VANCOUVER, Feb. 28, 2019 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to announce details
of its upcoming exploration drill program and provide an update on
the Preliminary Economic Assessment ("PEA") for the Ayawilca zinc
project, Peru.
Key Highlights
- An exploration drill program of up to 10,000 metres is
anticipated to commence in April
2019. Exploration drilling will target structural repeats of
the mineralized limestone beneath the current high-grade zinc
resources at West, South, and Central Ayawilca. Drilling during
2018 confirmed that a deeper limestone unit exists and can host
exceptional grade (including 10.4 m
at 44% Zn in A18-129).
- The Company's PEA is progressing well and is expected to be
completed by mid 2019. The PEA, which is managed by Wood
(Peru) as lead consultant, will
not be impacted by the upcoming exploration drill program.
Metallurgical test work on samples containing tin is currently
being conducted as part of the PEA.
- This week, the Company filed an EIA modification for Ayawilca,
which will extend the drill permit for an additional 2 years until
the end of 2022. Once granted, the permit will allow sufficient
drill platforms for a future Prefeasibility-stage infill drill
program. The EIA modification is not required for the 2019 drill
program, and is expected to be granted Q4 2019.
- Tinka will be represented by its senior management and
geological team at the Prospectors and Developers Association of
Canada ("PDAC") annual conference
in Toronto from March 3 – 6 at booth 2937 in the Investors
Exchange. Tinka will provide a brief corporate presentation in room
803 in the South Building of the Metro Toronto Convention Centre
("MTCC") at 10:30am EST on Tuesday,
March 5, and a technical presentation as part of the New
Discoveries and Developments Session in room 716 of the MTCC at
9:10am EST on Wednesday, March
6.
Dr. Graham Carman, Tinka's
President and CEO, stated: "The Zinc Zone resources at Ayawilca
have quadrupled since the initial resource estimate in 2015 (see
news release dated Nov. 26, 2018).
While the Ayawilca Zinc Zone resource is already large and high
grade, we believe there is still more potential for growth.
The upcoming exploration drill program will test for zinc
mineralization in repetitions of the favourable limestone beneath
the high-grade zinc resources, as well as provide valuable infill
drill information within the existing shallow resources. Six drill
holes, each to a depth of 600 metres, are currently planned at
West, South, and Central Ayawilca. If successful, this deep
drill program could add significant upside to the project."
"The Ayawilca PEA is advancing as planned, with a top group of
consultants managing engineering and metallurgical test work on
behalf of Tinka. The PEA will provide a preliminary gauge of
the economic value of the current resource at Ayawilca, and we
believe this study will be an excellent first step towards the
ultimate development of the project."
Drill program to commence at Ayawilca in April 2019
A drill program is planned to
test the potential for deeper, repeated zones of high-grade zinc
mineralization hosted by limestone beneath the current Ayawilca
zinc resources (see news release Nov. 26,
2018). Tinka has begun preparations for drilling to commence
in April 2019, despite an unusually
wet summer in the Andes mountains of central Peru. Repetitions of the limestone host have
already been identified at West Ayawilca and Camp zones, often
hosting very high-grade mineralization such as hole A18-129 (10.4
metres grading 44% Zn). A drill program of up to 10,000 metres is
fully budgeted for 2019.
At least six holes, each to an average depth of approximately
600 metres, are planned to test for deep limestone-hosted zinc
mineralization beneath the current resources at West, South, and
Central Ayawilca (see targets highlighted in Figures 1 and
2). The drill program is not expected to have any impact on
the timing of the PEA, which will be based on the mineral resources
as at November 26, 2018.
In 2018, two deep holes drilled at South Ayawilca improved our
geological understanding in an important way. Hole A18-152,
drilled to a depth of 509 metres, intersected over 100 metres of
limestone in a repeated unit beneath more than 100 metres of
overlying phyllite (see cross-section, Figure 1). Although no
significant zinc mineralization was found in this hole, the Company
believes that this limestone has the potential to be mineralized
elsewhere at South Ayawilca, as it is at West Ayawilca (e.g. in
hole A18-129). Hole A18-133, drilled to a depth of 655
metres, did not intersect a repeated limestone but did intersect
significant mineralization within a shear zone hosted by phyllite
(0.3 m grading 28% Zn & 405 g/t
Ag from 506.2 m depth), now
interpreted to be the structural position of the repeated limestone
in A18-152. This hole is not included in the current resource.
PEA update
As announced by the Company on November 28, 2018, the PEA on the Ayawilca
project is well underway. Wood (formerly Amec Foster Wheeler)
of Lima, Peru, is engaged as lead
consultant. Mr Ken Engquist, an
experienced engineer with very relevant recent experience for Tinka
(including at Arizona Mining's Hermosa project) has been retained
to manage the PEA on behalf of the owner's team. Engineering
studies are advancing as planned. Metallurgical work is also
underway on the tin mineralization, together with more detailed
variability tests on the zinc mineralization. The PEA is
expected to be completed by mid-year 2019.
PDAC Convention, Toronto,
March 3-6, 2019
Tinka will be
participating in the upcoming PDAC annual conference in
Toronto, Canada. PDAC is the
leading convention for people, companies and organizations in or
connected with mineral exploration with over 1,000 exhibitors,
3,500 investors and 25,600 attendees from 135 countries expected to
attend. We invite investors to come and meet Tinka's team at
PDAC, including its CEO, VP Exploration, and other members of its
geological and investor relations teams. The Company's booth
in the Investors Exchange is 2937.
Tinka's CEO will provide a brief corporate presentation in room
803 in the South Building of the Metro Toronto Convention Centre
("MTCC") at 10:30am EST on Tuesday,
March 5, as part of the Zinc Session. In addition,
Alvaro Fernandez-Baca, Tinka's VP
Exploration, will deliver a technical presentation as part of the
New Discoveries and Developments Session in room 716 of the MTCC at
9:10am on Wednesday, March 6.
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 contains 11.7 Mt
of Indicated Resources grading 6.9% zinc, 0.2% lead, 15 g/t silver
and 84 g/t indium and 45.0 Mt Inferred Resources grading 5.6% zinc,
0.2% lead, 17 g/t silver and 67 g/t indium. The Ayawilca Tin
Zone contains an Inferred Mineral Resource of 14.5 Mt at 0.63% tin,
0.21% copper & 18 g/t silver (November
26, 2018 release). A maiden PEA is underway, with results
anticipated in the first half of 2019.
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, drilling results, the Company's
expectations regarding the Ayawilca Project PEA, timing of planned
drill programs, 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
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SOURCE Tinka Resources Limited