VANCOUVER, Feb. 15, 2018 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to announce assay
results for a further nine drill holes from the Company's ongoing
drill program at its 100%-owned Ayawilca zinc project, central
Peru. All holes were testing for
mineralization outside of the existing mineral resource boundaries
(Ayawilca Inferred Mineral Resource estimate: 42.7 million tonnes
grading 6.0% Zn, 0.2% lead, 17 g/t silver and 79 g/t indium;
Nov 8, 2017). Four holes
(107, 109, 110 and 111) were drilled at the new Zone 3 discovery
area, part of a large geophysical target believed to be the
northeastern extension of Ayawilca. An additional five holes
were drilled at South, West and Central Ayawilca. Drilling of hole
A18-112 at Zone 3 has now commenced, with a second drill rig
expected to start up once the wet weather conditions improve in
March.
High-grade zinc mineralization intersected in holes A18-110
& A18-111 at Zone 3 is associated with flat-dipping massive
sulphide replacements of the Pucará limestone and lower Goyllar
sandstone, similar in style to the zinc mineralization at South and
West Ayawilca. In addition, high-grade vein-style
polymetallic mineralization (zinc-lead-silver-tin) has been
intersected in phyllite rocks at Zone 3 (hole A17-109), which
represents a new style of mineralization encountered at Ayawilca
for the first time. The high-grade polymetallic veins are
believed to be feeder structures for the zinc and tin
mineralization in the overlying limestones.
Key Highlights
Massive sulphide drill intercepts#
Hole A18-111 (Zone 3):
- 5.0 metres at 20.2 % zinc, 0.3 % lead, 74 g/t silver & 420
g/t indium from 173.8 metres depth.
Hole A18-110 (Zone 3):
- 6.0 metres at 5.6 % zinc & 50 g/t indium from 436.0 metres
depth; and
- 4.0 metres at 8.4 % zinc & 126 g/t indium from 454.0 metres
depth, including
-
- 0.5 metres at 41.7 % zinc & 366 g/t indium from 456.2
metres depth; and
Hole A17-107 (Zone 3):
- 16.0 metres at 0.65 % tin & 0.09 % copper from 576.0 metres
depth, including
-
- 2.8 metres at 2.4 % tin & 0.01 % copper from 582.5 metres
depth.
High-grade polymetallic veins*
Hole A17-109 (Zone 3):
- 0.7 metres at 4.8 % zinc, 8.8 % lead, 674 g/t silver & 0.76
% tin from 577.0 metres depth; and
- 1.2 metres at 5.2 % zinc, 10.1 % lead, 621 g/t silver &
0.29 % tin from 611.2 metres depth; and
- 0.6 metres at 5.5 % zinc, 4.8 % lead, 305 g/t silver & 0.48
% tin from 615.4 metres depth; and
- 0.35 metres at 6.5% zinc, 9.0 % lead, 557 g/t silver & 0.76
% tin from 681.6 metres depth.
Hole A18-110 (Zone 3):
- 0.35 metres at 17.1 % zinc, 7.5 % lead, 1.15% copper & 513
g/t silver from 530.4 metres depth.
# True thicknesses of the zinc and tin intersections
in massive sulphides are estimated to be at least 85% of the
downhole thicknesses.
* True thicknesses of the veins are unknown at this time.
Dr. Graham Carman, Tinka´s
President and CEO, stated: "The discovery of high grade
mineralization in limestones and in deep veins at Zone 3 is very
exciting, as it opens up a lot more exploration potential at the
project. It is still early days for the exploration at Zone
3, it is a large target area with only a handful of holes drilled
so far and with several geophysical anomalies untested (see drill
map, Figure 1). Other priority targets for this year include
extensions of the mineralization at West, South, and Central
Ayawilca. A new geological interpretation suggests that high-grade,
thick zinc mineralization generally lies near the intersection
points of northeast-trending faults and north-south trending folds
in the strata. Tinka plans to drill an additional 25 to 30 step-out
holes into a range of targets during the first half of
2018."
Dr. Carman continued: "The Company has two key objectives for
2018: (1) Continue our exploration drill program targeting
additional zinc resources at Ayawilca with 15,000 metres of
drilling planned; and (2) Advance the project with desktop mining
studies and detailed metallurgical tests that will form the basis
of a Preliminary Economic Assessment ("PEA") planned for the second
half of 2018. Exact timing of the PEA will depend on
the extent to which significant new mineralization is identified in
the first half of 2018.
The strong backdrop for zinc remains, with zinc prices close
to 11-year highs while inventories are reaching critically low
levels not seen since 2008. In particular, there remains a shortage
of large high-grade exploration-development projects for zinc in
good mining jurisdictions, like Ayawilca, in the
marketplace."
Geological review and new interpretations
A recent geological review of drill cores by Tinka's geologists,
with input from consultant Dr. Paul
Pearson of Latin Global Pty Ltd, has led to some new
interpretations of the structural controls to the mineralization at
Ayawilca. We believe that the lower contact of the Mesozoic
Pucará limestone, the principal host to the zinc mineralization at
Ayawilca, is a low-angle 'thrust' fault that can be traced over
several kilometres and dips to the east, in contact with underlying
phyllite basement rocks.
At South Ayawilca, multiple thrust fault 'duplexes' or ramps
have caused repetitions of the limestone/sandstone, while at the
far western end of South Ayawilca the limestone is almost 'faulted
out' altogether. The low-angle faults are believed to have
acted as conduits for the mineralization, with the ultimate source
of the mineralization believed to be down-dip to the northeast
towards Zone 3 (see longitudinal section, Figure 2). Fluids
migrating along these low-angle faults mineralized the limestone
sequence, while at South and West Ayawilca mineralization was
'trapped' near the axis of the anticline+ fold where the
limestone rapidly thins. The syncline+ at Zone 3
may also be an important trap site for mineralization, with
upcoming drilling to test this structure. Faulting was
pre-mineral, but was important because it created good ground
preparation for the mineralizing fluids to follow, particularly
where the faults intersect fold hinges, such as the anticline at
South Ayawilca or potentially the syncline at Zone 3 (Figures 1 and
2).
Drilling at Zone 3 has also encountered significant intervals of
pyrite mineralization near the bottom of the limestones, which
further strengthens the similarities in mineralization styles
between Ayawilca and the Cerro de Pasco lead-zinc-silver-copper
deposit, located 40 kilometres southeast of
Ayawilca.
The evolving understanding of the structural controls and likely
reasons for the formation of thick zones of high grade zinc
mineralization, such as at South and West Ayawilca, will aid in the
selection of additional drill targets for 2018.
True thicknesses of the zinc and tin intersections are estimated
to be at least 85% of the downhole thickness, except in the case of
polymetallic veins which have unknown true thicknesses.
Significant new drill intercepts are summarized in Table 1
with the strongest intercepts in bold text. Table 2 summarizes the
drill collar information for the recent holes.
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 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.
Samples which assay approximately 200 ppm tin or greater in the
ICP analysis are re-assayed for tin by fusion with sodium peroxide
and AAS finish (SGS Lima laboratory method SGS-AAS90B).
+ An "anticline" is a geological structure
whereby the strata are folded into an upside down 'U'. A "syncline"
is the opposite with strata folded in an 'U' shape.
Table 1. Significant new intercepts at Ayawilca in 2017-2018
drill program
|
|
|
|
|
|
|
|
|
|
|
|
Drill
hole
|
From
m
|
To
m
|
Interval
m
|
Zinc
%
|
Lead
%
|
Silver
g/t
|
Indium
g/t
|
Tin
%
|
Copper
%
|
Area
|
Reported
|
A17-103
|
no significant
results
|
South
|
Here
|
A17-104
|
289.50
|
290.00
|
0.50
|
5.9
|
4.2
|
104
|
0
|
|
|
South-Central
|
Here
|
|
459.50
|
460.90
|
1.40
|
|
|
51
|
|
0.55
|
0.04
|
South
|
Here
|
A17-105
|
93.00
|
94.00
|
1.00
|
2.8
|
6.1
|
184
|
1
|
|
|
West
|
Here
|
A17-106
|
288.00
|
290.60
|
2.60
|
10.8
|
2.2
|
114
|
0
|
|
|
West
|
Here
|
including
|
289.40
|
290.60
|
1.20
|
20.8
|
4.3
|
217
|
0
|
|
|
West
|
Here
|
A17-107
|
576.00
|
592.00
|
16.00
|
|
|
2
|
|
0.65
|
0.09
|
Zone 3
|
Here
|
including
|
582.50
|
585.30
|
2.80
|
|
|
1
|
|
2.40
|
0.01
|
Zone 3
|
Here
|
A17-108
|
174.00
|
176.00
|
2.00
|
4.6
|
0.1
|
20
|
1
|
|
|
West-South
|
Here
|
A17-109
|
538.80
|
542.00
|
3.20
|
4.0
|
0.0
|
2
|
35
|
|
|
Zone 3
|
Here
|
and
|
577.00
|
577.70
|
*0.70
|
4.8
|
8.8
|
674
|
10
|
0.76
|
0.14
|
Zone 3
|
Here
|
and
|
611.20
|
612.40
|
*1.20
|
5.2
|
10.1
|
621
|
1
|
0.29
|
0.04
|
Zone 3
|
Here
|
and
|
615.40
|
616.00
|
*0.60
|
5.5
|
4.8
|
305
|
3
|
0.48
|
0.05
|
Zone 3
|
Here
|
and
|
681.60
|
681.95
|
*0.35
|
6.5
|
9.0
|
557
|
0
|
0.76
|
0.05
|
Zone 3
|
Here
|
A18-110
|
436.00
|
442.00
|
6.00
|
5.6
|
0.0
|
4
|
50
|
|
|
Zone 3
|
Here
|
including
|
438.90
|
439.60
|
0.70
|
14.7
|
0.0
|
3
|
137
|
|
|
Zone 3
|
Here
|
and
|
454.00
|
458.00
|
4.00
|
8.4
|
0.0
|
5
|
126
|
|
|
Zone 3
|
Here
|
including
|
456.20
|
456.70
|
0.50
|
41.7
|
0.0
|
7
|
366
|
|
|
Zone 3
|
Here
|
and
|
530.40
|
530.75
|
*0.35
|
17.1
|
7.5
|
513
|
42
|
N/A
|
1.15
|
Zone 3
|
Here
|
A18-111
|
173.80
|
178.80
|
5.00
|
20.2
|
0.3
|
74
|
420
|
|
|
Zone 3
|
Here
|
|
Sampling and assaying
of hole A18-111 is incomplete from 276.0 to 493.5 metres
|
|
|
*
Vein in phyllite with unknown true thickness at this
time
|
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
|
A17-103
|
333322
|
8844913
|
345.1
|
4212
|
000
|
-90
|
A17-104
|
333942
|
8845116
|
498.0
|
4119
|
130
|
-85
|
A17-105
|
332612
|
8846310
|
371.4
|
4319
|
000
|
-90
|
A17-106
|
332666
|
8845492
|
361.0
|
4250
|
105
|
-75
|
A17-107
|
334042
|
8846143
|
618.1
|
4088
|
090
|
-70
|
A17-108
|
332772
|
8845348
|
389.5
|
4230
|
130
|
-85
|
A18-109
|
334040
|
8846140
|
704.2
|
4088
|
130
|
-70
|
A18-110
|
334049
|
8846138
|
566.7
|
4086
|
350
|
-70
|
A18-111
|
333982
|
8846287
|
566.5
|
4114
|
035
|
-75
|
On behalf of the Board,
"Graham Carman"
Dr. Graham Carman, President &
CEO
Qualified Person – Mineral Resources: The Mineral
Resources disclosed in this press release 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). 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 has been filed under the Company's
profile on SEDAR at www.sedar.com and is available 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.
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 Inferred Mineral
Resource estimate now consists of 42.7 Mt at 6.0 % zinc, 0.2 %
lead, 17 g/t silver & 79 g/t indium, and a Tin Zone Inferred
Mineral Resource of 10.5 Mt at 0.63 % tin, 0.23 % copper & 12
g/t silver (Nov. 8, 2017, release).
Drilling for resource extensions and the testing of new targets is
ongoing.
Forward Looking Statements: Certain information in this
news release contains forward-looking statements and
forward-looking information within the meaning of 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 the ongoing 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,
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
SOURCE Tinka Resources Limited