Tinka Starts Drilling With Third Rig at Colquipucro-Ayawilca Project, Peru
September 22, 2014 (Source: Marketwired) — Tinka Resources Limited (“Tinka” or the “Company“) (TSX VENTURE:TK) announces that a third diamond drill rig has started drilling at the Company’s 100%-owned Colquipucro-Ayawilca project in Peru. The Company has one rig already drilling at Ayawilca (“Rig 1”) in the vicinity of hole A13-05 (213 m @ 5.3% zinc intersected during 2013), while at Colquipucro a second drill rig (“Rig 2”) is currently drill testing to the north of the existing 32 million ounce inferred silver oxide resource.
The third rig (“Rig 3”) will test a number of previously untested geophysical targets adjacent to the Ayawilca zinc discovery. The first hole will test a 300 m diameter, pipe-shaped magnetic anomaly some 200 m east of drill hole A14-18 (58 m @ 6.1% zinc in hole), modelled with geophysics to extend to at least 600 m depth. Rig 3 is now drilling hole A14-21, which is expected to be at least 500 m deep.
The first hole for Rig 1 at Ayawilca, A14-19, collared 135 m south of A13-05 and angled steeply to the north, was terminated at 407.9 m depth. Rig 1 is now drilling A14-20, collared some 75 m to the northwest of A14-19, also drilling steeply to the north.
At Colquipucro, Rig 2 has completed two drill holes, CDD36 and CDD37, for 310 m drilled so far and Rig 2 is now drilling CDD38.
Drill hole location maps can be viewed at the Company’s website at www.tinkaresources.com.
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Dr Graham Carman, Tinka’s President and CEO, stated: “To date we are pleased with the progress of the drill programs at Ayawilca and Colquipucro. The drill cores from the first holes are being logged and cut, and will be sent for assay as soon as possible. We look forward to releasing the assay results as they become available. The arrival of Rig 3 will allow us to drill test some of our exciting, untested geophysical targets while Rigs 1 and 2 continue to drill priority areas at Ayawilca and Colquipucro.”
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-zinc-lead belt of central Peru, 200 km northeast of Lima. The Colquipucro project is a near-surface, sandstone hosted silver oxide deposit with a current inferred resource containing 32 million ounces silver. The Ayawilca project, located just 1.5 km away, has the potential to be a significant zinc sulphide discovery with drill hole A13-05 intersecting 213m @ 5.3% zinc during 2013.
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, 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>