Tinka Mobilizes First of Three Drill Rigs to Ayawilca-Colquipucro, Peru
August 26, 2014 (Source: Marketwired) — Tinka Resources Limited (“Tinka” or the “Company“) (TSX VENTURE:TK) is pleased to provide an update on the Company’s upcoming 10,000 metre diamond drill program at the Ayawilca and Colquipucro projects in central Peru.
- First drill rig now mobilizing to site, with the first hole anticipated to commence by September 1, targeting the down-dip extension of zinc mineralization in drill hole A13-05 (213 metres @ 5.3% zinc).
- Drilling to commence at Colquipucro silver project with a second rig, during the second week of September, initially targeting untested mineralization along strike of the existing 32 million ounce inferred silver oxide resource.
- A third diamond drill rig is to be mobilized to Ayawilca by the end of September, to drill test new previously untested geophysical targets.
- At Ayawilca, 19 drill holes are planned for approximately 8,500 metres of drilling, while at Colquipucro 10 holes are planned for approximately 1,500 metres of drilling. The full program will take 5 to 6 months to complete with three rigs working concurrently.
- Maps showing drill holes will be made available at www.tinkaresources.com as the program progresses.
Dr Graham Carman, Tinka’s President and CEO, stated: “The team at Tinka is excited to begin this substantial drill program which we believe will significantly advance both the Ayawilca and Colquipucro projects. The first hole at Ayawilca will test the down-dip extension of our best zinc intercept to date (213 metres @ 5.3% Zn in A13-05), with subsequent holes stepping out along strike. Holes will be angled to the north as a result of modelling of new geophysical data, a change of approach from past drill programs.”
“The second drill rig will be focussed at Colquipucro once it arrives on site in early September, testing the extension of mineralization along strike north of the inferred silver resource, as well as infill drilling within the resource where information is less certain.”
“A third drill rig, to be mobilized before the end of September, will test previously undrilled geophysical anomalies at Ayawilca, as management believes the current discovery area may not be the only area containing zinc sulphides of interest. Some targets will remain untested, as not all prospective areas are currently drill permitted.”
“Exploration success, we believe, will be important not only for shareholders of Tinka, but will also create benefits for the local communities in this area of the central Peruvian Andes. Having recently visited the site, I believe the Tinka team is doing an outstanding job communicating and working with the local people for the future benefit of all stakeholders.”
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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.
About Tinka Resources Limited
Tinka is a junior resource acquisition and exploration company. Tinka’s focus is on its 100% owned Colquipucro and Ayawilca projects located in the highly mineralized silver-lead-zinc belt of central Peru.
On behalf of the Board,
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, 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 preventing Tinka from completing the intended drill program, 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 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>