Tinka Provides Update on the Drill Program at Ayawilca, Mobilizes a Third Drill Rig

Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTC PINK:TKRFF) is pleased to provide an update on the ongoing drill program at the Company's 100% owned Ayawilca zinc-silver project in central Peru

As at today's date, 2,000 metres have been drilled in the 2020 program and the overall program is about 30% complete. A third rig has been mobilized to site and has commenced drilling. We now expect the drill program to continue until February 2021, at which time we will take a break in the drilling to compile data and update the project resource estimations.

Three holes have been completed since the program commenced in October (drillholes A20-169, 170, and 171), and three holes are in progress (drillholes A20-172, 173 and 174). Samples for the first two drillholes are in the laboratory, and we expect assay results to be received by the end of November.

Drilling is currently targeting extensions of the Zinc Zone Indicated Resources at the West and South areas (Figure 1), the portions of the resource with the greatest thickness and the highest grades. Drillholes at the Colqui Silver Zone are planned later in the program to test for extensions of high-grade silver mineralization along the Colquipucro Fault.

President and CEO of Tinka, Dr. Graham Carman, stated: "We are pleased with progress of drilling to date, and we look forward to the results from the first drillholes. The arrival of a third rig will speed up the program, while allowing us to also complete a limited number of geotechnical holes within the framework of our work program and budget."

"The prices of industrial metals and precious metals have increased significantly in recent times. In the case of zinc, prices are at 18 month highs (~US$1.20/lb) while inventories remain low. Silver prices have also excelled due to global currency devaluation and fiscal stimulus, with silver prices up over 40% in the past year (~US$24/oz). The sharp move higher in silver is the reason we have been re-emphasizing our silver resources, as Ayawilca has substantial silver in the Zinc Zone and also at our nearby Colqui Silver Zone."

"A Preliminary Economic Assessment( PEA) completed in July 2019 on the Ayawilca Zinc Zone resulted in an after-tax NPV8% of US$363 million (using US$1.20/lb Zn and US$18/oz Ag) with initial capex of US$262 million, which is modest for a base metal project of this size. Tinka is continuing to evaluate ways to add value to the project through optimization of the PEA, which could eventuate in an even more compelling project on the back of an updated resource in 2021."

About Ayawilca: The Ayawilca Zinc Zone (sulphide) contains an estimated 1.8 billion pounds zinc and 5.8 million ounces silver in the Indicated category, and 5.6 billion pounds zinc and 25.2 million ounces silver in the Inferred category (see news release dated November 26, 2018). The Colqui Silver Zone (oxide) contains an estimated 14.3 million ounces silver in the Indicated category and 13.2 million ounces silver in the Inferred category, with mineralization starting from surface (see link to Technical Report dated July 2, 2019).

On behalf of the Board,

"Graham Carman"
Dr. Graham Carman, President & CEO

Investor Information:
Rob Bruggeman 1.416.884.3556
Company Contact:
Mariana Bermudez 1.604.699.0202

Figure 1. 3D image of Ayawilca highlighting 2020 drill holes in the current drill program (all with assays pending) and Zinc Zone Indicated Resources

About Tinka Resources Limited  

Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver project in central Peru. The Ayawilca Zinc Zone has an estimated Indicated resource of 11.7 Mt grading 6.9% zinc, 15 g/t silver & 0.2% lead and an Inferred resource of 45.0 Mt grading 5.6% zinc, 17 g/t silver & 0.2% lead (dated November 26, 2018). The Colqui Silver Zone (oxide) has an estimated Indicated resource of 7.4 Mt grading 60 g/t silver, and an Inferred resource of 8.5 Mt grading 48 g/t silver occurring from surface (dated May 25, 2016). A Preliminary Economic Assessment for the Zinc Zone was released on July 2, 2019 (see release). 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.

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: timing of planned drill programs and results varying from expectations; delay in obtaining results; expectations regarding the Ayawilca Project PEA; the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company's business, operations and financial condition; 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 and operating performance; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from local authorities; community agreements and 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

SOURCE: Tinka Resources Limited

View source version on accesswire.com:

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
mining equipment

Top 10 Countries for Zinc Production (Updated 2023)

Zinc prices reached record highs last year, but have trended lower in 2023 on growing economic uncertainty.

The commodity has suffered the same fate as most other base metals, which have been battered by concerns about Russia's war in Ukraine and the widespread economic fallout that may push the world into a a recession.

The broad consensus among market watchers is that zinc prices will do better in the years to come. This is not only because of renewed demand, but also because low prices and high energy costs have led to production cuts at major zinc-mining operations around the world. While output is expected to rebound in 2023, the International Lead and Zinc Study Group is still predicting that demand for refined zinc metal will exceed supply for the year, although modestly.

Keep reading...Show less
zinc periodic symbol

Understanding the Zinc Spot Price and Zinc Futures (Updated 2023)

The zinc market has faced volatility in recent years, with the metal seeing new all-time highs as well as lower levels.

The underdog of the base metals family is appealing in large part because its fundamentals remain strong, with many analysts optimistic about the long-term outlook for zinc.

With that in mind, it's worthwhile for investors interested in zinc to understand how zinc pricing works. Here's a brief overview of what market participants need to know about the zinc spot price and zinc futures.

Keep reading...Show less
rolls of steel in a warehouse

Zinc Stocks: 5 Biggest Canadian Companies in 2023

Zinc prices performed well in 2022 on the back of strong supply/demand dynamics, reaching historic highs. Although the market has cooled in 2023, ultimately experts agree that its long-term fundamentals remain healthy.

Many base metals have been hit with weakened demand this year due to sticky inflation and higher interest rates, and zinc is no exception. Zinc supply has also faced pressure from higher mining and refining costs, causing some major zinc operations and smelters to suspend operations, with more possible if the current economic situation continues. Once the economy rebounds along with demand, stunted supply may once again push zinc prices to the upside.

For investors interested in zinc, the Investing News Network has gathered the biggest TSX- and TSXV-listed zinc stocks by market cap. The list below includes zinc miners and explorers, as well as companies pursuing zinc as a secondary metal. Data was gathered on August 1, 2023, using TradingView’s stock screener, and only companies with market caps greater than C$50 million at that time were considered. Read on to learn more about their operations and plans.

Keep reading...Show less
zinc bars

Zinc Price Update: H1 2023 in Review

Zinc reached unprecedented levels in 2022, breaking the US$4,500 per metric ton (MT) mark, but prices have almost halved since then, with weaker demand and macroeconomic factors hurting the base metal’s performance.

With the first half of the year now over, the Investing News Network (INN) caught up with analysts, economists and experts alike to find out what’s ahead for zinc supply, demand and prices. Here's what they had to say.

Keep reading...Show less

Trevali Announces Enhancement of Monitor's Powers in CCAA Proceedings

Trevali Mining Corporation (the " Company ") announced that on June 28, 2023 on application by the Company, the Supreme Court of British Columbia (the " Court ") granted an order dated June 28, 2023 in the Company's ongoing Companies' Creditors Arrangement Act proceedings (the " CCAA Proceedings ") pursuant to which FTI Consulting Canada Inc., the Court appointed " Monitor ", has been granted enhanced powers in the CCAA Proceedings with respect to the Company's business and affairs.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

In connection with the order of the Court enhancing the Monitor's powers to manage the Company, the Company's remaining officers (being Brendan Creaney , Chief Financial Officer, and Steven Molnar , Chief Legal Officer and Corporate Secretary) and all other employees have ceased their employment with the Company. In addition, Russell Ball has resigned as a director of the Company effective as of June 29, 2023 .

About Trevali Mining Corporation

The Company is a base-metals company headquartered in Vancouver, Canada . All inquiries regarding the Company and the CCAA Proceedings should be directed to the Monitor (email: Trevali@fticonsulting.com or telephone: +1-877-294-8998). Information about the Company's CCAA Proceedings, including all court orders, are available on the Monitor's website ( https://cfcanada.fticonsulting.com/trevali/ ).

For further details on the Company, readers are referred to the Company's regulatory filings on SEDAR at www.sedar.com .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trevali-announces-enhancement-of-monitors-powers-in-ccaa-proceedings-301867583.html

SOURCE Trevali Mining Corporation

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2023/30/c2799.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Trevali Completes Sale of Rosh Pinah Mine

Trevali Mining Corporation ("Trevali" or the "Company") is pleased to announce that, further to the press release on December 16, 2022 it has completed the sale of its 90% interest in the Rosh Pinah Mine located in Namibia to funds advised by Appian Capital Advisory LLP (jointly "Appian"). In accordance with the share and asset purchase agreement between the parties, Appian purchased the issued and outstanding shares held by Trevali in GLCR Limited ("GLCR") and assumed certain capital loans owed to Trevali by subsidiaries of GLCR (collectively, the "Transaction").

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

The Transaction was approved pursuant to an approval and vesting order dated December 21, 2022 , at a hearing before the Supreme Court of British Columbia (the "Court") during the Companies' Creditors Arrangement Act proceedings (the "CCAA Proceedings") of Trevali and Trevali Mining ( New Brunswick ) Ltd.

In connection with the Transaction and an order of the Court dated April 24, 2023 in the CCAA Proceedings, Trevali used a portion of the sale proceeds from the Transaction to (i) repay Trevali's debt obligations owed to its senior secured lenders under the Second Amended and Restated Credit Agreement dated August 6, 2020 between the Company, as borrower, the Bank of Nova Scotia , as administrative agent, and lenders party thereto (as amended from time to time); and (ii) repay a portion of its secured debt obligations owed to Glencore Canada Corporation ("Glencore") pursuant to the Facility Agreement dated August 6, 2020 between Trevali, as the borrower, and Glencore, as the lender.

FTI Consulting Canada Inc. (the "Monitor") acted as court-appointed monitor in respect of the Transaction. Blake, Cassels & Graydon LLP acted as counsel to Trevali and Stikeman Elliott LLP acted as counsel to Appian. National Bank Financial acted as financial advisor to Trevali and Black Swan Advisors Inc. acted as restructuring advisor to Trevali.

All inquiries regarding the Transactions and Trevali's CCAA Proceedings should be directed to the Monitor (email: Trevali@fticonsulting.com or telephone: +1-877-294-8998). Information about the Company's CCAA Proceedings, including all court orders, are available on the Monitor's Website.

About Trevali Mining Corporation

Trevali is a base-metals mining company headquartered in Vancouver, Canada .

For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trevali-completes-sale-of-rosh-pinah-mine-301864241.html

SOURCE Trevali Mining Corporation

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2023/27/c2775.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News