The president of Canadian mining company Tinka Resources Ltd., Graham Carman, estimated that it will need about $20 million for its Ayawilca project in the next two years, the zinc-silver-lead-tin project located in the Peruvian department of Pasco.
“We have a very interesting project, which is zinc, which is one of the biggest discoveries in Peru in several years,” Carman said.
In 2016, after six years and 27,200 meters (m) of drilling, the company informed inferred mining resources for 18.8 million metric tons (mt) with an average ore grade of 8.2% zinc, plus an additional inferred mining resource of 5.4 million mt of tin with 0.89% ore grade.
The company’s Peruvian representative, Alvaro Fernández-Baca, said his zinc exploration project is a good opportunity to invest. “In the last year, the price of zinc has more than doubled and, since zinc prices have been low for a long time, there are not many zinc exploration projects right now,” Fernández-Baca said.
More than 17,500 m have been drilled at Ayawilca thus far this year and the company has made a new discovery in an area they call Ayawilca Sur.