VANCOUVER, April 23, 2019 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to announce that the
2019 exploration drill program has commenced at its 100%-owned
Ayawilca zinc project in central Peru.
An exploration drill program of up to 10,000 metres has
commenced with one drill rig operating. It is anticipated a second
rig will be mobilized to site within the next few
weeks. Several deep holes are planned at West and South
Ayawilca to test for structural repetitions of high-grade zinc
mineralization in limestones beneath existing zinc resources, which
will also double as infill holes. Additional holes will be
drilled along strike of existing resources to test for extensions
of the mineralization where the resource still remains open.
The Company's Preliminary Economic Assessment for the Ayawilca
zinc project (the "Ayawilca Project PEA") is progressing well
and remains on track to be completed by the end of Q2
2019. The Ayawilca Project PEA is based on the mineral
resource estimate as at November 26,
2018 (see news release dated Nov. 26,
2018).
Dr. Graham Carman, Tinka's
President and CEO, stated: "The Company is excited to commence
its 2019 drill program. This new program will build on the
2018 drill program which confirmed the presence of high-grade zinc
mineralization hosted by a deeper limestone unit lying underneath
the current resource. Our geologists have generated detailed
3D models of the deposit and we believe there is excellent
potential for additional discoveries of high-grade zinc
mineralization. Ayawilca is already one of the largest
undeveloped zinc projects in the Americas, but additional
discoveries nearby our current resources could ultimately add
significant value to the project. We look forward to updating
the market with these drill results in the coming months, as well
as announcing the results of the PEA before the end of Q2
2019."
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 PEA is underway with results
anticipated by end of Q2 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, 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tinka-commences-2019-drill-program-at-ayawilca-300836116.html
SOURCE Tinka Resources Limited