Dr. Graham Carman reports

TINKA REPORTS FINAL DRILL HOLE RESULTS FROM 11,000 METRE DRILL PROGRAM AND PROVIDES EXPLORATION UPDATE

Tinka Resources Ltd. has released results for the final three drill holes of the 11,000-metre 2022/2023 drill program at South Ayawilca, and provided an update on the company's continuing exploration activities. The recent drill campaign at Ayawilca was completed at the end of May, 2023. The company is now focused on completing a mineral resource update for the Ayawilca deposit and revising future mining scenarios via a desktop trade-off study. Exploration is also continuing at the company's nearby Silvia copper-gold project.

Drill results from the silver zone at South Ayawilca were highly encouraging with a high-grade silver intercept in a 150-metre stepout in hole A22-195. The other two new holes reported herein, A23-221 and A23-223, intersected high-grade zinc zone mineralization in resource confirmation holes. All drill hole results have now been incorporated into a revised geological model for the Ayawilca deposit, and an independent consultant is currently updating the mineral resource estimation for the zinc and tin zones.

Key highlights

Zinc zone:

• Hole A23-223 -- 21.6 metres at 6.6 per cent zinc and 18 grams per tonne silver from 254.0 metres depth, including:
  • 7.6 metres at 10.7 per cent zinc and 18 g/t silver from 268.0 metres depth.
• Hole A23-221 -- 13.8 metres at 6.8 per cent zinc from 290.2 metres depth.

Silver zone:

• Hole A22-195 -- 3.4 metres at 465 g/t silver from 209.7 metres in a 150-metre stepout hole.
• The silver zone is interpreted as a subvertical, northeast-trending structure with high-grade silver over a strike length of at least 500 metres on the northern edge of the zinc-rich massive sulphide bodies at South Ayawilca.
• Previous down-hole intercepts of the silver zone include 7.1 metres at 604 g/t silver and 11.5 metres at 781 g/t silver.
• The silver zone mineralization remains open in all directions, including up and down plunge.

True thicknesses of the above drill intercepts are estimated to be approximately 70 per cent of the down-hole thicknesses.

Dr. Graham Carman, Tinka's president and chief executive officer, stated: "We are pleased to report results from the final holes of the 11,000-metre drill program at Ayawilca. These latest drill holes targeted both zinc zone massive sulphide mineralization and extensions of the structurally controlled epithermal silver zone mineralization on the edge of the massive zinc sulphides at South Ayawilca. All drill intersections have now been incorporated into a new geological model, which will form the basis of an updated mineral resource estimation which we expect to be released in September, 2023.

"Exploration is continuing at the Silvia Northwest copper-gold target 30 kilometres from Ayawilca. A 121-line-kilometre drone magnetic survey has just been completed, covering outcrops of copper-gold skarn mineralization which are exposed in several locations over a three km strike length. Sampling by Tinka has identified high-grade copper-gold skarn in trench samples grading up to 2.7 per cent copper and 22 g/t gold over two metres, with the best continuous sample being 46 metres at 0.8 per cent copper and 1.9 g/t gold -- see previous news release. Processing and interpretation of the data are under way. An environmental permit has been filed with the Peruvian authorities, which will allow future drilling, once granted."

Zinc zone drill results 2022/2023

The company completed 33 diamond drill holes for 11,115 metres in the 2022/2023 drill campaign. These were both infill and stepout holes and were focused at West Ayawilca and South Ayawilca, which are known areas of high-grade zinc mineralization. Some of the best zinc zone intersections ever made at Ayawilca were reported during this campaign.

South Ayawilca:

• Hole A22-202 -- 38.9 metres at 20.0 per cent Zn, 0.1 per cent lead and 31 g/t Ag from 170.5 metres -- news release dated Jan. 9, 2023;
• Hole A22-199 -- 42.4 metres at 9.4 per cent Zn, 0.1 per cent Pb and 19 g/t Ag from 246.5 metres -- news release dated Jan. 9, 2023;
• Hole A22-212 -- 145.2 metres at 10.9 per cent Zn, 0.2 per cent Pb and 31 g/t Ag from 158.2 metres -- news release dated March 6, 2023;
• Hole A22-208 -- 71.2 metres at 8.8 per cent Zn, 0.5 per cent Pb and 33 g/t Ag from 168.8 metres -- news release dated March 6, 2023;
• Hole A22-206 -- 37.8 metres at 10.5 per cent Zn, 0.1 per cent Pb and 17 g/t Ag from 153.6 metres -- news release dated March 6, 2023.

West Ayawilca:

• Hole A22-200 -- 44.9 metres at 12.0 per cent Zn, 0.1 per cent Pb and 16 g/t Ag from 283.6 metres -- news release dated Nov. 21, 2022;
• Hole A22-207 -- 132.5 metres at 6.8 per cent Zn, 0.3 per cent Pb and 21 g/t Ag from 193.9 metres -- news release dated Jan. 24, 2023;
• Hole A22-205 -- 134.0 metres at 4.8 per cent Zn, 0.1 per cent Pb and 10 g/t Ag from 180.0 metres -- news release dated Jan. 24, 2023;
• Hole A22-203 -- 49.8 metres at 8.3 per cent Zn, 0.1 per cent Pb and 16 g/t Ag from 186.88 metres -- news release dated Jan. 24, 2023;
• Hole A23-216 -- 97.9 metres at 8.8 per cent Zn, 0.1 per cent Pb and 16 g/t Ag from 197.9 metres -- news release dated June 8, 2023.

The full suite of drill results from the 2022/2023 program have now been incorporated into an updated three-dimensional geological model, and a mineral resource update is in progress. The updated mineral resource estimation is expected to be available in September, 2023.

Significant improvements to the geological interpretation based on the 2022/2023 drill program include the following:

1. Zinc zone mineralization at West Ayawilca is more vertically controlled than was previously interpreted -- two zinc sulphide pipes each with diameters of between 100 metres and 150 metres extend through the entire limestone sequence (up to 200 metres vertically).
2. High-grade, continuous massive zinc sulphide mineralization at South Ayawilca is concentrated within a tightly folded anticline hinge -- this very high-grade zone has the potential to be a starter mine to provide quick payback of initial capital.
3. An initial hydrological study has also been conducted to better understand the underground water conditions at Ayawilca. Hydrological information has been obtained from 11 down-hole piezometers, which were installed on a wide drill spacing to get adequate coverage across the project. The hydrological study, which is close to final completion, will be important for mine plan studies in the future.

Silver zone drill results

The silver zone is hosted by a steep-dipping structure located on the northern edge of the zinc zone massive sulphides at South Ayawilca. Previously, the silver zone had been identified along a 250-metre strike length. However, resampling of an earlier hole in the drill campaign, A22-195, has led to an updated interpretation that the silver zone extends for at least 500 metres along the northeast-trending structure and remains open.

Hole A23-223, a follow-up to the high-grade silver mineralization in A17-072, intersected low-grade silver mineralization only and is interpreted to have intersected the silver zone structure at a depth which is too deep to be well mineralized. The hole did, however, intersect strong zinc zone mineralization higher up in the hole.

To date, eight drill holes have intersected the silver zone structure across a strike length of approximately 500 metres. The mineralization is interpreted to plunge at a shallow angle to the southwest. Highlights of the silver zone down-hole intersections include:

• Hole A23-220 -- 29.5 m at 182 g/t Ag from 289.7 m, including 7.1 m at 604 g/t Ag -- news release dated May 2, 2023;
• Hole A17-095 -- 8.7 m at 135 g/t Ag from 307.3 m -- news release dated May 2, 2023;
• Hole 17-072 -- 11.5 m at 781 g/t Ag from 294.5 m, including 2.0 m at 3,167 g/t Ag -- news release dated July 17, 2017;
• Hole A19-167 -- 29.6 m at 152 g/t Ag from 412.7 m, including 7.3 m at 366 g/t Ag -- news release dated Oct. 8, 2019;
• Hole A22-195 -- 3.4 m at 465 g/t silver from 209.7 m (this release).

Silvia project exploration

A drone magnetic survey was successfully completed at the Silvia Northwest copper-gold target, 30 km west of Ayawilca. In total, 121 line kilometres of drone magnetic data were acquired, covering an area of approximately 13 square kilometres. The geophysical data are currently being processed and interpreted.

At the Silvia Northwest target, high-grade copper-gold mineralization occurs in outcrops of green garnet skarn associated with chalcopyrite, secondary copper minerals (with very low arsenic) and microscopic native gold, adjacent to altered felsic intrusions. Area A sampled up to 2.7 per cent copper and 22 g/t gold over two metres in trench samples, with the best trench sample being 46 metres at 0.8 per cent copper and 1.9 g/t gold -- news release dated Nov. 10, 2021. The Silvia Northwest target has not been drilled in the past. Tinka has filed for an environmental drilling permit with the Peruvian authorities and is awaiting approval.

Note on sampling and assaying

Drill holes are diamond HQ-size core holes, with recoveries generally above 80 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 was bagged on average over one-to-two-metre composite intervals and sent to SGS in Lima for assay in batches. Standards and blanks were inserted by Tinka into each batch prior to departure from the core-storage facility. At the laboratory samples are dried and crushed to 100 per cent passing two millimetres, then 500 grams pulverized for multielement analysis by ICPMS using multiacid digestion. Samples assaying over 1 per cent zinc, lead or copper and over 100 g/t silver were reassayed using precise ore-grade AAS techniques. Samples within massive sulphide zones were also assayed for tin using fusion and AAS finish.

The qualified person, Dr. Graham Carman, Tinka's president and chief executive officer, 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 zinc-silver-tin project in central Peru. The zinc zone deposit has an estimated indicated mineral resource of 19 million tonnes at 7.15 per cent zinc, 16.8 g/t silver and 0.2 per cent lead, and an inferred mineral resource of 47.9 million tonnes at 5.4 per cent Zn, 20.0 g/t Ag and 0.4 per cent Pb (dated Aug. 30, 2021). The Ayawilca tin zone has an estimated inferred mineral resource of 8.4 million tonnes grading 1.0 per cent Sn. Tinka recently completed an 11,000-metre resource definition drill program at West Ayawilca and South Ayawilca, and a mineral resource update is pending.

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