Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Tincorp Metals Inc. (TSXV: TIN) (OTCQX: TINFF) ("Tincorp" or the "Company") is pleased to announce that it has received the first two batches of assay results of historic core samples from its Porvenir tin-zinc-silver (Sn-Zn-Ag) Project (the "Project"), located in the west-central region of Bolivia, 65 kilometers ("km") southeast of the city of Oruro. The highlight results were received from hole PV-41 with an intercept of 60.20 meters ("m") grading 0.66% g/t tin, 1.44 g/t zinc, and 6.30 g/t silver totaling 322.8 g/t AgEq.

As previously reported (see news release dated August 31, 2022), the Company has the rights to acquire a 100% interest of the Porvenir Project. The Property was subjected to some small-scale, historic mining and was explored and drilled by Japanese mining company, Dowa Metals and Mining Company ("Dowa"), from 2007 to 2011. In total, Dowa completed 88 diamond drill holes totaling approximately 25,000 m of core based on the data acquired by the Company from an independent source. However, only 918 m of core had been sampled and assayed by Dowa previously.

Samples were collected from recovered historic core, and the newly received assays have confirmed historic mineralization intercepts (Table 4 and Table 5) and further indicated that the mineralization is more extensive down-hole. From October to December 2022, over 1,300 m of historic core from 37 holes have been recovered, relogged and sent for assay, including 1,391 samples. There remain another 679 assays for the company to report.

Mr. Gordon Neal, CEO of the Company, stated, "The results of our sampling and assaying program to date are encouraging, as Tincorp's results closely correlate with the historic assays and has shown tin mineralization is more extensive in each hole sampled than was indicated in the historic data. The relogging and assaying program on historic core was completed in 2022 and we are expecting more assays in the next few weeks."

The most encouraging results are from holes PV-41 and PV-26.

PV-41 has a total hole length of 355 m. 82.20 m of core have been recovered and assayed, including the intervals between 220-235 m and 265-332.2 m. High-grade mineralization intervals in this hole are composed of massive sulfides of sphalerite, pyrrhotite and pyrite, along with silicification. The new assays revealed a 60.2 m wide continuously mineralized interval grading 0.66% Sn and 1.44% Zn and another 10.6 m wide interval grading 0.24 % Sn and 2.57 % Zn.

Table 1. Composited analytical results for hole PV-41

 
Notes:

1. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
2. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal recoveries are not yet known.

PV-26 has a total hole length of 250.75 m, and 39.00 m of core have been recovered and assayed (from 133.70 to 172.70 m). High-grade intervals are composed of patches of sulfide (pyrrhotite-sphalerite) hosted in bleached sandstone. The new assay results have revealed a 16.7 m wide continuously mineralized interval of 0.64 % Sn and 0.70 % Zn.

Table 2. Composited analytical results for hole PV-26

 
Notes:

1. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
2. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal recoveries are not yet known.

Other noted mineralized intervals are shown in Table 3.

Table 3. Composited grades of other noted mineralized intervals

 
Notes:

3. Drill intercepts are core lengths, and grades are length weighted. True width of mineralization is unknown at this time.
4. Silver equivalent [AgEq] is used for illustrative purposes only, to express the combined value of tin, zinc and silver as a grade of silver. AgEq is calculated using US$0.67 per gram of silver, US$3115.5 per tonne of zinc and US$25334.0 per tonne of tin. Metal recoveries are not yet known.

The newly received assays are consistent with the Historic Dowa Assays, which suggests the historic assays data are reliable to provide guidance for future exploration. The comparison of historic Dowa assays and the newly received assays of PV-41 and PV-26 are shown in Table 4 and Table 5.

Table 4. Comparison of historic Dowa assays and 2023 new assays on PV-41.