VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2016) -
Editors Note: There is a map associated with this press release.
Tinka Resources Limited ("Tinka" or the "Company") (TSX VENTURE:TK)(OTC PINK:TKRFF)(FRANKFURT:TLD) is pleased to provide an update of its exploration activities at the Company's 100%-owned Ayawilca project in central Peru. A helicopter-borne magnetic geophysical survey has now commenced, to cover the full 150 km2 of contiguous mineral claims owned by Tinka, with the purpose of identifying new areas prospective for base metal mineralization. Mineral claims and known prospect areas to be covered by the current airborne survey are shown in Figure 1.
- Helicopter magnetic survey to cover full area of Tinka's mineral claims at Ayawilca, covering an area of approximately 15 kilometres by 10 kilometres;
- Line-spacing of 200 metres will provide a high-quality magnetic geophysical dataset for the first time;
- Magnetic survey to take approximately 1 week to complete, with interpreted results available later in July.
Dr. Graham Carman, Tinka's President and CEO, stated: "For some time, Tinka geologists have realized that the zinc, tin, and silver mineral resources discovered to date at Ayawilca are part of a mineralized district, which continues to grow as drilling advances. The zones of base metal mineralization so far discovered are, in part, associated with magnetic anomalies that have no surface expression. The magnetic anomalies lie beneath a 'cap' of unmineralized sandstone, a rock formation which outcrops extensively throughout the property. We believe the airborne magnetic survey will help identify new prospective areas for base metals beneath the sandstone, as well as put our existing mineral resources into a regional context, and provide Tinka with a powerful exploration tool."
In other news, Tinka continues its preparation for further resource extension drilling later in 2016. This drill program requires the completion of certain permitting procedures, which are well advanced. The Company anticipates the drill permits to be granted during Q3 2016. Resource step-out drilling, and the testing of high-priority new target areas identified by surface sampling and ground geophysics (including South Ayawilca, Zone 3, and Chaucha), can commence once the permits are fully granted.
The qualified person, Dr. Graham Carman, Tinka's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.
About Tinka Resources Limited
Tinka is an exploration and development company with projects in Peru. Tinka's focus is on its 100%-owned Ayawilca project 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 project, located 2 km to the north (Indicated Mineral Resource of 7.4 Mt at 60g/t Ag for 14.3 Moz Ag and Inferred Mineral Resource of 8.5 Mt at 48g/t Ag for 13.2 Moz Ag; news release of Feb' 26, 2015) is a near-surface, sandstone-hosted, silver oxide deposit.
On behalf of the Board,
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, the successful completion of the airborne magnetic survey, the Company's expectations, interpretation and actual results from the airborne magnetic survey, 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.
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