
updates on drill results as the program progresses. We expect the
drill program to continue until at least July 2017. "
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 its flagship property being the
100%-owned Ayawilca Property 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 8.2% Zinc
Eq, and a Tin Zone Inferred Mineral Resource of 5.4 Mt at 0.89% Tin
Eq, both open for expansion (May 25,
2016). The Silver Zone at Colquipucro, 2 km north of the
Zinc Zone, has Indicated Mineral Resources of 2.9 Mt at 112g/t Ag
for 10.4 Moz Ag and Inferred Mineral
Resources of 2.2 Mt at 105g/t Ag for 7.5 Moz Ag hosted by oxidized silver-rich lenses
less than 80 metres from surface (Feb. 26,
2015).
On behalf of the Board,
"Graham Carman"
Dr. Graham Carman, President &
CEO
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, timing of commencement of drill
program, 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, 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.
SOURCE Tinka Resources Limited