Tier One Silver Intersects 384.6 g/t Silver Equivalent over 3 Metres on the Tipal Structural Corridor at Curibaya and Appoints Christian Rios as Senior Vice President of Exploration
Tier One Silver Intersects 384.6 g/t Silver Equivalent over 3 Metres
on the Tipal Structural Corridor at Curibaya and Appoints Christian Rios
as Senior Vice President of Exploration
Vancouver, Canada – January 24, 2022 – Tier One Silver (TSXV: TSLV, OTCQB: TSLVF) (“Tier One”
or the “Company”) is pleased to report results from drill holes 7 – 11 at the Curibaya project in
southern Peru (Table 1). Hole 9 drilled 3 metres (m) of 384.6 g/t silver equivalent (AgEq) in a wider
interval of 5.5 m of 221.5 g/t AgEq and was the first hole to target the Tipal structural corridor. This
corridor is primarily defined by an airborne magnetics gradient that has a strike length of 2.5
kilometres (km) (Figure 1) . The Tipal structural corridor represents the fo urth corridor with
confirmed silver-gold mineralization in the third dimension at Curibaya (Figures 1-2).
The Company is also pleased to announce the appointment of Christian Rios to SVP of Exploration
from his former role as the SVP of Operations in Peru. Mr. Rios is a professional geologist (P.Geo.)
who, prior to working with Tier One Silver, was the Vice President of Exploration at Bear Creek
Mining where he was directly involved in the discovery of the world -class Santa Ana and Corani
silver-lead-zinc deposits in Peru and was on the team that delivered the feasibility study o f the
Corani dep osit. Mr. Rios has a master's degree in Economic Geology and over twenty years of
experience in exploration, mining development and operations, specializing in Peru. He is replacing
Dave Smithson, who resigned for personal reasons.
A Message from Peter Dembicki, President, CEO & Director:
“We are very pleased to confirm a fourth structural corridor target carrying high-grade silver, both
on surface and at depth, through our drill program. We believe t he grade and scalability of the
Curibaya system to-date are impressive and warrant further drilling . In the meantime, we are
looking forward to receiving the remaining five drill hole results.”
“On behalf of everyone in the Company, I would like to thank Dave for his commitment, dedication,
and efforts to help bring Curibaya to this stage as a world-class exploration target. We look forward
to working with Christian in a new capacity as he has played an integral role within the Company
to-date, and his notable exploration experience with silver discoveries in Peru will provide respected
knowledge and leadership.”
At the Tipal structural corridor, holes 9 and 10 were drilled 830 m apart, focusing around channel
samples of 2 m of 6,278.8 g/t AgEq and 4 m of 282.1 g/t AgEq, respectively (Figure 3). Drill hole 9
intercepted vein arrays within kaolinite and sericite alteration, 50 m below the surface, returning 3
m of 384.6 g/t AgEq from 83 m – 86 m in a broader interval of 5.5 m of 221.5 g/t AgEq from 82 m -
87.5 m. The structure was tested again in hole 10, 830 m to the NE, and returned 1 m of 383.6 g/t
AgEq from 96 m – 97 m in a broader interval of 2 m of 224.9 g/t AgEq from 96 m – 98 m, also in vein
arrays with kaolinite and sericite alteration (Figure 3). A summary of significant results from drill
holes 9 and 10 is provided in Table 1.
At the Madre structural corridor, drill holes 7, 8, and 11 targeted a 650 m section of the 1.4-km-long
corridor, where channel sampling previously identified high-grade mineralization (Figure 4). Holes
7 and 8 targeted beneath channel samples of 6 m of 398.9 g/t AgEq, 4 m of 189.2 g/t AgEq and 2 m
of 1,256 g/t AgEq. Hole 7 returned 1 m of 261.8 g/t AgEq from 115.5 m - 116.5 m in a broader
interval of 8 m of 62.2 g/t AgEq from 115.5 m – 123.5 m. The intercept was in vein arrays with quartz-
adularia and sericite-kaolinite alteration (Figure 4). Hole 8, located 335 m to the north from hole 7
on the Madre corridor, intercept ed multiple parallel banded quartz-adularia vein zones and
returned 2.5 m of 195.2 AgEq from 197 m – 199.5 m, 2 m of 104.8 AgEq from 213 m – 215 m in a
broader interval of 28 m of 38 g/t AgEq from 209 m – 237 m and 2 m of 160.1 g/t AgEq from 269 m
– 271 m (Figure 4). The veins come with adularia, colloform and drusy silica vein textures as well as
sericite-kaolinite alteration (Figure 4). Hole 11 was positioned another 300 m to the north from hole
8, targeting the Madre corridor under high- grade rock grab samples, but no significant
mineralization was encountered (Figure 4). A summary of significant results from drill holes 7, 8 and
11 is provided in Table 1.
A Message from Christian Rios, SVP of Exploration:
“The technical team is pleased to continue to receive positive drill results in the early stages of our
drill program at Curibaya . We are gaining a crucial understanding of the distribution of
mineralization along the structural corridors that will help us refine our drill plans as we target the
wider surface mineralization at the Cambaya prospect.”
“Having been involved with Tier One’s projects since before the Company’s inception, I am exci ted
and eager to begin work as the SVP of Exploration. The quality and potential of our projects provides
an incredible opportunity and I look forward to pushing them to the next level.”
Table 1: Summary of Significant Results from Drill Holes 7-11
Hole ID
From
(m)
To
(m)
Length
(m)
AgEQ
(g/t)
Ag
(g/t)
Au
(g/t)
Zn
%
Pb
%
21CUR-007
115.5 123.5 8 62.2 30.7 0.17 0.283 0.15
Incl. 115.5 116.5 1 261.8 170.0 0.91 0.327 0.275
21CUR-008
161 174 13 25.4 2.9 0.05 0.337 0.07
180 184 4 36.3 7.3 0.11 0.364 0.1
192 200.5 8.5 78.1 15.0 0.19 0.741 0.38
Incl. 197 199.5 2.5 195.2 41.3 0.47 1.746 0.972
209 237 28 38.0 8.2 0.12 0.392 0.06
Incl. 213 215 2 104.8 26.9 0.5 0.788 0.12
263 281 18 47.1 7.9 0.04 0.615 0.18
320 325.5 5.5 35.2 4.9 0.06 0.449 0.13
21CUR-009
6 14 8 26.4 14.4 0.16 0.007 0
82 87.5 5.5 221.5 200.8 0.27 0.012 0.01
Incl. 83 86 3 384.6 349.7 0.47 0.011 0.013
21CUR-010
14 18 4 41.9 31.2 0.14 0.005 0
Incl. 17 18 1 82.2 78.3 0.05 0.005 0.003
96 98 2 224.9 200.9 0.32 0.007 0.01
Incl. 96 97 1 383.6 349.0 0.47 0.007 0.008
21CUR-011 No significant results
Main Interval - AgEq (Ag,Au,Zn,Pb) intervals at 25ppm (minimum 5m, max consecutive dilution 6m)
Sub-Interval - AgEq (Ag,Au,Zn,Pb) intervals at 75ppm (minimum 1m, max consecutive dilution 2m)
Metal price used for Eq calculations: Au $1,300/oz, Ag $18/oz, Zn $1.25/lb, Pb $1/lb
Significance of Results and Program Update:
To date, two holes totaling 300 m have been drilled into the Tipal structural corridor over a strike
length of 830 m and to a vertical depth of 50 m below surface (Figure 3). The 3 m of 384.6 g/t AgEq
encountered at depth makes Tipal the fourth confirmed structural corridor to host mineralization
in the third dimension at Curibaya. With the addition of channel samples demonstrating high-grade
(2 m of 6.2 kg AgEq) on the same structure, the Tier One technical team believes Tipal has the
potential to host additional vein zones with high-grade mineralization.
At the Madre structural corridor, four holes totaling 1,547 m have been successfully drilled, covering
a strike-length of 550 m and to a vertical depth of 200 m from surface (Figure 4). In the most recent
drilling, hole 7 intercepted veinlet-arrays over 2.5 m, averaging 195.2 AgEq. The hole was collared
off hole 6 (previously reported), which also intersected a veinlet array, but with bonanza grade
veinlets averaging 1.48 kg AgEq over 1 m. Three hundred metres to the north, hole 8 encountered
two parallel-trending quartz-adularia veins with 2.5 m width of 104.8 g/t AgEq and 195.2g/t AgEq,
respectively. The drilling completed in holes 6 - 8 demonstrates the development of multiple vein
horizons with silver grades of 89.3 g/t – 1,480.5 g/t AgEq over 1 m – 2.5 m, indicating that further
drilling is warranted on the Madre structure with the goal of intersecting greater widths of high-
grade vein development.
To date, the Company has drilled a total of 16 holes for 5,267 m in four of the five precious metal
structural corridors, with results pending for holes 12-16 (Figures 2 & 5). The Company expects to
resume drilling at Curibaya in Q2 of 2022, which will include a new DIA drill permit to test the
extensions of the Madre and Sambalay structures, NE of the diatreme-dome complex, and into the
Cambaya zone where recent channel samples have returned up to 20 m of 293.8 g/t AgEq and 2 m
of 1.8 kg AgEq (Figure 5). The Company is currently carrying out additional surface sampling and
mapping of the principal structural corridors in preparation for phase two of drilling.
,
drill holes and sections within the Curibaya project.
cross sections across the Tipal structural corridor.
Figure 4: Illustrates alteration and significant mineralized intercepts on a long-section with drill holes 7, 8, and 11.
s tructural corridors and the planned northeast e xtension
drilling in 2022 at the Cambaya target with channel sample highlights.
Michael Henrichsen (Chief Geologist), P.Geo is the QP 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].