Tinka Resources shares surge on new discovery at Ayawilca project, Peru

Shares in Tinka Resources Ltd (CVE:TK)  rocketed over 15% in Toronto today as it announced a new mineral discovery at its Ayawilca project in Peru and assays from six new holes.

Three holes were resource step-out at South Ayawilca, while two holes represented resource infill work, and one hit what the group called “significant” mineralization at the “Zone 3″ area for the first time – a new discovery.

That hole (A17-091A) uncovered 10.3 metres at 5.9 % zinc, 2% lead and 66 g/t (grams per ton) silver from 570.2 metres.

That included 4.5 metres at 9.4% zinc, 1.1 % lead and 45 g/t silver from 576 metres depth, and 13.5 metres at 0.83 % tin, 0.39 % copper & 54 g/t silver from 588.50 metres depth.

Very significant intercepts…

“We believe the new intercepts in drill hole A17-091A are very significant, as they open up the Zone 3 area for potential resource expansion in an area that has seen little drilling,” said Dr Graham Carman, Tinka’s president and chief executive.

“The same magnetic anomaly that outlines the Ayawilca Zinc and Tin Zones continues into Zone 3, extending the prospective zone by hundreds of metres to the northeast.

“A drill rig will continue to operate in the Zone 3 area following-up on this exciting discovery. Drilling is now expected to continue well into 2018 without a break, other than for the Christmas period.”

An updated resource…

In November this year, when Tinka announced a more than doubling of the inferred resources at its  Ayawilca deposit in Peru.

The firm also announced an updated tin-copper-silver resource estimated to be 10.5 million tonnes at a grade of 0.70% tin equivalent (SnEq).

The tin Zone and the zinc zone resources do not overlap.

Carman noted that today’s holes were the first to be released following the resource upgrade.

“A large 750-metre gap remains undrilled between significant zinc intersections at South Ayawilca and Zone 3.

“While exploration drilling continues with the goal of expanding the project resources, we are concurrently working on de-risking the project through metallurgical tests of the two main styles of mineralization as well as beginning preliminary desktop mining studies. We look forward to providing updates on these programs as they progress,” he added.

Shares up…

Tinka shares added 15.25% in Toronto to C$0.68.

Story by ProactiveInvestors