Exploring the Tinka Resources Ayawilca zinc and tin project in Peru. Source: Tinka Resources Ltd.
Tinka Resources Ltd. [TK-TSXV, Lima; TKRFF-OTC; TLD-FSE] said Thursday February 28 that it is set to launch a 10,000-metre drill program at its 100%-owned Ayawilca zinc and tin deposits in Peru. Drilling is expected to start in April, 2019.
The move comes after Tinka recently announced an updated mineral resource estimate for the project.
The 150 km2 Ayawilca project is located 40 km northwest of Cerro de Pasco in the richly mineralized silver-lead-zinc belt of central Peru. It ranks as one of the largest zinc discoveries made in Peru during the past 20 years.
Two types of mineralization occur at the Ayawilca, including tin-copper mineralization in the Tin Zone and zinc indium silver lead mineralization in the Zinc Zone.
In a November 26, 2018, press release the company said indicated Zinc Zone mineral resources now stand at 11.7 million tonnes, grading 6.9% zinc, 0.16% lead, 84 g/t indium and 15 g/t silver (8.1% zinc equivalent), containing 1.8 billion pounds of zinc, 983 tonnes of indium, 5.8 million ounces of silver and 42 million pounds of lead.
On top of that is an inferred Zinc Zone mineral resource of 45.0 million tonnes, grading 5.6% zinc, 0.23% lead, 67 g/t indium and 17 g/t silver (6.7% zinc equivalent), containing 5.6 billion pounds of zinc, 3,003 tonnes if indium, 25.2 million ounces of silver, and 230 million pounds of lead.
In addition, Tinka has outlined an inferred tin mineral resource of 14.5 million tonnes, grading 0.63% tin, 0.21% copper, and 18 g/t silver (0.70% tin equivalent), containing 201 million pounds of tin, 67 million pounds of copper and 8.0 million ounces of silver.
The resource update follows a very successful drilling program, with the company completing 20,000 metres during 2018.
Tinka believes the Ayawilca deposit now represents one of the largest zinc resources held in the portfolio of a non-producing resource company. “The Zinc Zone resources at Ayawilca have quadrupled since the initial resource estimate in 2015,” said Tinka President and CEO Graham Carman. “While the Ayawilca Zinc Zone resource is already large and high-grade, were believe there is still more potential for growth,” he said.
With that belief in mind, the company is set to launch an exploration drilling program in April that will target structural repeats of the mineralized limestone beneath the current high-grade zinc resource at West, South and Central Ayawilca, the company said.
The share price advanced on the news, rising 3.23% or $0.01 to 32 cents. The shares trade in a 52-week range of 29 cents and 60 cents.
Tinka has begun preparations for drilling in spite of an unusually wet summer in the Andes Mountains of central Peru. The drill program is not expected to have any impact on the timing of the PEA, which will be based on mineral resources outlined as of November, 2018.