Tinka stock jumps after drill result
Tinka Resources announced today 10.4 metre grading at 44% zinc at its Ayawilca project in central Peru.
The company released assay results for seven recent holes from its ongoing resource step-out drill program. The results sent Tinka stock (CVE: TK) up 36% to 58 cents a share.
Tinka's CEO, Graham Carman, commented on the results in a news release.
"The exceptional zinc grade in hole A18-129 is very exciting as it confirms Ayawilca mineralization can be very high-grade, while a repetition of the favourable Pucara limestone opens up a new exploration target at depth and also down-plunge of the new intercept," says Carman.
"Previously, it was thought that the phyllite metamorphic rock represents a 'floor' to the zinc mineralization. Past drill holes were typically stopped a few metres into the phyllite, and some holes at Ayawilca may have been stopped prematurely."
The findings were detailed in the company's news release:
Hole A18-129 has intersected exceptional grades of zinc sulphide mineralization at West Ayawilca in a new setting for mineralization at Ayawilca. A mineralized interval of 10.4 metres grading 44.0% zinc occurs within a zone consisting of more than 90% zinc sulphides (sphalerite). This is the highest-grade zinc intersection ever encountered at Ayawilca over a significant interval. The high-grade mineralization occurs immediately beneath phyllite (metamorphic rock) within a repetition of the Pucara limestone formation which is favourable for mineralization and typically found above the phyllite. The mineralized interval is interpreted to be flat-dipping and close to true thickness. This is the first time that Tinka has tested the proposition that there may be a repetition of the mineralized Pucara limestone under the phyllite encountered at the base of most other holes at Ayawilca. It is notable that such an outstanding zinc intercept has been drilled in the first repetition of the Pucara limestone encountered thus far. Additional drill holes are planned to test for the continuation of the high grade mineralization in this repeated limestone.
Creative Commons image of jumper courtesy of Leonardo Shinagawa