Among the highlights of the first six completed holes of the ongoing exploration programme was A18-129, which intersected "exceptional grades" of zinc sulphide mineralisation at West Ayawilca in a new setting. The hole returned a mineralised interval of 10.4m grading 44% zinc, within a zone comprising more than 90% zinc sulphides.
The high-grade mineralisation occurs immediately beneath metamorphic rock within a repetition of the Pucara limestone formation, which is thought to be favourable for mineralisation and typically found above the metamorphic phyllite. The mineralised interval was interpreted to be flat-dipping and close to true thickness, the company said.
Tinka plans to drill more holes to test the extent of the high-grade mineralisation in this repeated limestone sequence. Three drill rigs continue to progress the latest 15,000m drilling campaign - two targeting deep holes at West Ayawilca, while the third rig is at South Ayawilca testing for repetitions of the mineralisation beneath the South Ayawilca resource.
Following a series of recent equity financing, the company is cashed up with about C$16.24 million cash in the bank, which it will apply to the ongoing drilling campaign and to start a preliminary economic assessment during the latter half of the year.
The news Tuesday pushed Tinka's Toronto-quoted equity up nearly one-third to an intra-day high of C57c a share, but it is still trading 53% off its 52-week high of C87c that it hit in November. The stock closed somewhat lower at 55c a share, taking the explorer's market to a hair under $143 million.
