Tinka drills 10.4 metres grading 44.0% zinc in new discovery of exceptional zinc grade at Ayawilca
Tinka drills 10.4 metres grading 44.0% zinc in new discovery of exceptional zinc grade at Ayawilca |
[26-June-2018] |
VANCOUVER, June 26, 2018 /PRNewswire/ - Tinka Resources Limited ("Tinka" or the "Company") (TSXV & BVL: TK) (OTCPK: TKRFF) is pleased to announce assay results for seven recent holes from its ongoing resource step-out drill program at the Company's 100%-owned Ayawilca project, central Peru. Six holes are reported from the West Ayawilca area (holes A18-117, 120 to 122, 126, 129) and one from the Central area (A18-127). Hole A18-129 has intersected exceptional grades of zinc sulphide mineralization at West Ayawilca in a new setting for mineralization at Ayawilca. A mineralized interval of 10.4 metres grading 44.0% zinc occurs within a zone consisting of more than 90% zinc sulphides (sphalerite). This is the highest-grade zinc intersection ever encountered at Ayawilca over a significant interval. The high-grade mineralization occurs immediately beneath phyllite (metamorphic rock) within a repetition of the Pucara limestone formation which is favourable for mineralization and typically found above the phyllite. The mineralized interval is interpreted to be flat-dipping and close to true thickness. This is the first time that Tinka has tested the proposition that there may be a repetition of the mineralized Pucara limestone under the phyllite encountered at the base of most other holes at Ayawilca. It is notable that such an outstanding zinc intercept has been drilled in the first repetition of the Pucara limestone encountered thus far. Additional drill holes are planned to test for the continuation of the high grade mineralization in this repeated limestone. The new discovery opens up significant areas of untested potential, both beneath and adjacent to the existing mineral resource. Most of the previous drill holes at Ayawilca were stopped a few metres into the phyllite, which had been considered to be 'basement'. A new interpretation of the geology at West Ayawilca indicated that the favourable limestone unit could be repeated under low angle 'thrust' faults, a concept that is now corroborated. Three drill rigs continue to operate at the project 24/7 in the resource expansion program. Two rigs are drilling deep holes at West Ayawilca, while the third rig is at South Ayawilca testing for repetitions of the mineralization beneath the South Ayawilca resource. Key Highlights - West Ayawilca Area Hole A18-129:
Note: True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thicknesses, except for vein intercepts (marked *) where true thicknesses are unknown. Dr. Graham Carman, Tinka´s President and CEO, stated: "The exceptional zinc grade in hole A18-129 is very exciting as it confirms Ayawilca mineralization can be very high-grade, while a repetition of the favourable Pucara limestone opens up a new exploration target at depth and also down-plunge of the new intercept. Previously, it was thought that the phyllite metamorphic rock represents a 'floor' to the zinc mineralization. Past drill holes were typically stopped a few metres into the phyllite, and some holes at Ayawilca may have been stopped prematurely." "The objectives of the drill program are to find additional high-grade zinc resources, as well as to improve the geological understanding of the Ayawilca deposit, which is evolving as more holes are drilled. The three-rig drill program is now focused on testing extensions of the zinc resources at West and South Ayawilca, including deeper repetitions of the limestone-hosted replacement mineralization, as well as possible connections of these areas with Central Ayawilca – see Figure 2." "The three rigs on site are expected to be operating until at least mid-August 2018, at which time the number of rigs will be reviewed subject to results. Drilling at the Zone 3 area, which has been one of our main target areas, will resume later in the year. A Preliminary Economic Assessment is planned for the fourth quarter of 2018." West Ayawilca Geology – a revised interpretation The main geological rock units observed at Ayawilca are an upper sandstone (Goyllar Group), a limestone (Pucara Formation) which hosts most of the zinc mineralization as sulphide replacement of the limestone, and a lower phyllite metamorphic rock (Excelsior Group). The observation by Tinka geologists of mineralized limestone underneath the phyllite in hole A18-129 is groundbreaking, as it opens up potential for additional zinc resources beneath and adjacent to the existing resources. Of particular importance is that the repeated section of Pucara limestone in A18-129 hosts much higher-grade mineralization than average, and the predominant zinc species is the relatively low iron "ruby" sphalerite. Hole A18-129 intersected 70 metres of Pucara limestone, 10 metres of phyllite, and then another 70 metres of limestone before cutting phyllite once again. Tinka geologists believe that the repetition in the limestone is as a result of a low-angle reverse fault which lies at the base of the upper phyllite, forming a 'thrust' slice in the geology at West Ayawilca (see Figure 4). Other thrust slices may also occur deeper in the sequence. The faulting is believed to have occurred prior to the zinc mineralization, but the low-angle faults acted as conduits for the mineralization. Zinc mineralization is hosted predominantly in the hanging wall position of the faults. The thrust faulting post-dated the folding of the limestone-sandstone sequence which formed the anticline fold at West Ayawilca. Figure 1 shows a photograph of the high-grade zinc intercept in hole A18-129 at West Ayawilca. Figure 2 is a drill hole location map showing the recent holes at West and South Ayawilca. Figure 3 is a geological map of the project with inset of recent drill area. Figure 4 is a schematic cross section through West Ayawilca highlighting drill hole A18-129.
True thicknesses of the zinc intersections are estimated to be at least 85% of the downhole thickness, except where marked. Significant new drill intercepts are summarized in Table 1 with the strongest intercepts in bold text. Table 2 summarizes the drill collar information for the recent holes. Table 1. Recent significant drill intercepts at Ayawilca
Table 2. Summary of Drill Collar Information (coordinates are in UTM Zone 18S WGS84 datum)
Qualified Person – Mineral Resources: The Mineral Resources disclosed in this press release have been estimated by Mr. David Ross, P.Geo., an employee of Roscoe Postle Associates Inc. (RPA), and is independent of Tinka. By virtue of his education and relevant experience, Mr. Ross is a "Qualified Person" for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). 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 has been filed under the Company's profile on SEDAR at www.sedar.com and is available 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. On behalf of the Board, Notes on sampling and assaying About Tinka Resources Limited Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking information within the meaning of 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 the ongoing 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 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 View original content with multimedia:http://www.prnewswire.com/news-releases/tinka-drills-10-4-metres-grading-44-0-zinc-in-new-discovery-of-exceptional-zinc-grade-at-ayawilca-300672148.html SOURCE Tinka Resources Limited | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-BB:TKRFF, TorontoVE:TK, OTC-PINK:TKRFF |
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