Tinka Resources Limited (CVE:TK) (OTCPINK:TKRFF) (FRA:TLD) reported high-grade zinc and silver assays from its resource expansion and infill drill program at the flagship Ayawilca zinc project in Peru ahead of a new resource estimate.
Today's results hail from six diamond drill holes. Four were sunk at the Camp area of the property, while two were drilled at the South area.
READ: Tinka Resources hails latest drill assays from Ayawilca, which includes one of the best grade intersections to date
"Our aim for this program has been to extend the indicated mineral resources at West Ayawilca southwards into the Camp area, and South Ayawilca further to the east," noted the company's CEO, Dr Graham Carman, in a statement.
"In both areas, we have successfully discovered new zones of high-grade zinc and silver mineralization, which will add value to the project."
Carman added that 80% of the holes in the 2020/21 program had now been reported and that in "coming weeks", the company planned a resource update, and metallurgical test work focusing on the silver-lead mineralization, and to begin work on a new preliminary economic assessment (PEA).
"The company remains in a strong position and is fully funded to complete this planned work," he added.
In the South area, drill highlights included 4.1 metres (m) at 17.7% zinc and 34 grams per ton (g/t) silver from 302.9m depth. At the Camp area, Tinka hit 5.9m at 11.4% zinc, 1.9% lead and 39 g/t silver from 225.2m depth.
"The results from the two South Ayawilca holes confirm that high-grade mineralization within the current indicated mineral resource boundary extends at least a further 8 metres to the northeast," said Carman, adding that two holes were infill holes, confirming the group's geological model and understanding of South Ayawilca.
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.
According to a 2019 study, the Colqui Silver Zone contains an estimated 14.3 million ounces of indicated silver and 13.2 million ounces silver in inferred.
Assays for four final holes are pending and an updated resource and PEA is scheduled for the middle of 2021.
Contact the author at giles@proactiveinvestors.com