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DAILY NEWS Nov 8, 2012 5:07 PM - 0 comments

Tinka on to new zinc discovery

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Tinka Resources (TK-V) could be on to a new zinc find in Peru and the market is beginning to take notice.

The company released its latest results from a single diamond drill hole at its Ayawilca project in west-central region of the country.

The hole returned highlight intercepts of 20 metres grading 7.1% zinc and 9 grams silver including 14 metres grading 11.9% zinc and 9.6 grams silver from the 260 metre level; and 12 metres grading 3.3% zinc from the 188 metre level.

The hole was drilled vertically from the same platform as hole 53. Results from that hole were released in February and were highlighted by 10.4 metres grading 7% zinc.

The latest results continue to support Tinka’s decision to start drilling the western part of an induced polarization (IP) anomaly as the area is getting solid early results.

Tinka says the hole intercepted massive and semi-massive sulphides, consisting of pyrite, sphalerite and lesser galena, chalcopyrite and arsenopyrite hosted by sedimentary breccia, greywacke and siltstone that may belong to the Oyon formation, which underlies the Gollyar sandstones.

The geometry of the mineralization, however, is not yet fully understood, but Tinka believes that mineralization comes from steeply dipping structures that underlie a sedimentary sequence.

Ayawilca sits roughly 1.5-km south of the company’s flagship Colquipucro property, which has inferred resources of 13.9 million tonnes grading 72.98 grams silver for 32.7 million contained ounces.

The zinc discovery at Ayawilca was made in 2011 after the company decided to drill test an IP anomaly. Only the western portion of that target has been drill tested to date.

Tinka has 74.27 million shares issued on a fully diluted basis. Its share price was up 8% or 5¢ after releasing the latest drill results and finished trading on November 7 at 68¢ in Toronto on roughly 40,000 shares traded.

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