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Tier One Silver Inc
Symbol TSLV
Shares Issued 125,794,897
Close 2021-11-17 C$ 1.14
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Tier One drills one m of 1,480.5 g/t AgEq at Curibaya

2021-11-18 07:16 ET - News Release

Mr. Peter Dembicki reports

TIER ONE SILVER INTERSECTS 1,480.5 G/T SILVER EQUIVALENT OVER 1 METRE ON THE MADRE STRUCTURE AT CURIBAYA

Tier One Silver Inc. has released results from drill holes 4 to 6 at the Curibaya project in southern Peru. Drill hole 6 targeted the Madre structure, which has emerged as the primary target structure on the project to date, and intersected one metre of 1,480.5 grams per tonne silver equivalent (AgEq) within a broader interval of 3.5 m of 442.5 g/t AgEq at a drill depth of 107.5 m to 111 m. Tier One's technical team believes the result from hole 6 demonstrates the high-grade potential along the 1.4-kilometre-long Madre structure, as defined by mapping and remote sensing data. Currently, there are results from three drill holes along the Madre structure pending, including a first drill hole into the diatreme dome complex that the technical team believes is the potential source for precious metal mineralization across the property.

Peter Dembicki, president, chief executive officer and director, said: "Hole 6 is the first plus-kilogram intercept at Curibaya on a feeder vein that may host the extensive high-grade silver on surface, which gives us the confidence that we are in the infancy of a new silver discovery. Drilling along structures that have yielded positive channel sample results is proving to be a sound strategy as the company looks to realize the vast potential of the property indicated through high-grade silver mineralization on surface."

Drill holes 4 to 5

Drill holes 4 and 5 targeted the Sama and Sambalay structures, respectively, and both drill holes encountered significant silver mineralization in multiple parallel structures. Hole 5 is the second drill hole to test the 900 m long Sambalay structural corridor and intersected one m of 579.6 g/t AgEq, 0.5 m of 266.8 g/t AgEq, one m of 88.1 g/t AgEq and 11 m of 37.8 g/t AgEq. Hole 4 was the first drill hole to test the Sama structure and intersected one m of 211.6 g/t AgEq within a broader interval of three m of 96.4 g/t AgEq, one m of 137.5 g/t AgEq, one m of 99.6 g/t AgEq and 0.5 m of 172.8 g/t AgEq. A summary of the results from drill holes 4 to 6 is provided in the associated table.

                             SUMMARY OF SIGNIFICANT RESULTS FROM DRILL HOLES 4 TO 6

Hole ID                     From         To     Length       AgEq         Ag         Au         Zn         Pb
                             (m)        (m)        (m)      (g/t)      (g/t)      (g/t)        (%)        (%)

21CUR-004 (1)                105        108          3       96.4       78.4       0.24      0.005          0
incl. (2)                    105        106          1      211.6      175.0       0.50      0.005       0.01
(1)                          128        134          6       32.9       22.6       0.13      0.016          0
incl. (2)                    133        134          1      137.5       93.5       0.60      0.010      0.005
(2)                          187        188          1       99.6       66.5       0.42      0.045      0.016
(2)                        336.5        337        0.5      172.8       23.3       0.05      2.450      0.766
21CUR-005 (2)                114        115          1       88.1       81.2       0.08      0.014      0.013
(1)                          143        154         11       37.8       29.5       0.08      0.046       0.01
incl. (2)                    149      149.5        0.5      266.8      228.0       0.44      0.092      0.069
(1) (2)                      161        162          1      579.6      446.0       1.83      0.026       0.01
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

AgEq (Ag, Au, Zn and Pb) intervals at 25 parts per million (minimum five m, max consecutive dilution six m).
AgEq (Ag, Au, Zn and Pb) intervals at 75 ppm (minimum one m, max consecutive dilution two m).
Metal prices used for equivalent calculations: Au at $1,300/ounce, Ag at $18/oz, Zn at $1.25/pound and Pb at
$1/lb.

Significance of results and program update

The results from drill holes 4 to 6 demonstrate that significant precious metal mineralization extends to depth below mineralization encountered in surface channel samples. In addition, hole 6 was the first drill hole to test the margin of the high chargeability anomaly that, in part, defines the Madre structural corridor. The positive correlation between high-grade mineralization in drill hole 6 and the margins of the chargeability anomaly further strengthens the company's targeting efforts at depth.

To date, the company has drilled a total of 12 holes into four of the five precious metal feeder structures for a total of 4,473 m, with results pending for six holes. The company plans to drill an additional 1,000 m in three holes along the Madre structure, prior to a pause in drilling for the rainy season beginning in mid-December. The company expects to resume drilling at Curibaya at the end of Q1 2022. In addition, a drill permit expansion is in progress to include the Cambaya structures, to the northeast of current drilling, which the company plans to drill test in 2022.

Dave Smithson, senior vice-president of exploration, said: "The positive results from hole 6 represent a major advancement in our understanding of the controls on high-grade mineralization within the project. The combination of alteration vectoring, targeting the margins of high chargeability anomalies and surface geochemical channel sampling is paying dividends with the drill. These results continue to support our view that Curibaya has the potential for a major discovery."

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.

Curibaya drilling

Analytical samples were taken by sawing HQ- or NQ-diameter core into equal halves on site and sent one of the halves to ALS's lab 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 assay were repeated with 30 g.

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