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Tinka fills tank for new Ayawilca assault

Peru zinc explorer Tinka Resources (TSXV: TK) CEO Dr Graham Carman says the junior should be fully funded to complete planned exploration work at its flagship Ayawilca project in Peru over the next 12-18 months after taking on board C$8 million of equity funds from a new issue. It closed the first $5.77 million tranche of the issue this week.
Tinka fills tank for new Ayawilca assault Tinka fills tank for new Ayawilca assault Tinka fills tank for new Ayawilca assault Tinka fills tank for new Ayawilca assault Tinka fills tank for new Ayawilca assault

Tinka primed for more drilling at Ayawilca in Peru

Staff reporter

Carman said the non-brokered private placement brought in "several Peruvian investors to the Tinka shareholder register for the first time", while he noted Sentient Equity Partners now owned about 24.7% of the company (23.9% on a fully diluted basis).

The first-tranche shares were issued at 48c. Tinka was trading at 47c overnight, capitalising the company at C$105.65 million.

"During 2018 we are planning up to 15,000m of step-out drilling at the Ayawilca project, targeting additional zinc resources at the Zone 3, Valley, and extensions to South and West Ayawilca areas," Carman said.

"We anticipate updating the mineral resources and completing a preliminary economic assessment during the second half of 2018.

"Two drill rigs are currently operating on site.

"I look forward to updating our shareholders as the drill results become available."