Tier One Identifies Drill Targets at Curibaya
Tier One Identifies Drill Targets at Curibaya
Vancouver, Canada – June 7, 2023 – Tier One Silver Inc. (TSXV: TSLV, OTCQB: TSLVF) (“Tier One”
or the “Company”) is pleased to provide an update for its second phase of drilling at it’s 100% owned
Curibaya project, located in southern Peru. The Curibaya project consists of approximately 17,000
hectares and is situated in one of the most pro lific porphyry mining trends globally, which is host
to major mines such as Cerro Verde, Quel laveco and Toquepala. The Company has identified
locations for 20 drill pads at Curibaya that would test several new targets as well as expand on
intercepts from the inaugural drill program in 2021, which included 1.5 metres (m) of 1,129 g/t silver
(Ag) and 1.04 g/t gold (Au) in a larger interval of 7 m of 272 g/t Ag and 0.33 g/t Au and 1 m of 1,431
g/t Ag and 0.39 g/t Au within a broader interval of 1.5 m of 965 g/t Ag and 0.26 g/t Au.
In the coming weeks, the Company will be resuming exploration work on additional adjacent
potential porphyry targets within the project area and will continue its preparations for a second
phase of drilling. The Company’s second drill campaign is expected to consist of 2,000 m of drilling
from five of the 20 drill pads and would focus on the preferred precious metal zonation at the
Cambaya target area. The objective of the program is to test the epithermal veins and structures in
the upper part of the system, with higher elevation and l ess erosion , where the Company has
received the best silver – gold surface results to date.
A Message from Peter Dembicki, CEO & Director:
“The work completed over the last 14 months has proven to be extremely informative, and provided
us with our most intriguing silver targets to date, located within the Cambaya corridor. These silver
prospects are located within what we believe is the preferred precious metal zonation of the system
where less erosion has occurred. We are excited with the results of ou r sampling, mapping and
targeting programs and look forward to our next phase of exploration and drilling at Curibaya.”
A Message from Christian Rios, SVP, Exploration:
“After a successful first phase of drilling at Curibaya, that returned several high-grade intercepts on
a project that ha d never been drilled before, we are very excited to test our best targets on the
project in the upper parts of the system. The inaugural drill program returned an intercept of 1.5 m
of 1,129 g/t silver in hole 16 at an elevation of 1,900 m, which we believe opens up a range of
opportunities at elevations of 2,200 m – 2,300 m, which is our focus for the next phase.”
Targeting Overview:
The second phase of drilling at Curibaya is expected to consist of 10 drill holes distributed over five
platforms (Figure 1). The proposed locations of the drill holes take into consideration the
interpretation of all the geological, geochemical and geophysical results and data obtained from the
project. Once drilling begins, the drill plan may evolve to adjust the angle, location and depth of the
holes, according to observed results.
Platform 1:
This platform is located in the Cambaya I corridor, central zone, at an elevation of 2,250 m and has
two proposed locations for diamond drill holes (23CUR -001 and 23CUR -002), which would drill
vertically at 50 m and 100 m, respectively, below channel sample 80, which reported values of up
to 4.5 m of 408 g/t Ag and 1.48 g/t Au, including 1 m of 1,768 g/t Ag and 6.33 g/t Au. There is also a
vertical resistivity anomaly that is greater than 600 ohm-m within this corridor that coincides with
the structures in the area (Figure 2).
Platform 2:
This platform is located in the Cambaya II corridor, southern zone, at an elevation of 2,300 m. This
target has two proposed diamond drill holes (23CUR-003 and 23CUR -004), which w ould drill
vertically at 50 m and 120 m, respectively, below channel sample 101, which reported values of up
to 2.5 m of 136 g/t Ag and 0.82 g/t Au, including 0.5 m of 568 g/t Ag and 3.37 g/t Au. There is also a
geophysical anomaly showing a conductive gradient that co rrelates with the structures within the
corridor (Figure 3).
Platform 3:
This platform is located 150 m north of platform 2 in the Cambaya II Corridor at an elevation of
2,300 m. This target has two proposed diamond drill holes (23CUR-005 and 23CUR -006), which
would drill vertically at 65 m and 135 m , respectively, below channel sample 97, which reported
values of up to 1 m of 137 g/t Ag and 0.11 g/t Au as well as rock chip sample values of up to 337 g/t
Ag and 263 g/t Ag. The proposed drill holes at this target would also test a contact of a geophysical
conductive gradient that correlates with structures within the corridor (Figure 4).
Platform 4:
This platform is located in the Cambaya I Corridor, southern zone, at an elevation of 2,150 m. This
target has two proposed diamond drill holes (23CUR -007 and 23CUR -008), which w ould drill
vertically at 50 m and 100 m, respectively, below channel sample 34, which reported values of up
to 11 m of 232 g/t Ag and 1.61 g/t Au, including 6 m of 387 g/t Ag and 2.74 g/t Au as well as rock chip
samples with values of up to 3,510 g/t Ag and 751 g/t Ag. The proposed drill holes would also test
the contact of a geophysical conductive - resistive gradient that correlates with the main structure
in this corridor (Figure 5).
Platform 5:
This platform is located in the Sambalay corridor, northern zone, at an elevation of 2,200 m. This
target has two proposed diamond drill hole s (23CUR -009 and 23CUR -010), which w ould drill
vertically at 50 m and 100 m , respectively, below channel samples 122 and 123, which reported
values of up to 2.5 m of 272 g/t Ag and 0.83 g/t Au and 3 m of 154 g/t Ag and 0.32 g/t Au, respectively,
as well as rock chip samples with values of up to 1,840 g/t Ag and 1,880 g/t Ag. These holes would
be located 1 .25 km north from hole 21CUR-16 in the inugural program at Curibaya, which
intersected 1,129 g/t Ag and 1.04 g/t Au over 1.5 m of structure (see February 14, 2022 news release).
This target would also test a geophysical conductive gradient that correlates to the structures in the
corridor (Figure 6).
Strategy for H2 2023
In the next two weeks, w ith the funds raised from the recently closed non -brokered private
placement, the Company will commence a regional geological reconnaissance program of the three
main zones at the Curibaya project using data from the original 2021 BLEG program as a basis,
which demonstrated geochemical anomalies with up to 40 parts per million (ppm) copper and 1.30
ppm molybdenum in sediments. Geological mapping, rock chip sampling and TerraSpec Halo
analysis will also be completed in these areas (Figure 7).
The Company will also continue preparations for its second phase of drilling at Curibaya to test the
epithermal silver – gold structures ( drill holes extending to a depth of 150 m – 250 m) on the
property which, subject to market conditions, it plans to finance and commence prior to the end of
the year.
Following this, the Company would like to conduct a phase three program that would test the
possible copper porphyry source mineralization (drilling to a depth of 500 m – 800 m).
If the results from the above listed programs warrant further drilling , the Company would
commence a fourth stage of drilling, to a depth of 2,000 m to 5,000 m, that would follow the corridor
of structures at Cambaya from platform 6 to platform 10. At this point in time, all phases of drilling
are subject to raising additional capital.
Figure 1: Illustrates a general location map of the proposed five drill platforms for the second phase of drilling at the
Curibaya project.
Figure 2: Illustrates the planned holes from Platform 1 in the central zone of the Cambaya I target area and the
corresponding geophysical CSAMT survey results.
Figure 3: Illustrates the planned holes from platform 2, in the southern zone of the Cambaya II target area and the
corresponding geophysical conductivity gradient.
Figure 4: Illustrates the planned holes from platform 3 in the southern zone of the Cambaya II target area and the
corresponding geophysical conductivity gradient.
Figure 5: Illustrates the planned holes from platform 4 in the southern zone of the Cambaya I target area and the
corresponding geophysical conductivity gradient.