Tinka Drills 13 Metres Grading 1.6 % Tin at South Ayawilca

VANCOUVER, Nov. 3, 2017 /PRNewswire/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV & BVL: TK) (OTCPK: TKRFF) is pleased to announce tin assay results for eight drill holes from the South Ayawilca zinc discovery area in central Peru (zinc intercepts from these holes were previously reported earlier in 2017).  Tin mineralization at Ayawilca is predominantly in the form of cassiterite (SnO₂), disseminated in flat-lying massive to semi-massive pyrrhotite 'mantos' which are physically separated from the zinc zones.  Tin at South Ayawilca connects and expands the known tin mineralization at Central Ayawilca, which includes drill intercepts of 50.5 metres grading 1.23 % tin & 0.16 % copper in hole A15-040, and 50.0 metres grading 0.52 % tin & 0.25 % copper in A15-039 (News Releases October 13, 2015 & September 29, 2015) (see Figure 1).

Assays for four new zinc drill hole intercepts are also reported below. An updated zinc and tin resource estimate is expected shortly, with results for all the holes to be included in the resource update now reported (up to hole A17-098).  Two drill rigs continue to test new targets at Ayawilca -  current holes are A17-105 and A17-091A (Valley and Zone 3 areas, respectively) with several more holes planned before the end of the year.   

Key Highlights of Tin intercepts at South Ayawilca
Hole A17-063:

• 13.0 metres at 1.57 % tin from 273.0 metres depth, including
• 4.0 metres at 2.82 % tin from 275.0 metres depth; and
• 5.5 metres at 1.22 % tin, 0.22 % copper & 16 g/t silver from 369.0 metres depth, including
• 1.1 metres at 3.72 % tin, 0.81% copper & 32 g/t silver from 373.4 metres depth;

Hole A17-069:  

• 39.0 metres at 0.37 % tin from 206 metres depth;

Hole A17-070:

• 16.7 metres at 0.51 % tin from 285.0 metres depth, including
• 3.3 metres at 1.45 % tin from 286.7 metres depth, and
• 2.0 metres at 2.16 % tin from 348.0 metres depth, and
• 2.0 metres at 1.42 % tin, 0.56 % copper & 75 g/t silver from 362 metres depth;

Hole A17-56:

• 15.1 metres at 0.56 % tin from 212.0 metres depth, including
• 3.95 metres at 1.07 % tin from 217.35 metres depth.

Note: A cut-off of 0.2% tin over 6 metres has been applied.

Dr. Graham Carman, Tinka´s President and CEO, stated: "Tinka is focusing on realizing the potential of the extensive high-grade zinc mineralization at Ayawilca.  However, we believe the project also offers additional upside for other commodities, especially for tin, which occurs in separate mineralized bodies to the zinc. Tin intercepts reported here from South Ayawilca are believed to connect with the Central Ayawilca tin resource, extending the footprint of the tin mineralization by several hundred metres.  Tin is currently trading at ~6 times the price of zinc, and ~3 times the price of copper on the London Metals Exchange, so these tin intercepts are potentially significant to the project. We look forward to updating our zinc and tin resources very shortly, which will include the 2017 South Ayawilca discovery."

Zinc assays for four new drill holes from the Ayawilca South and Valley zones are also reported here, with all holes intersecting significant zinc mineralization. Two holes drilled at the Valley area targeted previously untested magnetic anomalies. Results have confirmed the presence of zinc mineralization at or near the base of the host carbonate sequence.  Two holes tested extensions of South Ayawilca (A17-095 & 098).  See Figure 1 for drill holes locations. 

Highlights of new Zinc intercepts at Ayawilca
Hole A17-090 (Valley area):

• 1.5 metres at 6.6 % zinc, 0.5 % lead & 13 g/t silver from 132.6 metres depth;

Hole A17-092 (Valley area):

• 11.7 metres at 3.2 % zinc, 0.2 % lead & 32 g/t silver from 241.8 metres depth;

Hole A17-095 (South Ayawilca):

• 1.8 metres at 14.8 % zinc, 0.1% lead & 48 g/t silver from 52.2 metres depth, and
• 2.0 metres at 7.2 % zinc, 0.6 % lead, 163 g/t silver & 146 g/t indium from 101.7 metres depth;

Hole A17-098 (South Ayawilca):

• 3.4 metres at 4.3 % zinc & 18 g/t silver from 230.6 metres depth, and
• 3.7 metres at 4.3 % zinc & 11 g/t silver from 238.6 metres depth.

Dr. Graham Carman, Tinka´s President and CEO, continued: "Drill results from the Valley area, about 1 kilometre north of the Ayawilca zinc zone resources, indicate that the Ayawilca zinc system is very large and has significant potential to grow. We plan to continue drill testing for new zinc discoveries even as an updated resource estimate is being finalized. This strategy allows Tinka to pursue the blue-sky potential of Ayawilca, while simultaneously working towards de-risking the known resources."

Drill Progress
Seven drill holes from South and Central Ayawilca have assays pending (A17-097, 099 to 104).  Two holes are currently in progress at Zone 3 (A17-091A) and Valley (A17-105). 

True thicknesses of the zinc and tin intersections are estimated to be at least 85% of the downhole thickness, except where otherwise noted in footnotes to Table 1 and Table 2.  All significant zinc (lead, silver, indium) intercepts of the 2017 program are summarized in Table 1 with the strongest intercepts in bold text. Significant tin (copper, silver) intercepts of the 2017 program are summarized in Table 2. Table 3 summarizes drill collar information. 

NI 43-101 Technical Report
On June 29, 2016, Tinka filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on the Mineral Resource Estimate for the Ayawilca Property, Department of Pasco, Peru in support of the Company's news release dated May 25, 2016.  The NI 43-101 Technical Report was authored by Mr. David Ross. P.Geo., of Roscoe Postle Associates Inc., who is an independent "qualified person" as defined by National Instrument 43-101.  The NI 43-101 Technical Report may be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.tinkaresources.com

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.

Table 1. Summary of significant zinc (lead, silver, indium) intercepts for Ayawilca drill program 2017

Table 2.  Summary of significant tin (copper, silver) intercepts for Ayawilca drill program 2017

Notes on sampling and assaying
Drill holes are diamond HQ or NQ size core holes with recoveries generally above 80% and often close to 100%.  The drill core is marked up, logged, and photographed on site.  The cores are cut in half at the Company's core storage facility, with half-cores stored as a future reference.  Half-core is bagged on average over 1 to 2 metre composite intervals and sent to ALS or SGS laboratories in Lima for assay in batches.  Standards and blanks are inserted into each batch prior to departure from Tinka's core storage facilities.  At the laboratory samples are dried, crushed to 100% passing 2mm, then 500 grams pulverized for multi-element analysis by ICP using multi-acid digestion. Samples assaying over 1% zinc, lead, or copper and over 100 g/t silver are re-assayed using precise ore-grade AAS techniques.

Samples which assayed approximately 200 ppm tin or greater in the ICP analysis were re-assayed for tin by fusion with sodium peroxide and AAS finish (SGS Lima laboratory method SGS-MN-ME-112) or by XRF pressed powder technique (ALS Lima laboratory method ME-XRF15b).

Table 3.  Summary of Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)

On behalf of the Board,

"Graham Carman"
Dr. Graham Carman, President & CEO

About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone has an Inferred Mineral Resource of 18.8 Mt at 5.9 % zinc, 0.2 % lead, 15 g/t silver & 74 g/t indium, and a Tin Zone Inferred Mineral Resource of 5.4 Mt at 0.76 % tin, 0.31 % copper & 18 g/t silver (May 25, 2016). A significant resource expansion drill program began in February 2017 and is ongoing.

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, drilling results, 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 agreements and 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

SOURCE Tinka Resources Limited

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