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Tinka Resources hails "very positive" latest step-out hole results from Ayawilca project

All five hit significant zinc mineralization hosted mostly by Pucara limestone, Tinka said
Tinka Resources hails "very positive" latest step-out hole results from  Ayawilca project
All five step-out holes hit significant zinc mineralization, Tinka said

Zinc-focused Tinka Resources Ltd (CVE:TK) reported more encouraging drill assays from resource expansion work at the flagship Ayawilca project in central Peru.

Of the 12 holes reported on Tuesday, five were step-out at the west, south, central and Camp areas.

All five hit significant zinc mineralization hosted mostly by Pucara limestone, the main host of the zinc sulphide mineralization.

"The stepout drill hole results reported in this release are very positive, and show that the footprint of zinc mineralization at Ayawilca is getting larger," said Graham Carman, the president and chief executive at Tinka.

"Zinc mineralization still remains open along strike and downdip in several directions, while other prospective areas such as zone 3 continue to offer additional potential.

"A priority in 2018 has been to identify additional zinc resources with stepout drill holes. In addition, several infill holes have been drilled to test for repetitions of the mineralized limestone beneath and within areas of known resources where key information was lacking," said the company boss.

Highlights from the step-out holes include 5.5 metres at 9.8% zinc, eight g/t (grams per ton) silver and 42 g/t indium from 378.6 m depth in limestone.

Another hole showed 1.7 metres at 26.9% zinc, 0.9% lead and 1,526 g/t silver from 57.0 m depth in the upper manto.

So far this year, Tinka has sunk 19,000 metres in 2018, on top of 46,000 metres drilled at the Ayawilca project from the initial discovery in 2013 to the end of 2017.

Tinka said that a resource update was planned for the fourth quarter of 2018, based on all drill data to the end of September this year.

Meanwhile, an additional 1,000 to 2,000 metres of drilling is planned for the remainder of the year, with one rig operating at site.

Importantly, the 2018 drill program is on schedule and on budget, it added.

Carman said after the resource update, the firm can either move ahead with a preliminary economic assessment (PEA) in 2019, or to focus on further resource expansion.

Tinka shares slipped 1.32% to C$0.375.

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