Sign up USA
Proactive Investors - Run By Investors For Investors

Tinka Resources shares lifted on new discovery at Ayawilca project, Peru

Three holes were resource step-out at South Ayawilca, while two holes represented resource infill work
Tinka Resources shares lifted on new discovery at Ayawilca project, Peru
Tinka's South Ayawilca project is in Peru..

Shares in Tinka Resources Ltd (CVE:TK)  surged over 15% in Toronto today as it announced a new mineral discovery at its Ayawilca project in Peru and assays from six new holes.

Three holes were resource step-out at South Ayawilca, while two holes represented resource infill work, and one hit what the group called "significant" mineralization at the "Zone 3" area for the first time - a new discovery.

That hole (A17-091A) uncovered 10.3 metres at 5.9 % zinc, 2% lead and 66 g/t (grams per ton) silver from 570.2 metres.

That included 4.5 metres at 9.4% zinc, 1.1 % lead and 45 g/t silver from 576 metres depth, and 13.5 metres at 0.83 % tin, 0.39 % copper & 54 g/t silver from 588.50 metres depth.

Very significant intercepts...

"We believe the new intercepts in drill hole A17-091A are very significant, as they open up the Zone 3 area for potential resource expansion in an area that has seen little drilling," said Dr Graham Carman, Tinka's president and chief executive.

"The same magnetic anomaly that outlines the Ayawilca Zinc and Tin Zones continues into Zone 3, extending the prospective zone by hundreds of metres to the northeast.

"A drill rig will continue to operate in the Zone 3 area following-up on this exciting discovery. Drilling is now expected to continue well into 2018 without a break, other than for the Christmas period."

An updated resource...

In November this year, when Tinka announced a more than doubling of the inferred resources at its  Ayawilca deposit in Peru.

The firm also announced an updated tin-copper-silver resource estimated to be 10.5 million tonnes at a grade of 0.70% tin equivalent (SnEq).

The tin Zone and the zinc zone resources do not overlap.

Carman noted that today's holes were the first to be released following the resource upgrade.

"A large 750-metre gap remains undrilled between significant zinc intersections at South Ayawilca and Zone 3.

"While exploration drilling continues with the goal of expanding the project resources, we are concurrently working on de-risking the project through metallurgical tests of the two main styles of mineralization as well as beginning preliminary desktop mining studies. We look forward to providing updates on these programs as they progress," he added.

Shares up...

Tinka shares added over 5% in Toronto to C$0.62.

View full TK profile View Profile

Tinka Resources Timeline

Related Articles

Picture of timetable for Wolfsberg project
March 12 2018
Chairman Tony Sage says the key number in the prefeasibility study will be the net present value.
Horse Hill drilling site under construction
March 14 2018
Sue Corrigan is a geologist and geoscientist with 40 years' industry experience in both exploration and development geology
June 25 2018
Kibo's transformation into an energy company is gathering momentum

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use