Tinka Resources Limited announced results for five recent drill holes from the Ayawilca Project and to provide an update on the Company's exploration activities. All five drill holes were resource confirmation holes from West Ayawilca, and all intersected strong zinc mineralization. The Company has now successfully completed its 11,000-metre drill program at Ayawilca which commenced midway through 2022.

Two drill rigs were demobilized during May 2023 and independent mining consultants have now been engaged to complete an updated mineral resource estimate. The 2022-23 drill program has significantly improved the geological model of the mineralized zinc bodies at West and South Ayawilca and improved the confidence in the continuity of mineralization. One exploration hole at South Ayawilca has results pending.

The next steps for the project include an updated resource estimate to be announced during Third Quarter 2023 and the continuation of low impact exploration. Hole A23-216 97.9 metres at 8.8% zinc and 16 g/t silver from 197.90 metres depth, including, 35.8 metres at 19.0% zinc and 35 g/t silver from 260.0 metres depth, including, 13.5 metres at 25.3% zinc and 44 g/t silver from 265.5 metres depth. Hole A23-217: 71.9 metres at 5.5% zinc and 8 g/t silver from 186.1 metres depth, including, 45.8 metres at 6.4% zinc and 10 g/t silver from 210.4 metres depth, including, 4.85 metres at 15.2% zinc and 23 g/t silver from 210.4 metres depth.

Hole A23-213: 30.4 metres at 6.0% zinc from 180.0 metres depth, including, 1.2 metres at 37.2% zinc from 207.3 metres depth, and 30.5 metres at 5.1% zinc from 260.0 metres depth. A total of 11,115 metres were drilled in 33 holes at Ayawilca during the 2022-23 drill program. Around 90% of the drill holes were focused at West and South Ayawilca for resource confirmation and definition purposes.

Two holes were also drilled at Central Ayawilca for the dual purposes of exploration and a hydrological study. The 2022-23 drill program has considerably improved the company's understanding of the geology of the Ayawilca Zinc Zone and improved the confidence in the geometry of the mineralized bodies at West and South. Two of the most important conclusions from the drilling include: At West Ayawilca, two pipe-like zinc sulphide bodies hosted by brecciated limestones extend through the 100- to 200-metre-thick limestone sequence along a northwest-southeast trend and are connected by massive sulphide mineralization at the base of the limestone; At South Ayawilca, very high-grade massive sulphide zinc mineralization is concentrated within a tightly folded limestone at relatively shallow depth - this discovery has the potential to be a ‘starter mine' which could provide early payback of capital.