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Tinka Resources shares gain after receives Ayawilca drilling permit

Friday, February 10, 2017 13:15
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The Ministry of Energy and Mines in Peru has granted to Tinka Resources Ltd. (CVE:TK) the permit to initiate drilling activities at Ayawilca. A drilling contractor is now mobilizing from Lima to site, with diamond drilling expected to commence on or about Feb. 15. Shares gained more than 4% on Friday.

The drill program will initially utilize one rig, with a second rig expected to mobilize in April. The focus of the drill program will be to expand the existing zinc zone mineralization within newly permitted areas along strike of existing mineral resources, as well as testing new zinc targets outlined by recent geophysical and geochemical programs.

“We are very pleased to commence our 2017 drill program at Ayawilca, which will focus on the discovery of additional high-grade zinc mineralization beyond the existing resource boundaries. I wish to thank our Peru staff and consultants, as well as our local stakeholders, for their tireless efforts in getting these permits finally approved. Going forward, Tinka has a minimum three-year window to advance the project under the conditions of the [environmental impact assessment]. Ayawilca is already a significant zinc resource, and we intend to advance the project as quickly and efficiently as possible through an aggressive step-out drill program throughout 2017,” said Dr. Graham Carman, Tinka’s president and chief executive officer.

“Phase I of the drill program will target extensions of the highest grade and thickest parts of the existing zinc zone resource at West Ayawilca. Mineralization there remains open to the south and west. Phase II of the drill program will target the zone 3 and Chaucha areas, which are two of our highest-priority anomalies outside of the resource footprint. This second drilling phase is expected to commence in April, 2017, when at least one additional drill rig will be deployed at the project. We look forward to providing updates on drill results as the program progresses. We expect the drill program to continue until at least July, 2017.”

Tinka shares were up 4.2% at C$0.38 on Friday.

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