Tinka Intersects Exceptional Zinc Grades at Ayawilca and Expands Silver Zone Discovery

• 7.3 metres @ 4.9% zinc, 366 g/t silver & 0.5% lead from 412.7 metres, including
• *1.7 metres @ 14.5% zinc, 1,130 g/t silver & 0.3% lead from 412.7 metres; and
• 7.85 metres @ 6.1% zinc, 150 g/t silver & 0.8% lead from 434.45 metres, including
• 0.9 metres @ 21.7% zinc, 415 g/t silver & 3.0% lead from 434.5 metres.

Note: True thicknesses of the Zinc Zone intersections are estimated to be approximately equal to the downhole thicknesses in hole A19-165 and at least 85% of the downhole thicknesses in A19-166. The true thickness of the Silver Zone intersections in A19-167 cannot be determined at this time as insufficient data is available.

Dr. Graham Carman, Tinka's President and CEO, stated: "Hole A19-165 is an exceptional drill hole with four separate mineralized intervals with outstanding zinc grades over significant thicknesses, confirming continuity of the mineralization and increasing confidence in our geological model. Zinc grades in the upper two zones were higher than predicted by the resource model (see Figure 1). Multiple phases of zinc mineralization, as indicated by spectacular colour banding of the sphalerite crystals, indicate that the mineralization at Ayawilca was multi-phase while also highlighting the fact that each phase added to the zinc grade of the deposit (see Figures 2 and 3)".

"We are also excited by the high grade Silver Zone discovery in hole A19-167, originally a 2017 Tinka drill hole that was recently deepened to test extensions of the silver mineralization encountered in hole A19-163. The success of A19-167 proves that Ayawilca has very high -grade silver mineralization which is believed to have developed around the edge of the Ayawilca Zinc Zone. This recent discovery offers a new exploration target and potentially significant precious metal upside to supplement the very large zinc resource."

"The 2019 drill program at South Ayawilca is greatly improving our understanding of the structural and lithological controls of the high grade zinc mineralization. Drill hole A19-166 was drilled at a very shallow angle and confirmed the geometry of a locally overturned anticline which has acted as a structural trap for the zinc mineralization. An additional drill hole, A19-168 was recently collared, which will act as an additional infill hole and provide further geotechnical information."

Notes to Figure 1:

1. The zinc block model is based on the base case mineral resource estimate at a US$55/t cut off (Nov. 26, 2018). High grade (>US$100/t or >6.5% ZnEq) zinc resource blocks are coloured red, lower grade blocks are coloured in green (>US$55/t or 3.6% ZnEq) and blue coloured blocks are below the cut off.
2. The NSR value was based on estimated metallurgical recoveries, assumed metal prices and smelter terms, which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions were: US$1.15/lb Zn, US$300/kg In, US$15/oz Ag, and US$1.0/lb Pb. Metal recovery assumptions were: 90% Zn, 75% In, 60% Ag, and 75% Pb. The NSR value for each block was calculated using the following NSR factors: US$15.34 per % Zn, US$4.70 per % Pb, US$0.18 per gram In, and US$0.22 per gram Ag.
3. The NSR value was calculated using the following formula:
   NSR = [Zn(%)*US$15.34+Pb(%)*US$4.70+In(g/t)*US$0.18+Ag(g/t)*US$0.22].
4. The ZnEq value was calculated using the following formula: ZnEq = NSR/US$15.34.

Details of assay intervals within the core photo above:

179.3-181.3 metres (sample 47295): 2.0 metres grading 27.8% Zn, 23 g/t Ag, 0.02% Pb, 733 g/t In
181.3-182.1 metres (sample 47296): 0.8 metres grading 5.9% Zn, 13 g/t Ag, 0.02% Pb, 95 g/t In
182.1-183.2 metres: (sample 47297): 1.1 metres grading 31.2% Zn, 38 g/t Ag, 0.34% Pb, 558 g/t In.

Note: The photos shown in Figures 2 and 3 are of selected intervals and not necessarily indicative of mineralization hosted on the property.

Table 1 – Summary of new drill hole assays from Ayawilca

Drill Hole	From (m)	To (m)	Interval (m)	Zn %	Pb %	Ag ppm	In ppm
A19-165	117.20	126.20	9.00	11.9	0.0	18	40
incl	125.10	126.20	1.10	37.2	0.0	36	136
and	167.80	193.70	25.90	11.8	0.2	23	325
incl	169.10	173.10	4.00	24.6	0.1	33	475
incl	178.40	185.40	7.00	18.9	0.5	42	584
and	214.60	243.30	28.70	14.0	0.1	14	101
incl	221.50	240.15	18.65	17.4	0.0	11	68
and	271.50	286.40	14.90	12.3	0.6	38	297
incl	278.60	279.80	1.20	36.6	0.2	80	1,020
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