Tinka continues to expand zinc mineralization and discovers high-grade silver veins at Ayawilca Peru

VANCOUVER, Oct. 15, 2018

Key highlights:

• Four resource step-out holes were drilled at South, Central and West Ayawilca. Hole A18-152 is a 60 metre step-out from known mineralization at South Ayawilca. Hole A18-158 is a 100 metre step-out from known mineralization at Central Ayawilca. A18-125 is a new intersection at Zone 3. Highlights include:
• A18-152:
• 1.2 metres at 13.8% zinc, 0.8% lead, 817g/t silver and 64g/t indium from 156.3 metres depth.
• A18-158:
• 1.5 metres at 9.6% zinc, 1.2% lead and 32g/t indium from 458.4 metres depth.
• A18-125:
• 1.4 metres at 22.7% zinc & 99 g/t indium from 531.4 metres depth.
  Note: Intercepts above are down-hole intercepts of 'mantos' hosted by limestone or sandstone. True thicknesses of the mantos are estimated to be at least 90% of the down-hole intercepts.
  
  
• Three holes were drilled to test outcropping silver-lead-zinc carbonate veins at the "Vetas" area, a target drilled for the first time in 2018. High-grade silver intercepts occur with visible 'ruby silver' minerals and associated base metal sulphides in multiple vein structures. The grade - thickness of intercepts improve with depth due to a more favourable host rock (sandstone). The epithermal silver-lead-zinc carbonate vein system remains open and untested along strike and at depth. Highlights include:
• Hole A18-131:
• 2.5 metres (true width) at 665 g/t silver, 1.4% zinc & 1.9% lead from 264.0 m depth, including 1.5 metres (true width) at 925 g/t silver, 1.5% zinc & 2.8% lead from 266.0 m depth.
  
  
• Tinka has drilled 20,200 metres at Ayawilca in 56 holes during the 2018 drill campaign, mostly as resource step-out holes. New zinc discoveries at West Ayawilca and the Camp areas, in particular, have significantly extended the mineralization beyond the existing resources (current estimated inferred mineral resources contain 5.6 billion pounds of zinc, 3,300 tonnes of indium, and 23 million ounces of silver with an additional 66,000 tonnes of tin; Nov. 2017 news release). The 2018 drill campaign has now ended, as planned, allowing our technical team to compile all geological data and finalize interpretations.
  
  
• Roscoe Postle Associates Inc (RPA) of Toronto has been appointed as independent consultant to undertake a mineral resource update, which is expected to be finalized by November 2018.
  
  
• A Preliminary Economic Assessment (PEA) is scheduled for the first half of 2019.

Dr. Graham Carman, Tinka´s President and CEO, stated: "Tinka has been drilling continuously at Ayawilca for 20 months since February 2017, having drilled more than 40,000 metres during that time. The Company is now focusing on compiling and analyzing the large quantity of drill hole information, completing a mineral resource update, expanding metallurgical test work, and advancing the project to a PEA in 2019. Tinka is well positioned financially with C$13 million in cash reserves at the end of September 2018 and no debt."

"The Ayawilca zinc mineral resource is expected to increase meaningfully as a result of this year's drill program. Ayawilca is already one of only a handful of independently owned, large zinc resources, located in a mining-friendly jurisdiction with good infrastructure. The property has already attracted interest from a number of large mining companies, and the Company has signed multiple confidentiality agreements and conducted several site visits.  We are encouraged by the level of potential strategic interest and look forward to completing the resource update and a PEA. (Note that there can be no assurance the Company will pursue a transaction or that a transaction, if pursued, will be completed.)"

 "The discovery of epithermal silver-bearing veins at the "Vetas" area is a further encouraging development. Although we do not yet have sufficient holes to add to our resource base, the vein system offers additional exploration upside given the high silver grades, while grades and vein thicknesses appear to increase at depth when hosted in the lower sandstone (a quartz-rich unit).  We believe further exploration of the veins is warranted. Further drill testing of the veins, along with other targets, is planned for 2019."

Summary of Ayawilca Inferred Zinc Zone Mineral Resources (November, 2017)

South Ayawilca:  ARIVA.DE Börsen-Geflüster Kurse Tinka Resources 0,0895 € 0,00%	13.3 million tonnes at 9.5 % ZnEq (7.6 % zinc, 0.2 % lead, 25 g/t silver & 118 g/t indium);
West Ayawilca:	9.0 million tonnes at 7.2 % ZnEq (6.1 % zinc, 0.2 % lead, 14 g/t silver & 64 g/t indium);
Central Ayawilca:	13.0 million tonnes at 5.7 % ZnEq (4.7 % zinc, 0.3 % lead, 13 g/t silver & 54 g/t indium);
East Ayawilca:	7.5 million tonnes at 6.2 % ZnEq (5.1 % zinc, 0.2 % lead, 13 g/t silver & 69 g/t indium);
TOTAL:	42.7 million tonnes at 7.3 % ZnEq (6.0 % zinc, 0.2 % lead, 17 g/t silver & 79 g/t indium).

Significant new drill intercepts are summarized in Table 1 with the strongest intercepts in bold text. Table 2 summarizes the drill collar information for the recent holes. 

Table 1. Recent drill intercepts at Ayawilca

Drill hole	From m	To m	Down- hole int m	True width m	Zn %	Pb %	Ag g/t	Indium g/t	Area	Comment
A18-125	518.90	520.00	1.10		10.7	0.0	3	11	Zone 3	Manto
and	531.40	532.80	1.40		22.7	0.0	7	99	Zone 3	Manto
and	545.90	547.70	*1.8		5.1	2.3	82	19	Zone 3	Vein
A18-131	243.60	246.80	*3.2		1.3	1.1	338	0	Vetas	Vein
and	264.00	274.00	10.00	2.5	1.4	1.9	665	0	Vetas	Vein
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