TSLV.V · 2022-10-06 12:00:00

Tier One Silver Identifies Robust Exploration Targets at Hurricane

Exploration Programs

Vancouver, Canada – October 6, 2022 – Tier One Silver Inc. (TSXV: TSLV, OTCQB: TSLVF) (“Tier

One” or the “ Company”) is pleased to report rock and channel sampling results from the copper-

nickel-platinum-palladium magmatic sulphide style mineralization at the San Cipriano and

Ñañohuayco target areas on the Hurricane project in southern Peru (Figure 1) . Highlights from

channel sampling gossan zones at the San Cipriano and Ñañohuayco target areas include 48

metres (m) of 3.35% copper (Cu), 0.97 g/t platinum (Pt), 0.97 g/t palladium (Pd), 1.13 g/t gold

(Au) and 57.87 g/t silver (Ag) and 11.5 m of 1.41% Cu, 0.29% nickel (Ni), 0.12 g/t Pt and 0.15 g/t

Pd, respectively. Mineralization at both areas is in oxidized material with expected enrichment of

grade and true thicknesses unknown at this point. The results confirm and expand upon the

historical results and demonstrate a high metal budget at the targets , signifying to Tier One’s

technical team that further exploration is warranted.

A Message from Peter Dembicki, President, CEO and Director:

”We are very excited about the results we are seeing from our Hurricane project as we advance our

exploration and understanding of the notable historic al work and identified mineralization.

Between Ñañohuayco and San Cipriano, we have a n enriched system that warrants further

exploration, including geophysics, to truly understand the scope and scale of these targets.”

San Cipriano Target:

At San Cipriano, 2022 channel sampling has validated and extended sulphide-bearing gabbroic sills

capable of producing significant grades. There are three sills that on surface average approximately

1 m – 2 m in thickness within a structural zone of sulphide mineralization with an approximate true

width of 30 m. The gossan zone at the target area is a pproximately 50 m x 150 m with channel

samples 22-HRT-75 and 22-HRT-76 cutting obliquely along the mineralized sills within the 30 m thick

sequence of mineralized stratigraphy (Figure 2). A private Peruvian company completed a small drill

program, consisting of 1,722 m in 11 drill holes, at the target and surrounding area. The best result

achieved in the historical program was in drill hole SCI-06, which intersected 5.7 m of 0.22% Cu, 69.5

g/t Ag, 2.54 g/t Pt, 1.52 g/t Pd and 1.69 g/t Au from surface in the gossan (see May 19, 2022 news

release). Based on the measured orientation of the sills , Tier One’s technical team believe s the

historic drilling did not adequately test the mineralized sequence of mafic sills , leaving a n

exploration target for future drilling (Figure 3).

In addition, channel samples 22 -HRT-72, 22HRT -73 and 22HRT -74 have extended known

mineralization approximately 150 m to the northwest and mineralization remains open to the

southeast as colluvium cover obscures rock exposure . Exploration potential in the area remains

strong with the next phase of work to include detailed geophysics, mapping and soil sampling.

Complete channel sampling results for the San Cipriano target are presented below in Table 1.

Table 1: Channel Sampling Results, San Cipriano

Channel ID From To Length

(m)

(%)

(g/t)

22HRT-70 0 3 3 0.45 0.02 2.52 0.01 0.01 0.06

22HRT-71 No significant interval

22HRT-72 0 2.5 2.5 2.53 0.03 0.66 0.01 0.02 0.01

22HRT-73 1.5 8 6.5 0.58 0.03 1.56 0.01 0.01 0.05

22HRT-74 0 16 16 1.28 0.09 13.68 1.10 0.72 0.51

22HRT-75*

0 26 26 1.07 0.05 3.53 0.03 0.04 0.06

32.5 69 36.5 0.87 0.12 5.94 0.14 0.24 0.33

22HRT-76* 0 48 48 3.35 0.06 57.87 1.13 0.97 0.97

22HRT-77 No significant interval

22HRT-78 No significant interval

*Notes:

22HRT-75, no sample between 8.10 and 10.5m, assigned value of 0 for all elements in composite calculation.

22HRT-75, no sample between 23.50 and 24.30m, assigned value of 0 for all elements in composite calculation.

22HRT-75, no sample between 35.50 and 40.50m, assigned value of 0 for all elements in composite calculation.

22HRT-75, no sample between 44.00 and 48.0m, assigned value of 0 for all elements in composite calculation.

22HRT-76, no sample between 17.00 and 20.50m, assigned value of 0 for all elements in composite calculation.

Table 2: Historical Drill Results Highlight, San Cipriano

Hole ID From (m) To (m) Interval (m) Cu(%) Ag (g/t) Pt (g/t) Pd (g/t) Au (g/t)

SCI-06 0 5.7 5.7 0.22 69.52 2.54 1.52 1.69

Ñañohuayco Target:

The Ñañohuayco target is characterized by a high -grade gossan zone over an area approx imately

90 m x 90 m. Magmatic sulphides are found within gabbroic sills intruding meta -sediments. A

historical drill campaign of 1 ,061 m in ten drill holes targeting the gossan zones returned several

high-grade intercepts including 14 m of 2.59% Cu, 0.62% Ni, 311 g/t Cobalt (Co), 0.3 g/t Pt, 0.55 g/t

Pd and 0.24 g/t Au (Figure 4) (see May 19, 2022 news release). Highlights from this historical drill

campaign are presented below in Table 3. Results from Tier One’s channel sampling program both

confirmed and significantly extended the mineralization at the Ñañohuayco target area , where a

new area of mineralization was encountered 1.2 kilometre (km) to the northwest of the gossans

that were historically drill tested (Figure 5).

Table 3: Historical Drill Result Highlights, Ñañohuayco

Hole ID From

(m)

Interval

(m) Cu(%) Ni (%) Co (g/t) Pt (g/t) Pd (g/t) Au (g/t)

ÑAÑO-01 0 14 14 2.59 0.62 311 0.30 0.55 0.24

ÑAÑO-02 0 12 12 2.61 0.59 278 0.33 0.57 0.23

ÑAÑO-03 0 12 12 1.67 0.26 149 0.22 0.54 0.19

ÑAÑO-04 2.3 8.3 6 1.16 0.35 192 0.09 0.22 0.07

ÑAÑO-05 0 18 18 1.12 0.30 181 0.14 0.26 0.11

ÑAÑO-06 0 7.5 7.5 1.66 0.40 162 0.20 0.39 0.11

The goal of Tier One’s channel sampling program was to confirm and extend the mineralization at

the Ñañohuayco target area and to better understand the geometry of the mineralized system.

Channel sampling highlights from the gossan, which has been the focus of historical drilling, yielded

11.5 m of 1.41% Cu, 0.29% Ni, 0.12 g/t Pt, and 0.15 g/t Pd and 22 .5 m of 1.39% Cu, 0.13% Ni and

0.12% Pd (Figure 5). In addition, reconnaissance exploration identified a new mineralized area, 1.2

km to the northwest of the historical drilling, with channel sample 22HRT-67 yielding 4 m of 0.88%

Cu, 0.3% Ni and 0.15 g/t Pd (Figure 4). This new area of mineralization demonstrates potential and

emphasizes that reconnaissance exploration can be highly effective in identifying new target areas.

Complete channel sampling results for the Ñañohuayco target are presented below in Table 4.

Table 4: Channel sample results, Ñañohuayco

Area Channel ID From To Length

(m)

(%)

(g/t)

Ñañohuayco

22HRT-60* 0 11.5 11.5 1.41 0.29 4.63 0.08 0.15 0.12

22HRT-61 0 4 4 1.63 0.30 5.44 0.10 0.20 0.15

22HRT-62 0 22.5 22.5 1.39 0.13 2.92 0.05 0.12 0.07

22HRT-63 No significant interval

22HRT-64 0 7 7 0.29 0.08 0.54 0.01 0.03 0.01

Ñañohuayco

22HRT-65 0 3 3 0.58 0.09 1.50 0.05 0.07 0.04

22HRT-66 0 3 3 0.60 0.10 2.56 0.07 0.16 0.06

22HRT-67 0 4 4 0.88 0.30 3.02 0.09 0.15 0.06

22HRT-68 0 4.2 4.2 0.38 0.11 1.62 0.04 0.08 0.03

*Note:

22HRT-60 – No sample between 6.0 and 7.5m, assigned value of 0 for all elements in composite calculation.

Highlights of Ñañohuayco:

• Mineralization is open down-dip from the historical drilling,

• Untested coincident magnetic, conductivity and chargeability anomalies located

approximately 800 m to the south-southwest of the historical drilling, which may be related

to magmatic sulphide mineralization source, and

• Discovery of a new area of mineralization, located approximately 1.2 km to the northwest of

the area of historic exploration (Figure 4).

Collectively, these targets will be further advanced and refined to a drill ready stage through

additional geophysics, mapping and geochemical sampling.

Figure 1: Location map of the Ñañohuayco and San Cipriano targets at the Hurricane project.

Figure 2: Detailed map of the San Cipriano target area with channel sample highlights.

Figure 3: Cross-section with historical drilling highlights at the San Cipriano target.

Figure 4: Geophysical targets at the Ñañohuayco target.

Figure 5: Map of the Ñañohuayco gossan drilling looking northeast.

Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and assumes

responsibility for the technical contents of this press release.

ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.

Peter Dembicki

President, CEO and Director

For further information on Tier One Silver Inc., please contact Natasha Frakes, Vice President of

Communications at (778) 729-0600 or [email protected]

← Back to feed