Tinka Resources Limited (CVE:TK) (OTCPINK:TKRFF) (FRA:TLD) has reported more good drill results from its Ayawilca zinc project in Peru, notably at high grades at shallow depths.
The latest assays hail from seven holes in the 7,500 metres (m) resource drilling program and come ahead of an updated preliminary economic assessment (PEA), earmarked for the middle of this year. So far 6,500m of the campaign have been sunk.
READ: Tinka Resources says latest drill results from Peru augur well for preliminary economic assessment update
In a statement, Tinka chief executive Dr Graham Carman noted that the group was "particularly excited" about hitting a very high-grade zinc-silver vein in one hole at camp area, where results included 1.9m at 24.9% zinc, 7.7% lead and 604 grams per ton (g/t) silver from a depth of 101.1m and 7.8 metres at 31.3% zinc, 1.7% lead and 225 g/t silver from 112.5 metres depth.
This was one of the best grade intersections Tinka has ever had at Ayawilca and especially attractive due to the shallow depth, he said.
"The shallow nature of the mineralization (about 100 m depth) opens up the possibility for high-grade zinc-silver-lead resources much closer to surface than previously thought. We plan to follow up this vein with more drilling before the end of the current program to better define its geometry and extent," Carman added.
A 2018 resource estimate for the Ayawilca Zinc zone showed an estimated 1.8 billion pounds of zinc in the higher confidence indicated category and 5.8 million ounces silver. In the inferred category, there was 5.6 billion pounds zinc and 25.2 million ounces of silver.
"Drill holes at the Camp area have also discovered strong manto-style zinc mineralization outside of the current resource hosted within the limestones," the Tinka boss said.
"Drilling is continuing currently at the South area with two rigs operating. We expect the program to be completed in February, after which time the data will be compiled for a resource and PEA update. We continue to believe that Ayawilca is perfectly positioned to take advantage of the current positive market sentiment towards base metals, and we look forward with anticipation to the results for the final half of the drill program."
Other highlight drill intersections from the West area of the project included 31.9 metres at 6% zinc and 15 grams per ton (g/t) silver from 224.1 metres depth, and in the south area, 11.2m at 5.3% zinc, and 27 g/t silver from 336.2m depth.
Contact the author at giles@proactiveinvestors.com