Tinka Resources Limited announced results for four drill holes from the Company's ongoing infill and resource expansion drill program at the Ayawilca zinc project in central Peru. All four drill holes are from South Ayawilca. Hole A22-202 has returned the best drill intercept ever made at the Ayawilca project: 38.9 metres grading 20.0% zinc including an ultra high-grade interval of 10.4 metres grading 42.0% zinc .

The 2022-2023 drill program has now been expanded due to the excellent results to date, with about half of the drill holes (13) now reported of the estimated 30 holes to be completed at both South Ayawilca and West Ayawilca. True thicknesses of the mineralized intercepts are estimated to be at least 75% of the downhole thicknesses. The drill program at Ayawilca is continuing without interruption with two rigs operating 24/7. Around 7,000 metres have been completed with another 4,000 metres planned.

Drilling is expected to continue until April 2023, with one rig at South and a second rig at West Ayawilca (where several holes have results pending). Tinka has now completed approximately 7,000 metres (21 holes) in the 2022-2023 resource definition-expansion drill program with only 13 of the holes reported so far, including this release. The objectives of the drill program continue to be to target the highest-grade zinc mineralization at both South and West Ayawilca, and to expand measured and indicated zinc resources.

Indicated resources are currently estimated at 19.0 Mt grading 7.2% Zn, 17 g/t Ag & 0.2% Pb and inferred resources are 47.9 Mt @ 5.4% Zn, 20 g/t Ag & 0.4% Pb (as at August 30 th, 2021). Hole A22-202 was drilled to test the hinge zone of the limestone ‘anticline' fold previously identified at South Ayawilca. The hole intersected massive zinc sulphide mineralization over 38.9 metres grading 20.0% Zn from 170.5 metres depth (~140 metres vertical depth.

The interval of 10.4 metres at 42.0% zinc consists of almost pure zinc sulphide (sphalerite) mineralization. The ultra high-grade zinc mineralization appears to be focussed along the limestone-sandstone footwall contact on the edge of the overturned anticline fold. Hole A22-199 intersected two massive zinc sulphide intervals.

The shallowest interval of 5.3 metres grading 14.3% zinc from 138.8 metres is hosted by sandstone. The deeper zinc interval is hosted by limestone and intersected 42.4 metres grading 9.4% zinc (including 5.5 metres grading 22.9% zinc and 9.1 metres grading 20.8% zinc). A third zone of sulphide (predominantly pyrrhotite hosted) intersected tin mineralization, including 18.0 metres grading 0.67% tin from 206 metres depth.

Hole A22-204 was drilled from a nearby drill collar targeting a gap in the indicated resource. This hole intersected two zones of high-grade zinc mineralization within the Pucara limestone, the best mineralized interval being 14.8 metres grading 8.4% zinc from 196.4 metres, including 6.1 metres grading 12.6% zinc. Another zone of sulphide intersected tin mineralization including 16.5 metres grading 0.36% tin from 234 metres depth associated with massive pyrrhotite - pyrite. Hole A22-196 was a hole collared some 150 metres north of the South Ayawilca resource and was drilled at a shallow angle (45 degrees) to the south.

This hole intersected moderate grade zinc mineralization in the uppermost part of the South Ayawilca deposit (18.6 metres grading 5.8% zinc from 300 metres depth) but missed the high-grade core of the deposit due to the shallow dip of the drill hole. Drill holes are diamond HQ size core holes with recoveries generally above 80% and often close to 100%. 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 1 to 2 metre composite intervals and sent to SGS laboratory in Lima for assay in batches. Standards and blanks were inserted by Tinka into each batch prior to departure from the core storage facilities.

At the laboratory samples are dried, crushed to 100% passing 2mm, then 500 grams pulverized for multi-element analysis by ICPMS using multi-acid digestion. Samples assaying over 1% zinc, lead, or copper and over 100 g/t silver were re-assayed using precise ore-grade AAS techniques. Samples within massive sulphide zones were also assayed for tin using XRF techniques.

The Qualified Person, Dr. Graham Carman, Tinka's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.