Silver Mineralization Intersection At The Ayawilca Project

VANCOUVER - Tinka Resources Limited reported on the ongoing resource expansion and exploration drill program at the Ayawilca project in Peru. Highlights include a new intersection of high-grade silver mineralization from the "Silver Zone" in hole A23-220 located on the edge of the massive sulphide "Zinc Zone" at South Ayawilca. The Silver Zone has been reinterpreted with data from current and previous drill holes to have been emplaced along a northeast-trending sub-vertical fault bordering the massive sulphides. High-grade, structurally controlled, silver mineralization is confirmed along a strike length of approximately 250 meters, open along-strike in both directions and at depth. True thicknesses of the intercepts in the Silver Zone are estimated to be 65-75% of the downhole thicknesses.

Graham Carman, President and CEO, said, "The Silver Zone intersection in hole A23-220 is important for the Ayawilca project as it highlights the potential for high-grade structurally-controlled silver mineralization hosted within a steeply-dipping northeast-trending fault on the edge of the massive sulphides at South Ayawilca that has seen limited past drilling. So far, silver mineralization is defined over 250 meters of the structure and remains open in both directions to the east and west. A follow-up drill hole is in progress, targeting a further 100 meter strike extension of the Silver Zone to the east as well as additional Zinc Zone mineralization. Seven infill drill holes targeting high-grade Zinc Zone mineralization predominantly at West Ayawilca remain to be reported. The drill hole information is currently being compiled and we expect to have final results reported this month.”

A total of 11,350 meters have now been drilled for 33 drill holes in the 2022-23 resource definition drill program at Ayawilca, mostly at the West and South Ayawilca areas. Two holes at Central were drilled for the dual purposes of exploration and hydrological studies.

The new high-grade drill intercept in A23-220 has led to a reinterpretation of silver-rich intersections in several other holes at Ayawilca which have a low sulphur content with relatively minor sphalerite and galena but contain visible silver sulphides (including pyrargyrite also known as ‘ruby silver') and abundant hydrothermal carbonate. Following a detailed review of past drill holes, this style of mineralization is believed to be structurally controlled and emplaced along a northeast-trending fault zone (the "060 Fault") on the northern flank of the massive sulphide mineralization at South Ayawilca. Four drill holes are interpreted to have intersected the Silver Zone along the 060 Fault within the favorable Pucara limestone host. These Silver Zone drill intersections include: Hole A23-220: 29.5 meters at 182 g/t Ag, 2.4% Zn & 0.8% Pb from 289.65 meters (including 7.1 m at 604 g/t Ag 2.7% Zn & 1.6% Pb from 310.9 meters (new drill hole); Hole A17-095: 8.7 meters at 135 g/t Ag, 1.1% Zn & 0.6% Pb from 307.3 meters (new intercept in past hole); Hole 17-072: 11.5 meters at 781 g/t Ag, 2.9% Zn & 2.3% Pb from 294.5 meters (including 2.0 m at 3,167 g/t Ag, 5.6% Zn and 5.5% Pb from 302 meters); and Hole A19-167: 29.6 meters at 152 g/t Ag, 3.1% Zn & 0.4% Pb from 412.7 meters (including 7.3 m at 366 g/t Ag, 4.9% Zn & 0.5% Pb from 412.7 meters). True thicknesses of the Silver Zone intercepts are estimated to between 65-75% of the downhole thicknesses.

The Silver Zone mineralization is interpreted to have occurred late-stage in the mineralization history at Ayawilca. The silver-rich mineralization is relatively low in total sulphide content (<20 vol.%). The main gangue minerals are complex hydrothermal carbonates containing variable amounts of Mn, Mg and Fe and are cream to pale brown in color. The texture of the hydrothermal carbonates in the high-grade silver zones is indicative of open space filling (i.e., with banded and drusy carbonate textures). Complex carbonates also replace the original limestones on the margins of the fault structure.