Hole A18-132 hit 6.9m at 20% zinc, 0.4% lead, 60g/t silver and 477g/t indium from 320m.

Tinka also hit high grades, including 5.7m at 14.9% zinc, 13g/t silver & 206g/t indium from 346.4m, in the new area dubbed Camp in the "gap" between West and Central Ayawilca.

President and CEO Dr Graham Carman said of particular interest, the high-grade zinc mineralisation in the Camp area was encountered within a repeated limestone under a phyllite ‘ledge', similar to a setting found in a previous hole that hit plus-40% zinc.

"It is possible this deeper mineralisation is more widespread than is currently recognised, as holes at the project in the past were typically stopped almost immediately on hitting phyllite," he said.

Three rigs are operating around the clock as the cashed-up company aims to drill a further 5,000m, on top of the 15,000m already completed, this year.

Tinka had raised a total of C$16.24 million (US$12.5 million) through a bought deal, first and second tranche placements earlier this year.

The company substantially increased the inferred resources at Ayawilca in November to 42.7 million tonnes grading 7.3% zinc equivalent, and 10.5Mt at 0.7% tin equivalent.

Its shares have generally followed the zinc price lower this year and closed down C1c yesterday to 47c, capitalising it at $118.8 million.