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Tinka Resources' new discovery at Ayawilca opens up 'significant' areas of untested potential

Today's results hail from six holes from the West Ayawilca area and one from the Central area

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Tinka is a zinc explorer focused in Peru

Zinc-focused Tinka Resources Ltd (CVE:TK) has unveiled yet more positive drill results from its Ayawilca project in Peru, including a new discovery of "exceptional grade", sending shares surging.

Today's results hail from six holes from the West Ayawilca area and one from the Central area.

READ THE BIG PIC: Tinka Resources continues to advance its potentially 'world class' Ayawilca zinc project

One hole hit exceptional grades of zinc sulphide mineralization at West Ayawilca in a new mineralised setting, the firm told investors.

The highlight was 10.4 metres grading 44.0% zinc within a zone consisting of more than 90% zinc sulphides - the highest-grade zinc intersection ever encountered at Ayawilca over a significant interval, the company noted.

The new discovery opens up significant areas of untested potential, both beneath and adjacent to the existing mineral resource, said Tinka.

"The exceptional zinc grade in hole A18-129 is very exciting as it confirms Ayawilca mineralization can be very high-grade, while a repetition of the favorable Pucara limestone opens up a new exploration target at depth and also down-plunge of the new intercept," said Dr Graham Carman, Tinka's president and chief executive.

"Previously, it was thought that the phyllite metamorphic rock represents a 'floor' to the zinc mineralization.

"Past drill holes were typically stopped a few metres into the phyllite, and some holes at Ayawilca may have been stopped prematurely."

READ: Tinka Resources hails one of the best drill assays yet at West Ayawilca, Peru

Carman went on to say that the  three-rig drill program is now focused on testing extensions of the zinc resources at West and South Ayawilca, including deeper repetitions of the limestone-hosted replacement mineralization, as well as possible connections of these areas with Central Ayawilca.

"The three rigs on site are expected to be operating until at least mid-August 2018, at which time the number of rigs will be reviewed subject to results.

"Drilling at the Zone 3 area, which has been one of our main target areas, will resume later in the year.

"A Preliminary Economic Assessment is planned for the fourth quarter of 2018."

Highlight assays from the West Ayawilca area include 11.9 metres at 39.6% zinc, 0.8% lead, 45 g/t (grams per tonne) silver and 761 g/t indium from 339.4 metres depth.

Anoher intercept showed 7.8 metres at 8.1% zinc, 5.1% lead and 183 g/t silver from 94 metres depth.

The Ayawilca Zinc zone has an inferred resource estimate of 42.7 Mt (million tonnes) at 6.0 % zinc, 0.2 % lead, 17 g/t silver and 79 g/t indium, and a Tin zone inferred resource of 10.5 Mt at 0.63 % tin, 0.23 % copper and 12 g/t silver.

Tinka shares shot up in Toronto over 24% to C$0.53.

Quick facts: Tinka Resources Limited

Price: 0.14 CAD

TSX-V:TK
Market: TSX-V
Market Cap: $37.05 m
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Watch

South Ayawilca drilling could reveal a 'world class discovery', says Tinka...

Dr Graham Carman, chief executive of Tinka Resources Ltd (CVE:TK) talks Proactive Investors' Andrew Scott through their the first two holes of this year's 10,000 metre drill program at Ayawilca in Peru. A17-056 and A17-057 were drilled at South Ayawilca - around 400 metres from the...

on 4/4/17

3 min read