VANCOUVER, May 11, 2020 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV &
BVL: TK) (OTCPK: TKRFF) is pleased to advise that the
Company's employee in Peru who
tested positive to COVID-19 as disclosed on March 26th has now fully recovered
from the virus and is in good health. To the best of our knowledge,
there are no other cases of COVID-19 infection amongst Tinka
employees or in the communities associated with our activities in
the Pasco region of Peru.
The state of emergency in Peru
has been in place since March
15th and is now extended until May 24th following a recent
announcement by the government of Peru. Mining is one of the key sectors of the
Peruvian economy, and the government has indicated that mining will
be one of the first industries to recommence after the lockdown
eases, using a phased stage approach. The restart in
mining will begin with large operations and strategic mining
projects under construction, while exploration and development
projects like Ayawilca will commence a short while after.
Tinka's employees in Peru have
been in self-isolation during the lockdown, while our community
relations team has continued to engage with the local communities
in preparedness for an increase in work activities to follow.
Prior to the restart of exploration activities, Tinka will be
required (along with all resource companies) to obtain approval
from government bodies for its own health protocols. The protocols
will incorporate self distancing, disinfection procedures and
COVID-19 testing among other measures. The Company is planning for
the next exploration phase at Ayawilca to commence during the
latter part of 2020, which is expected to include at least 7,000
metres of infill and step-out drilling, with a focus on growing and
upgrading the high-grade zinc-silver resources at West and
South.
Tinka is well funded, following the investment by Buenaventura
and Sentient in January 2020, and has
no debt. The Company has also taken steps to reduce its
overhead costs to match reduced levels of
activities.
President and CEO of Tinka, Dr. Graham
Carman, stated: "Tinka's fundamentals remain strong
following the strategic financing completed early in 2020,
underpinned by our 100% owned Ayawilca zinc-silver project.
The safety of our employees and their families and our nearby
communities remains our highest priority, and our Peruvian
management team is to be congratulated for its decisive response to
prevent the spread of COVID-19 at our project camp. Corporate
administration costs have been reduced during this lockdown period
as we aim to preserve the Company's cash position. We
look forward to updating the market as our field activities in
Peru recommence in coming
weeks."
About Tinka Resources
Limited
Tinka is
an exploration and development company with its flagship property
being the 100%-owned Ayawilca carbonate replacement deposit (CRD)
located 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, 15 g/t silver, 0.2% lead
and 84 g/t indium and 45.0 Mt Inferred Resources grading 5.6% zinc,
17 g/t silver, 0.2% lead and 67 g/t indium. A Preliminary
Economic Assessment for the Ayawilca Zinc Zone was released on
July 2, 2019 (see
release). 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: planned
drill programs and results varying from expectations; delay in
obtaining results; expectations regarding the Ayawilca Project PEA;
the potential impact of epidemics, pandemics or other public health
crises, including the current outbreak of the novel coronavirus
known as COVID-19 on the Company's business, operations and
financial condition; 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 and 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
SOURCE Tinka Resources Limited
