Figure 1 - Ayawilca - Colquipucro Project - IP Chargeability at 340m Depth
Figure 2 - Ayawilca - Colquipucro Project - Simplified Geological Map
Figure 3 - Ayawilca East-West Cross Section - Geological Model - Zinc above Tin-Copper Mineralization
Large IP anomaly modelled immediately below surface zinc anomalies
VANCOUVER, July 28, 2015 /CNW/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV: TK) (OTCPK: TKRFF) is pleased to announce that the Company has mobilized two drill rigs to commence up to 10,000 metres of diamond drilling at the Company's 100%-owned Ayawilca zinc project, Peru. The key objective of the drill program is to expand the existing Inferred Mineral Resource of 13.3 million tonnes grading 7.7% zinc equivalent (see PR February 26, 2015). In addition, the results of a new Induced Polarization (IP) geophysical survey highlight a number of exciting new zinc targets.
- Up to 10,000 metre fully funded drill program to commence immediately:
- Two rig drill program;
- Objective to expand existing NI 43-101 Zinc Mineral Resource areas;
- Significant new IP survey anomalies defined:
- Previously unmapped and untested; and
- Directly coincident to surface zinc soil anomalies and gossans.
Dr. Graham Carman, Tinka's President and CEO, stated: "We are excited to recommence drilling at Ayawilca following our successful drill campaign of 2014, which resulted in our Inferred Mineral Resource of 13.3 million tonnes grading 7.7% Zinc equivalent containing 1.7 billion pounds zinc, 909 tonnes indium, 5.8 million ounces silver, and 55 million pounds lead. Our key objective for this year is to substantially increase our zinc-rich Inferred Mineral Resource. Known sulphide bodies at Ayawilca occur as carbonate replacement deposits or "mantos" which are constrained in size and shape only by lack of drilling. The expanded IP has provided us with additional drill targets which could significantly increase the mineralization footprint. I look forward to updating the market on the drill results."
2015 Ayawilca Drill Program
The 2015 program will focus on drill testing extensions of the Inferred Mineral Resource at East, Central and West Ayawilca as well as testing some new targets (Figure 1 and Figure 2). Up to 24 step-out holes are planned commencing with two rigs drilling concurrently. The program is expected to take around 4 months to complete, with results to be released once assays become available and interpreted.
The drill program will commence at East Ayawilca where zinc mineralization is open in all directions. East Ayawilca has zinc intercepts which were not included in the resource calculation due to the sparsity of past drilling (including 19.6 metres at 5.7% zinc and 81 g/t indium from 164 metres depth: hole A14-21). Drill holes are also planned at West and Central Ayawilca where zinc mineralization is open in two directions along strike and where tin-copper mineralization was discovered at depth (Figure 3).
IP Geophysical Survey Results
An IP geophysical survey was recently completed covering 9 km2 of prospective ground at Ayawilca / Colquipucro, with the data modelled from surface to a maximum depth of 500 metres below surface*. Results show a number of strong, coherent chargeability anomalies in the depth range of 150 to 450+ metres, interpreted as zones of disseminated sulphides believed to be highly prospective for zinc. Many of these IP anomalies occur beyond the extents of the Inferred Mineral ZnEq Resource. The most significant IP chargeability anomaly, covering approximately 1 km2 at Chaucha, is open to the north. The anomaly is adjacent to the current silver oxide resource at Colquipucro (Mineral Resource of 14.3 Moz @ 60 g/t Ag Indicated and 13.3 Moz @ 48 g/t Ag Inferred), is coincident with a zinc-in-soil anomaly, and has no previous drilling (Figure 1). The Chaucha IP anomaly will be drill tested once permits in that area are renewed.
*A conventional pole-dipole IP survey was carried out on eleven 300 metre-spaced lines each orientated 060 degrees azimuth, using electrode spacing of 120 metres. The data was modelled with a high degree of confidence from surface to maximum depths of between 400 and 500 metres.
Mariana Resources Limited has terminated the option agreement on the Company's 100%-owned Rurimarac Properties with no drilling completed.
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 projects in Peru. Tinka's focus is on its 100%-owned Ayawilca and Colquipucro projects in the highly mineralized zinc-lead-silver belt of central Peru, 200 kilometres north of Lima. The Ayawilca project (Inferred Mineral Resource of 13.3 Mt @ 7.7% Zn equiv., Feb 2015) has the potential to be a major zinc sulphide discovery located 40 kilometres from Peru's largest historic zinc mine, Cerro de Pasco. The adjacent Colquipucro silver oxide project (Indicated Mineral Resource of 7.4 Mt @ 60g/t Ag for 14.3 Moz Ag and Inferred Mineral Resource of 8.5 Mt @ 48 g/t Ag for 13.2 Moz Ag, Feb 2015) is a near-surface, sandstone-hosted, silver oxide deposit.
On behalf of the Board,
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, the proposed drill program, the Company's expectations regarding mineral resources, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world metal markets, changes in equity markets, 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 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
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For further information: Investor Information: www.tinkaresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez, 1.604.699.0202, firstname.lastname@example.org