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Tinka Resources shares tick higher as it files positive resource estimate for Ayawilca

The report followed successful drilling of around 20,000 meters in 2018 and a maiden PEA is now underway

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Tinka's flagship zinc project is in Peru

Tinka Resources Ltd (CVE:TK) (OTCMKTS:TKRFF) has now filed a positive updated mineral resource for its flagship Ayawilca property in Peru, sending shares higher.

The report followed successful drilling of around 20,000 meters in 2018 and a maiden PEA (preliminary economic assessment) is now underway.

READ: Tinka Resources derisking and value adding at Ayawilca amidst interest from majors

The results of this are anticipated in the first half of 2019.

Key takeaways of the updated estimate include that the zinc zone mineral resource is now described as indicated - a higher confidence classification.

This includes a higher-grade portion of the deposit.

Also, the updated lower confidence inferred mineral resource is of a similar size and grade to the previous zinc zone resource reported in 2017, Tinka highlighted.

"The updated tin zone inferred mineral resource is also substantially larger," the company noted.

The indicated zinc zone mineral resource of 11.7 million tonnes has a grade of 6.9% zinc, 0.16% lead, 84 grams per tonne (g/t) indium and 15 grams per tonne silver (8.1% zinc equivalent).

That contained 1.8 billion pounds of zinc, 983 tonnes of indium, 5.8 million ounces of silver, 42 million pounds of lead.

The inferred zinc zone mineral resource had 45 million tonnes grading 5.6% zinc, 0.23% lead, 67 grams per tonne (g/t) indium and 17 grams per tonne (g/t) silver.

That contained 5.6 billion pounds of zinc, 3,003 tonnes of indium, 25.2 million ounces of silver and 230 million pounds of lead.

For the tin zone, the inferred resource was 14.5 million tonnes at a grade of 0.63% tin, 0.21% copper, and 18 grams per tonne (g/t) silver (0.70% tin equivalent).

This contained 201 million pounds of tin, 67 million pounds of copper and eight million ounces of silver.

The resource estimate has an effective date of November 26, 2018, and are reported above a net smelter return (NSR) cut-off value of US$55 per tonne.

READ: Tinka Resources outlines Ayawilca's credentials as it unveils another batch of drill assays

For the zinc zone, metal price assumptions were US$1.15 per pound zinc, US$300 per kilogram indium, US$15 per ounce silver and US$1 per pound lead.

For the tin zone, they were: US$9 per pound tin, US$2.85 per pound copper and US$15 per ounce silver.

Tinka's flagship Ayawilca carbonate replacement deposit (CRD) lies in the zinc-lead-silver belt of central Peru, 200 km northeast of Lima.

In Toronto, Tinka shares ticked up 2.94% to $0.35 before dropping back to $0.34.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

Quick facts: Tinka Resources Limited

Price: 0.125 CAD

TSX-V:TK
Market: TSX-V
Market Cap: $33.08 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

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