VANCOUVER, Jan. 9, 2019 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) Vancouver, Canada announces that the
Company has filed an updated 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 November 26,
2018 (the "News Release"). There
are no material differences in the NI 43-101 Technical Report from
the information disclosed in the News Release.
Part of the Zinc Zone Mineral Resource is now classified as
Indicated, incorporating a higher-grade portion of the deposit. In
addition, the updated Inferred Mineral Resource is of a similar
size and grade to the previous Zinc Zone resource reported in
November 2017. The updated Tin Zone Inferred Mineral Resource
is also substantially larger. This resources update follows a very
successful drilling program, with the Company completing
approximately 20,000 metres during 2018.
Key Highlights of Updated Mineral Resources at
Ayawilca
- Indicated Zinc Zone Mineral Resource of 11.7 million tonnes
grading 6.9% zinc, 0.16% lead, 84 g/t indium and 15 g/t silver
(8.1% zinc equivalent "ZnEq"), containing:
-
- 1.8 billion pounds of zinc;
- 983 tonnes of indium;
- 5.8 million ounces of silver; and
- 42 million pounds of lead.
- 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% ZnEq), containing:
-
- 5.6 billion pounds of zinc;
- 3,003 tonnes of indium;
- 25.2 million ounces of silver; and
- 230 million pounds of lead.
- 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
"SnEq"), containing:
-
- 201 million pounds of tin;
- 67 million pounds of copper; and
- 8 million ounces of silver.
The Tin Zone and Zinc Zone resources do not overlap. The
Mineral Resources have an effective date of November 26, 2018 and are reported above an NSR
cut-off value of US$55/tonne, as
estimated by Roscoe Postle Associates Inc. ("RPA") of
Toronto, Canada. Other key
assumptions, parameters, and methods are:
- CIM definitions were followed for Mineral Resources.
- Prior to compositing to two metre lengths, high Sn, In, and Ag
values were cut to 4%, 350 g/t to 550 g/t, and 100 g/t to 170 g/t
depending on area, respectively. Block model grades within the
wireframe models were interpolated by inverse distance cubed.
- The NSR value was based on estimated metallurgical recoveries,
assumed metal prices and smelter terms, which include payable
factors, treatment charges, penalties, and refining charges.
- Density was estimated to be between 3.5 t/m3 and 3.7
t/m3 for the Zinc Zones and 3.9 t/m3 for the
Tin Zone
- The drill hole spacing within the area assigned as Indicated
category commonly ranges from 40 m to
70 m
- For the Zinc Zone
-
- Metal price assumptions were: US$1.15/lb Zn, US$300/kg In, US$15/oz Ag, and US$1.00/lb Pb. Metal recovery assumptions were:
90% Zn, 75% In, 60% Ag, and 75% Pb. The NSR value for each block
was calculated using the following NSR factors: US$15.34 per % Zn, US$4.70 per % Pb, US$0.18 per gram In, and US$0.22 per gram Ag.
- The NSR value was calculated using the following formula:
NSR =
Zn(%)*US$15.34+Pb(%)*US$4.70+In(g/t)*US$0.18+Ag(g/t)*US$0.22
- The ZnEq value was calculated using the following formula:
ZnEq = NSR/US$15.34
- For the Tin Zone:
-
- Metal price assumptions were: US$9.00/lb Sn, US$2.85/lb Cu, and US$15/oz Ag. Metal recovery assumptions were: 86%
Sn, 75% Cu, and 60% Ag. The NSR value for each block was calculated
using the following NSR factors: US$155.21 per % Sn, US$37.59 per % Cu, and US$0.22 per gram Ag.
- For the Tin Zone, the NSR value was calculated using the
following formula:
- US$NSR = Sn(%)*US$155.21+Cu(%)*US$37.59+Ag(g/t)*US$0.22
- The SnEq value was calculated using the following formula:
- SnEq = NSR/US$155.21
There are no known legal, political, environmental or other
risks that could materially affect the potential development of the
Mineral Resources.
The Updated Mineral Resources disclosed in this press release
have been estimated by Ms. Dorota El
Rassi, P.Eng., and Mr. David
Ross, P.Geo., both employees of RPA and independent of
Tinka. By virtue of their education and relevant experience,
Ms. El Rassi and Mr. David Ross are
"Qualified Persons" 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). Both Ms. El Rassi, P.Eng. and Mr. David Ross, P.Geo. have read and approved the
contents of this news release as it pertains to the disclosed
Mineral Resource estimates.
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.
As announced by the Company on November
28, 2018, the Company's Preliminary Economic Assessment
("PEA") on the Ayawilca Zinc and Tin Project in Peru, is well underway. Wood (formerly
Amec Foster Wheeler) in Lima,
Peru, has been engaged as lead consultant to prepare the
PEA.
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 contains 11.7 Mt
of Indicated Resources grading 6.9% zinc, 0.2% lead, 15 g/t silver
and 84 g/t indium and 45.0 Mt Inferred Resources grading 5.6% zinc,
0.2% lead, 17 g/t silver and 67 g/t indium. The Ayawilca Tin
Zone contains an Inferred Mineral Resource of 14.5 Mt at 0.63% tin,
0.21% copper & 18 g/t silver (November
26, 2018 release). A maiden PEA is underway, with results
anticipated in the first half of 2019. 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,
"Graham Carman"
Dr. Graham Carman, President &
CEO
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 the Ayawilca Project PEA, 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
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SOURCE Tinka Resources Limited