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Tier One Silver Inc
Symbol TSLV
Shares Issued 125,794,897
Close 2021-10-13 C$ 0.85
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Tier One Silver samples 20m of 293 g/t AgEq at Curibaya

2021-10-14 07:46 ET - News Release

Mr. Peter Dembicki reports

TIER ONE SILVER CHANNEL SAMPLES 20 METRES OF 293.8 G/T AGEQ AT NEW CAMBAYA TARGET ON THE CURIBAYA PROJECT

Tier One Silver Inc. has received high-grade channel sampling results from the recently identified Cambaya target at the Curibaya project in southern Peru. The results from the first 20 channel samples taken from Cambaya have defined an area one kilometre by 600 metres with highlights of 20 m of 293.8 grams per tonne silver equivalent, 11 m of 348.2 g/t AgEq, nine m of 438.8 g/t AgEq, two m of 1,852.8 g/t AgEq and two m of 1,111.9 g/t AgEq (true width of channel samples unknown). Channel samples were oriented perpendicular to veins and structures, when possible, as mapped in the field.

Peter Dembicki, president, chief executive officer and director, said: "The targeting at Curibaya continues to improve as we expand the high-grade silver-gold footprint. Our new Cambaya target, approximately one kilometre northeast of our current drilling, has advanced considerably with these channel sample results, which follow notably high-grade rock samples.

"We are currently drilling beneath the previously reported high-grade channel samples from the Curibaya project within our main target area, and are looking forward to pending drill hole assay results in addition to over 30 pending channel samples from both the Cambaya target at Curibaya, as well as from our Hurricane silver project."

The Cambaya target is located to the northeast of the previously defined mineralized footprint at the Curibaya project and has demonstrated the potential for both width and grade of silver-gold mineralization in this first round of systematic sampling across both north-south- and northeast-trending structural corridors. The company plans to advance the Cambaya target to drill stage, including permitting, as soon as possible and will be conducting additional geological mapping to better understand the geometry of mineralization encountered. Complete channel sampling results from the Cambaya target are presented in the associated table.

David Smithson, senior vice-president of exploration, said: "The Cambaya target has produced some of the best silver-gold grades and widths sampled from the Curibaya property to date. The feeder structures were discovered in the uppermost layers of the local volcanic stratigraphy and we believe that the veins' relatively high stratigraphic position indicate that there is the potential for a long precious metals window extending below the high-grade channel samples on surface. With the demonstration of mineralized widths on surface at Cambaya, there are now at least five key feeder structures at Curibaya that individually, or collectively, hold the potential for discovery."

                     CAMBAYA TARGET CHANNEL SAMPLING RESULTS

Sample ID            From          To      Length        AgEq          Ag          Au
                      (m)         (m)         (m)       (g/t)       (g/t)       (g/t)

21CRT-34               26          37          11       348.2       232.1        1.61
21CRT-35                3          20          17        69.7        63.9        0.08
21CRT-36               19          28           9       438.8       409.0        0.41
21CRT-37                3          16          13        31.6        28.5        0.04
                       31          47          16        96.0        87.1        0.12
21CRT-38               18          26           8       172.9       139.6        0.46
                       37          42           5        67.9        62.4        0.08
21CRT-39                0           5           5        30.6        28.4        0.03
21CRT-40               12          16           4       126.5       120.0        0.09
21CRT-44                6           8           2     1,111.9     1,074.0        0.53
21CRT-45                0          13          13       108.2        96.5        0.16
21CRT-48                0           3           3        69.9        62.4        0.10
21CRT-50                6          13           7       392.8       368.8        0.33
21CRT-51                2           4           2       237.9       211.6        0.37
21CRT-52                8          10           2     1,852.8     1,736.5        1.61
21CRT-55                4          24          20       293.8       242.7        0.71

No less than five m of greater than or equal to 25 parts per million AgEq (or shorter 
intervals with linear grade greater than or equal to 125 ppm multiplied by metres), 
maximum consecutive dilution six m. 
Metal price used for equivalent calculations: Au at $1,300 per ounce and Ag at 
$18/oz.

The mineralization at the Cambaya target is hosted within pervasively argillically and silicified altered andesitic units that are interpreted to be at the top of volcanic stratigraphy, as mapped on the project. Encountering mineralization at this higher level in the stratigraphy demonstrates the potential for greater vertical extent of precious metal mineralization within this target area. Channel sampling within the target area has focused on quartz-adularia stockwork vein zones that correspond to high resistivity values identified with the induced polarization survey conducted on the property. An additional 17 channel samples are pending from the Cambaya target area with results expected in the coming weeks.

Exploration update

A total of seven drill holes have been completed at the Curibaya project, with the eighth drill hole now under way, for a total of 3,419 m, averaging 32 m per day. The company plans to complete an additional six to eight drill holes prior to the end of the year, when the drill program will be suspended due to the coming rainy season. In addition, the company is currently engaged in an infill stream sediment program in the central region of the Curibaya project, where the company had previously identified copper-gold stream sediment anomalies from the 2016 regional survey. The company believes there is the potential to find new epithermal and/or porphyry-style mineralization in the central region of the Curibaya project with results from the infill program, expected in the first quarter of 2022.

At the Hurricane silver project, located in the Cusco province of Peru, initial fieldwork has started at the Magdalena silver vein prospect. The company is currently evaluating a two km by one km area that thus far contains seven different vein corridors from initial reconnaissance mapping and 15 channel samples, ranging between two m and seven m in width, have been completed across the vein corridors and submitted to ALS for analysis.

Michael Henrichsen, chief geologist, PGeo, is the qualified person who assumes responsibility for the technical contents of this press release.

About Tier One Silver Inc.

Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and base metal deposits in Peru. The company's management and technical teams have a strong record in raising capital, discovery and monetization of exploration success. The company's exploration assets in Peru include: Hurricane Silver, Emilia, Coastal batholith, Corisur and the flagship project Curibaya, which has commenced its first drill program.

Channel sampling

Analytical samples were taken from each one-metre interval of channel floor resulting in approximately two to three kilograms of rock chip material per sample. Collected samples were sent to ALS in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. All samples are assayed using 30 g nominal weight fire assay with atomic absorption finish (Au-AA25) and multielement four-acid digest ICP-AES/ICP-MS (inductively coupled plasma atomic emission spectroscopy/inductively coupled plasma mass spectrometry) method (ME-MS61). Where MS61 results were greater or near 10,000 ppm Cu, 10,000 ppm Pb or 100 ppm Ag the assays were repeated with ore-grade four-acid digest method (Cu, Pb, Ag-OG62). Where OG62 results were greater or near 1,500 ppm Ag the assays were repeated with 30 g nominal weight fire assay with gravimetric finish (Ag-GRA21). Quality assurance/quality control programs for 2021 channel samples used internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

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