Dr. Graham Carman reports

TINKA DISCOVERS NEW HIGH GRADE ZINC ZONE AT AYAWILCA

Tinka Resources Ltd. has released partial results from drill hole A17-56, the first hole of the 10,000-metre 2017 drill program at Ayawilca, Peru. Drill hole A17-56 is located approximately 400 metres south of the existing zinc zone inferred mineral resource, and over 250 metres from any previous drill hole at Ayawilca. Mineralization in the hole is associated with massive to semi-massive sulphide replacements of carbonate and clastic sediments which also host the known mineralization elsewhere. These results report down to a depth of 238 metres only; hole A17-56 will continue to the base of the favourable limestone unit, with further high-grade zinc intersections expected. Tinka is mobilizing a second drill rig to site immediately.

Key highlights from drill hole A17-56 (results to 238 metres in depth only):

• 62.4 metres grading 5.6 per cent zinc from 127.5 m depth, including:
  • 17.9 metres at 11.6 per cent zinc from 127.5 m depth, including:
  • 5.8 metres at 22.5 per cent zinc from 127.5 m depth.
• 5.2 metres at 12.9 per cent zinc from 228.5 m depth;
• All mineralized intercepts are sulphides.

The lower contact of the favourable limestone is expected at a depth of 300 to 350 metres. Zinc mineralization is all sulphide (sphalerite, marmatite) accompanied by minor galena and chalcopyrite. True thicknesses of the zinc intersections are estimated to be at least 90 per cent of the downhole thickness.

Dr. Graham Carman, Tinka's president and chief executive officer, stated: "This is an exciting new zinc discovery at Ayawilca, in a 400-metre stepout hole from the existing mineral resource and our very first drill hole for 2017. This early success gives the Tinka team a great deal of confidence that our geological models and targeting methods are working. We are drilling a magnetic anomaly at south Ayawilca, and there are several other untested magnetic and zinc anomalies on the property that will be drilled in 2017."

Dr. Carman continued: "This discovery at south Ayawilca is very significant. The drill hole contains some high zinc grades, and opens up a large new area to potentially grow our zinc resources, particularly of the higher-grade chimney-style mineralization we have already identified at west Ayawilca. We look forward to completing A17-56 to determine the extent of the mineralization to depth. Upcoming holes will test if this mineralization links up with existing mineral resources at west and/or central Ayawilca. Given this early success, we are immediately mobilizing a second drill rig to site."

  
                                TABLE OF RESULTS     
                                               
Drill          From     To   Interval     Zinc  Lead    Silver        Indium
hole            (m)    (m)        (m)      (%)   (%)     (ppm)         (ppm)

A17-56        127.5  189.9       62.4      5.6   0.1        17            29
including     127.5  145.4       17.9     11.6   0.2        36            20
including     127.5  133.3        5.8     22.5   0.3        77            50
and           228.5  233.7        5.2     12.9   0.0        11           162

Notes on sampling and assaying

Downhole zinc intersections were calculated using a cut-off grade of 2 per cent zinc over six-metre intervals. Drill holes are diamond core holes with recoveries generally above 70 per cent and often close to 100 per cent. The drill core is marked up, logged and photographed on-site. The cores are cut in half at the company's core storage facility, with half cores stored as a future reference. Half core is bagged on average over one- to two-metre composite intervals, and sent to ALS laboratory in Lima for assay in batches. Standards and blanks were inserted into each batch prior to departure from Tinka's core storage facilities. At the laboratory samples are dried, crushed to 100 per cent passing two millimetres, then 500 grams pulverized for multielement analysis by inductively coupled plasma (mass spectrometry) using multiacid digestion. Samples assaying over 1 per cent zinc, lead or copper were reassayed using precise ore-grade AAS (atomic absorption) techniques.

The qualified person, Dr. Graham Carman, Tinka's president and chief executive officer, and a fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.

About Tinka Resources Ltd.

Tinka is an exploration and development company with its flagship property being the 100-per-cent-owned Ayawilca property in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca zinc zone has an inferred mineral resource of 18.8 million tonnes at 8.2 per cent zinc equivalent, and the tin zone has an inferred mineral resource of 5.4 million tonnes at 0.89 per cent tin equivalent, both open for expansion (May 25, 2016). The silver zone at Colquipucro, two kilometres north of the zinc zone, has indicated mineral resources of 2.9 million tonnes at 112 grams per tonne silver for 10.4 million ounces Ag and inferred mineral resources of 2.2 million tonnes at 105 grams per tonne Ag for 7.5 million ounces Ag hosted by oxidized silver-rich lenses less than 80 metres from surface (Feb. 26, 2015).

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