Tinka Provides Ayawilca Project Update

VANCOUVER, BC / ACCESSWIRE / December 14, 2023 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) is pleased to provide an update on the Company's exploration and development activities at its 100%-owned Ayawilca project ("Ayawilca" or the "Project") in central Peru.

Key Highlights for 2023

• 11,000 metre in-fill drill program has enhanced confidence in the Zinc and Silver mineral resources:
  • Hole A23-216: 98 metres at 8.8% zinc including 36 metres at 19.0% zinc (news release June 8, 2023).
  • Hole A23-217: 71.9 metres at 5.5% zinc & 8 g/t silver including 45.8 metres at 6.4% zinc & 10 g/t silver and 4.85 metres at 15.2% zinc & 23 g/t silver (news release June 8, 2023).
  • Hole A23-213: 30.4 metres at 6.0% zinc including 1.2 metres at 37.2% zinc, and 30.5 metres at 5.1% zinc (news release June 8, 2023).
  • A23-212: 145.2 metres at 10.9% zinc including 29.3 metres at 20.2% zinc, 10.6 metres at 14.9% zinc, 9.8 metres at 15.1% zinc and 25.8 metres at 13.1% zinc (news release March 6, 2023).
  • A22-208: 4.6 metres at 32.4% zinc, 9.9 metres at 9.7% zinc and 71.2 metres at 8.8% zinc including 37.7 metres at 12.8% zinc (news release March 6, 2023).
  • A23-220 (Silver Zone): 29.5 metres at 182 g/t silver, 2.4% zinc & 0.8% lead including 7.1 metres at 604 g/t silver, 2.7% zinc & 1.6% lead (news release May 2, 2023).
• This successful drill program has resulted in the decision by the Company to update the mineral resource estimate and Preliminary Economic Assessment (PEA) for the Project which is expected to be completed by March 2024.
• Improved metallurgy recovery of the Tin Zone supported by testwork, with ongoing work to improve the silver recovery of the Silver Zone.
• Project moving forward towards decision to undertake a pre-feasibility study.
• The Company is fully funded to carry out its current work plans.

Dr. Graham Carman, Tinka's President and CEO, stated: "To continue the advancement of our flagship Ayawilca project, we believe it is a necessary next step to update the PEA and technical report on the project following the successful recent drilling campaign. An updated PEA will include a processing scenario for both the Ayawilca Zinc Zone and the Tin Zone and incorporate an update to the mineral resources."