VANCOUVER, June 29, 2016 /CNW/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV: TK) (OTCPK: TKRFF) is pleased to announce that the Company has filed 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 in support of the Company's news release dated May 25, 2016.
The updated Inferred Mineral Resource estimate for the Ayawilca Zinc Zone now consists of 18.8 million tonnes grading 8.2% Zinc Equivalent(1) (5.9% zinc, 0.2% lead, 74 g/t indium, and 15 g/t silver). In addition, an initial Inferred Mineral Resource estimate for the Ayawilca Tin Zone consists of 5.4 million tonnes grading 0.89% Tin Equivalent(2) (0.76% tin, 0.31% copper, and 18 g/t silver). Both resource cut-off grades are equivalent to an approximate NSR of US$60 per tonne.
The Colquipucro Deposit Indicated Mineral Resource of 7.4 million tonnes grading 60 g/t silver and Inferred Mineral Resource of 8.5 million tonnes grading 48 g/t silver remains unchanged since the previous resource update of February, 2015.
Dr. Graham Carman, Tinka's President and CEO, stated: "The NI 43-101 Technical Report updates and replaces the previous technical report describing mineral resources at the Ayawilca Property, resulting from mineralization discovered in the 9,000 metre step-out drill program during the latter half of 2015. The updated Zinc Zone Mineral Resource is a 42% resource increase at a higher ZnEq grade from the previous estimate (Feb' 2015). We expect the mineral resources at Ayawilca to continue to grow, as the drilling footprint expands. Many more targets remain to be drill tested, and we are very much looking forward to the commencement of drilling once final approvals are obtained, expected late Q3 2016."
The NI 43-101 Technical Report was authored by Mr. David Ross. P.Geo., of Roscoe Postle Associates Inc., who is an independent "qualified person" as defined by National Instrument 43-101. Mr. Ross has read and approved the technical contents of this release as it pertains to the mineral resource estimates.
The NI 43-101 Technical Report may be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.tinkaresources.com .
Attachments:
Figure 1. Drill hole map and projected Mineral Resource wireframes.
Figure 2. East-west longitudinal section highlighting the Zinc and Tin Zones at Ayawilca.
Notes:
| (1) | The zinc equivalent (ZnEq.%) value was calculated using the following formula: ZnEq.(%) = [Zn(%)*US$11.88+Pb(%)*US$4.16+In(g/t)*US$0.30+Ag(g/t)*US$0.28]/ US$11.88. |
| (2) | The tin equivalent (Sn Eq.%) value was calculated using the following formula: Sn Eq.(%) = [Sn(%)*US$130.36+Cu(%)*US$41.26+Ag(g/t)*US$0.28]/ US$130.36 |
About Tinka Resources Limited
Tinka is an exploration and development company with properties in Peru. Tinka's focus is on 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 Inferred Mineral Resources of 18.8 Mt at 8.2% Zinc Eq, and 5.4 Mt at 0.89% Tin Eq, open for expansion (news release of May 25, 2016). The Colquipucro silver oxide zone located 1.5 km north of Ayawilca has an Indicated Mineral Resource of 7.4 Mt at 60 g/t Ag for 14.3 Moz Ag and an Inferred Mineral Resource of 8.5 Mt at 48 g/t Ag for 13.2 Moz Ag (news release of Feb' 26, 2015).
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, timing of commencement of a further resource extension 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 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.
Note. All drill holes and wireframe interpretations are projected onto a two dimensional plane, and do not line-up exactly with geological surfaces in this image
SOURCE Tinka Resources Limited
Image with caption: "Figure 1. Drill Hole Map and Projected Mineral Resource Wireframes (CNW Group/Tinka Resources Limited)". Image available at: http://photos.newswire.ca/images/download/20160629_C9246_PHOTO_EN_44768.jpg
Image with caption: "Figure 2. East-West Longitudinal Section Highlighting the Zinc and Tin Zones at Ayawilca. (CNW Group/Tinka Resources Limited)". Image available at: http://photos.newswire.ca/images/download/20160629_C9246_PHOTO_EN_44769.jpg
Investor Information:
www.tinkaresources.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, 1.604.699.0202
[email protected]
Share this article