TSLV.V · 2022-03-14 12:00:00

Tier One Silver Provides Targeting Update for 2022 Drill Program

Drill Results

Vancouver, Canada – March 14, 2021 – Tier One Silver (TSXV: TSLV, OTCQB: TSLVF) (“Tier One”

or the “Company”) is pleased to announce plans for the upcoming 2022 exploration and drill

program at its 100% owned Curibaya project in southern Peru. The 2022 program will focus on

expanding high-grade intercepts drilled in phase I, which included 1.5 metres (m) of 1,213.7 g/t silver

equivalent (AgEq), 1 m of 1,480.5g/t AgEq and 3 m of 384.6 g/t AgEq encountered along discrete

structural corridors. The outcome of the 2021 drilling has resulted in over 6 kilometres (km) of

prospective targets, which will be the focus of drilling this year (Figure 1). A complete list of

significant intercepts from the phase I drill program are presented in Table 1.

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

“We are in a robust silver system with substantial grades, both on surface and in our drill holes ,

which we believe is the start of a potential major silver discovery. The work from our first phase of

drilling and subsequent review has identified strong potential for a porphyry discovery nearby. This

is a significant development for our Curibaya project, as we are located on one of the most prolific

porphyry belts in the world, near some of the largest porphyry mines in Latin America.”

Table 1: Significant 2021 drill results

Corridor Hole ID

From

(m)

Length

(m)

AgEQ

(g/t)

Madre 21CUR-001 1 166 197 31 27.4 15.8 0.03 0.18 0.02

Madre 21CUR-003

1 43 54 11 84.9 68.8 0.21 0.003 0.02

Incl.2 50 54 4 211.0 173.8 0.50 0.003 0.03

Sambalay 21CUR-005 1 161 162 1 579.6 446.0 1.83 0.026 0.01

Madre 21CUR-006

1 107.5 111 3.5 442.5 418.7 0.12 0.184 0.16

Incl.2 108 109 1 1,480.5 1,431.0 0.39 0.182 0.343

Madre 21CUR-008

1 192 200.5 8.5 78.1 15.0 0.19 0.741 0.38

Incl.2 197 199.5 2.5 195.2 41.3 0.47 1.746 0.972

1 209 237 28 38.0 8.2 0.12 0.392 0.06

Incl.2 213 215 2 104.8 26.9 0.50 0.788 0.120

and2 232.5 235 2.5 89.3 23.4 0.19 1.028 0.081

2 269 271 2 160.1 32.7 0.13 2.010 0.585

Tipal 21CUR-009 1 82 87.5 5.5 221.5 200.8 0.27 0.012 0.01

Incl.2 83 86 3 384.6 349.7 0.47 0.011 0.013

Sambalay 21CUR-015 2 153 154.5 1.5 229.7 216.0 0.11 0.113 0.009

Sambalay 21CUR-016

1 139 146 7 299.1 272.3 0.33 0.046 0.03

Incl.2 142.5 144 1.5 1,213.7 1,128.7 1.04 0.146 0.085

1. AgEq (Ag,Au,Zn,Pb) intervals at 25ppm (minimum 5m, max consecutive dilution 6m)

2. 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

Targeting Advancements:

Precious Metals Window:

The key technical advancement from the first phase of drilling at Curibaya is the recognition of a

precious metals window that is linked to higher elevations within the project area. The ridges that

host the veins within the Tipal, Sama, Madre and Sambalay corridors have a maximum elevation of

approximately 2 ,100 m , whereas vein mineralization in the north eastern area of the project,

including the Cambaya target area, has elevations of approximately 2 ,200 m – 2,400 m (Figure 2).

Given the increase in elevation of approximately 300 m, the outcropping epithermal veins from

southwest to northeast and the higher stratigraphic level to the northeast, the Company has

interpreted that there has been less erosion in the northeast area of the project and therefore there

is a higher potential for preserved epithermal mineralization. This is corroborated with the

observed illite- smectite clay alteration.

The precious metals window observed at Cambaya indicates an erosion level approximately 150 m

below the paleo watertable , whereas vein outcrops to the southwest have been eroded

approximately 300 m deeper at the Sama, Tipal, and Madre corridors . This demonstrates that the

corridors in the southwest are 450 m beneath the paleosurface, which is consistent with the

common illite alteration observed within those corridors. This provides a precious metals corridor

of approximately 300 m – 400 m within the Cambaya target area, where channel samples included

20 m of 293.8 g/t AgEq, 11 m of 348.2 g/t AgEq, 7 m of 392.8 g/t AgEq, 9 m of 438.8 g/t AgEq, 2 m of

1,111.9 g/t AgEq and 2 m of 1,852 g/t AgEq. In addition, Tier One’s technical team believes that the

1 km northern extension from the drill intercept of 1.5 m of 1,213.7g/t AgEq at the Sambalay

corridor is highly prospective, as elevation is gained to the north toward Cambaya , and therefore

the vertical extent of the precious metals window is increasing in that direction (Figure 3).

Stratabound Sub-horizontal Bulk Tonnage Silver Targets:

Drilling at the Madre corridor has identified the potential for sub -horizontal stratabound

mineralization that is hosted within the Inogoya siltstones, just beneath the unconformity with the

overlying Toquepala volcanic sequence. Drill holes 1 and 8 intersected 31 m of 27.4 g/t AgEq and

28 m of 38.0 g/t AgEq , respectively, within the Inogoya siltstones (Figure 4). T he primary target

associated with the sub-horizontal mineralization is the intersection of sub-vertical veins within the

stratabound mineralization, as mineralization in this setting has the potential to host higher

tonnages within the mineralized system. The stratabound mineralization is open to the north, south

and east.

Copper Porphyry Potential:

The first phase of drilling and surface work has provided several lines of evidence that a porphyry

target exists in the central region of the mineralized system, as it is currently defined. An analysis

of vein geochemistry across the property has demonstrated concentric zonation with copper-lead-

zinc zoning outward into lead +/- copper and then zinc +/- lead in the peripher al zone (Figure 5).

This geochemical zonation is consistent with porphyry systems and the central copper-lead-zinc

zone would be the primary target area at depth. Within the copper – lead – zinc geochemical core,

weak skarn mineralization is observed on surface, indicating a proximity to intrusives. Small scale 1

m - 2 m wide porphyry dykes and associated magnetite veinlets were intersected in the Madre and

Tipal corridors, also indicating the potential for a proximal porphyry. In addition, drill holes 6 and 8

had intercepts of molybdenum (Mo) grading 5 m of 85 ppm Mo and 44 m of 52 ppm Mo, respectively,

providing a potential vector to a porphyry system at depth (Figure 3). There are also magnetic and

chargeability anomalies defined at a depth of 400 m, which have not been drill tested, and may

represent either intrusions or potassic alteration and sulphidation at these depths.

A Message from Christian Rios, SVP of Exploration:

“We are looking forward to expanding the high-grade silver mineralization encountered in our 2021

program. The primary goal of the next phase will be to define the geometry of the structures and

the vertical potential, as well as to drill additional untested areas where we have r eceived highly

prospective channel sample results. We are also excited about the strong evidence of a porphyry

target linked to the epithermal structures, which we also plan to drill test.”

Phase II Drill and Exploration Program:

The Company plans to focus its phase II drill program along the northern extension of the Sambalay

corridor and to drill test the Cambaya corridor for the first time . Collectively, these target areas

represent the greatest interpreted vertical extent within the precious metal window on the property.

To effectively target these corridors, the Company plans to conduct detailed structural mapping to

define areas where vein orientations change where high -grade mineralization c ould be

concentrated. In addition, the Company plans to conduct a CSAMT ( controlled source audio -

frequency magneto-tellurics) survey in the central portion of the property to help define porphyry

targets. The purpose of this survey is to define the resistivity properties at depth, where zo nes of

lower resistivity can indicate zones of intense hydrothermal alteration. Upon completion of

targeting, the Company plans to complete a two -drill-hole program to test for an underlying

porphyry to the epithermal system.

Figure 1: Illustrates structural corridors and significant drill hole and channel sampling results from the Curibaya project

to date.

Figure 2: Illustrates the target areas on the Curibaya project and their elevations. Notably, the Cambaya target in the

northeast is approximately 300 m higher in elevation than the other structural corridors, which the Company interprets

to mean that there is less erosion and therefore increased potential for preserved precious metal mineralization in this

location.

Figure 3: Illustrates the conceptual geological model for mineralization at the Curibaya project. Importantly , higher

elevations are interpreted to represent an increase in the vertical extent of the precious metal mineralization with a

porphyry target at depth, between the Sama and Sambalay corridors, as evidenced by: geochemical zonation within the

vein geochemistry, skarn mineralization observed at low elevations in the vicinity of the Madre corridor, molybdenum

increasing with depth in d rill holes 6 and 8, as well as the presence of magnetic anomalies at a depth of approximately

400 m.

Figure 4: Illustrates the potential for stratabound mineralization within the Ingoya siltstones, where drill holes 1 and 8

intersected 28 m of 38.0 g/t AgEq and 31 m of 27.4 g/t AgEq respectively. The primary target associated with the sub -

horizontal mineralization is the intersection of sub-vertical veins within the stratabound mineralization, as mineralization

in this setting has the potential to host h igher tonnages within the mineralized system. The stratabound mineralization

observed at the Madre structural corridor area is open to the north, south and east.

Figure 5: Illustrates the geochemical zonation observed within the precious metal veins within the Curibaya project area.

An analysis of vein geochemistry across the property has demonstrated concentric zonation with copper-lead-zinc zoning

outward into lead +/- copper and then zinc +/- lead in the peripheral zone. This geochemical zonation is consistent with

porphyry systems and the central copper -lead-zinc zone would be the primary target area at depth. In addition, the

magnetic and chargeability anomalies shown on the figur e could represent an intrusion or potassic alteration and

sulphidation, respectively, at a depth of approximately 400 m.

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