VANCOUVER, Nov. 23, 2016 /CNW/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV: TK) (OTCPK: TKRFF) is pleased to announce that the Company has been notified by the Ministry of Energy and Mines in Peru that its modified Environmental Impact Assessment ("EIA") covering a widespread and intensive drill program at the Ayawilca project has been approved. The modified EIA will allow the Company to drill from up to 79 drill platforms within the communities of San Juan de Yanacocha and Huarautambo. An additional 85 drill platforms will shortly be permitted on adjacent land owned by the community of San Pedro de Pillao. As previously announced in September 2016, the Company has formalized access agreements with all three local communities for a period of up to four years.
Dr. Graham Carman, Tinka's President and CEO, stated: "We are very pleased to have received the final approval of the Ayawilca EIA, which is a significant milestone for the Company. I would like to thank our Peru team for all of their tireless efforts in achieving this milestone. Tinka has now filed for the authorization to commence drilling activities with the Ministry of Energy and Mines, a final review process which is a standard procedure in Peru, expected to take several weeks. We have already identified a well-qualified drill contractor ready to commence drilling at the project in January 2017."
Dr. Carman continued: "Following the recent C$11 million financing, Tinka is now fully funded and well positioned to move our Ayawilca project rapidly forward through an aggressive drill program in 2017. The Ayawilca zinc resource remains open in most directions, and we look forward to testing the extensions of the resource mineralization as well as many exciting new zinc (and tin) targets within the Ayawilca district. We believe that Ayawilca has the potential to become a major new zinc district, and we look forward to the opportunity to finally test the property's full potential."
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 flagship property is its 100%-owned Ayawilca Property in the highly mineralized zinc-lead-silver belt of central Peru, 200 kilometres north of Lima, and 40 kilometres from Peru's largest historic zinc mine at Cerro de Pasco. Ayawilca has two separate Inferred Mineral Resource Zones of 18.8 Mt at 8.2% Zinc Eq, and 5.4 Mt at 0.89% Tin Eq, both open for expansion (news release of May 25, 2016). The Colquipucro silver deposit, located 2km north of the Ayawilca 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 contained in 'higher-grade lenses' within a larger lower-grade resource envelope (news release of Feb. 26, 2015).
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, 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, 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
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