Mr. Peter Dembicki reports
TIER ONE SILVER INTERSECTS 1,213.7 G/T SILVER EQUIVALENT OVER 1.5 METRES ON THE SAMBALAY STRUCTURAL CORRIDOR AT CURIBAYA
Tier One Silver Inc. has provided results from the last five drill holes of the first phase of drilling at the Curibaya project in southern Peru. Hole 16 intercepted 1.5 metres (m) of 1,213.7 grams per tonne silver equivalent (AgEq) in a larger interval of seven m of 299.1 g/t AgEq on the Sambalay structural corridor. This drill hole targeted higher elevations of the intermediate sulphidation system than the majority of the holes drilled to date and is located on a two-kilometre corridor that extends toward the Cambaya target area, where the company has seen the best channel sample results, including 20 m of 293.8 g/t AgEq, 11 m of 348.2 g/t AgEq, nine m of 438.8 g/t AgEq, two m of 1,119.2 g/t AgEq and two m of 1,852.8 g/t AgEq. Complete drill results from holes 12 to 16 are provided in the attached table.
The next phase of drilling at Curibaya will focus on the Cambaya target area, the areas between the high-grade intercept in hole 16 and the channel samples at the Cambaya II corridor, as well as the continuation of the Tipal structure, where hole 9 intercepted vein arrays within kaolinite and sericite alteration, 50 m below the surface, returning three m of 384.6 g/t AgEq (previously reported in Jan. 24, 2022, news release) toward the Cambaya target areas. The technical team believes the Sambalay and Cambaya structural corridors provide great potential in the precious metal window.
A message from Peter Dembicki, president, chief executive officer and director:
"Drill results from Curibaya have continuously improved as the program has progressed, with hole 16 providing our best intercept to date. We have identified key targeting information for our second phase of drilling, which will include a focus on areas higher in elevation in the system within the Sambalay, Tipal and Cambaya structural corridors.
"We are very encouraged by the high-priority precious and base metal targets within our existing permitted area and look forward to receiving the drill permit for the Cambaya targets. Our confidence in the potential for Curibaya to deliver a significant discovery has increased considerably."
A message from Christian Rios, senior vice-president of exploration:
"The latest data from our drill program has given us strong indications that a high-grade epithermal vein system could be present, as well as a potential copper porphyry source nearby. We look forward to defining the size, geometry and average grade of the identified corridors through additional drilling."
Sambalay -- Cambaya II corridor
At the Sambalay structural corridor, hole 16 intersected 1.5 m of 1,213.7 g/t AgEq from 142.5 m to 144 m within a larger interval of seven m of 299.1 g/t AgEq from 139 m to 146 m, where the widest zones of veins were mapped. Approximately 100 m north, hole 15 intersected 4.5 m of 100.3 g/t AgEq along the same structural corridor, demonstrating continuity of mineralization over a 4.5 m to seven m wide system of quartz-adularia veining. Geological mapping has demonstrated that the zones of quartz-adularia veining extend 1.4 km north of the Cambaya II target area. To date, four drill holes have been completed in the corridor, for a total of 1,251 m, over a strike length of 350 m and a vertical depth of 120 m below surface. Three of the four drill holes have intersected quartz adularia veins demonstrating the potential of this corridor. Further work will concentrate on identifying changes in vein orientations as a mechanism to focus high-grade along the structures.
At the dome complex, drill holes 12 and 13 were drilled 150 m apart to test for silver-gold mineralization on surface associated with surface outcrops of vuggy silica and associated silica-kaolinite-dickite structures. A total of 886.4 m was drilled and hole 12 intersected 30 m of 0.23 g/t gold associated with hematite-pyrite crackle breccias and veinlets overprinting earlier vuggy silica bodies. Hole 13 intersected 5 m of 0.26 g/t gold from 14 m to 19 m, 15 m of 0.15 g/t gold from 27 m to 42 m and 0.5 m of 1.42 g/t gold from 121.5 m to 122 m in a quartz vein associated with visible gold. Tier One's technical team has interpreted this mineralization to be associated with a higher level within a porphyry-type hydrothermal system with continued potential to discover higher-grade mineralization at depth and along strike of the Tipal corridor at lower elevations, as observed in hole 9, which intersected three m of 384.6 g/t AgEq (see Jan. 24, 2022, news release).
SUMMARY OF SIGNIFICANT RESULTS FROM DRILL HOLES 12-16
Hole ID From (m) To (m) Length (m) AgEq (g/t) Ag (g/t) Au (g/t) Zn (%) Pb (%)
21CUR-0121 29 32 3 46.3 4.9 0.37 0.238 0.08
44 58 14 35.3 7.9 0.36 0.012 0.03
Incl. 46 48 2 91.4 5.3 1.16 0.008 0.061
21CUR-0132 14 19 5 - - 0.26 - -
27 42 15 - - 0.15 - -
121.5 122 0.5 - - 1.42 - -
21CUR-014 No significant results
21CUR-0151 33 35 2 97.1 87.4 0.13 0.006 0.01
Incl. 34 35 1 156.0 140.0 0.21 0.009 0.011
143 146.5 3.5 55.4 46.9 0.06 0.074 0.02
Incl. 143 143.5 0.5 240.5 220.0 0.05 0.293 0.076
153 157.5 4.5 100.3 89.9 0.08 0.085 0.01
Incl. 153 154.5 1.5 229.7 216.0 0.11 0.113 0.009
21CUR-0161 139 146 7 299.1 272.3 0.33 0.046 0.03
Incl. 139 140 1 140.5 123.0 0.20 0.048 0.020
and 142.5 144 1.5 1,213.7 1128.7 1.04 0.146 0.085
1. Main interval -- AgEq (Ag, Au, Zn and Pb) intervals at 25 parts per million (minimum five m, max
consecutive dilution six m).
Subinterval -- AgEq (Ag, Au, Zn and Pb) intervals at 75 ppm (minimum one m, max consecutive dilution
Metal price used for Eq calculations: Au $1,300/ounce, Ag $18/oz, Zn $1.25/pound, Pb $1/lb2.
2. Au grade multiplied by thickness no less than 0.5 g/t multiplied by m with grade is no less than 0.1
g/t, maximum consecutive dilution six m.
Mr. Rios is the qualified person who has reviewed and 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, Coastal Batholith, Corisur and the flagship project, Curibaya.
Analytical samples were taken by sawing HQ or NQ diameter core into equal halves on site and sent one of the halves to ALS 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 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 was repeated with 30 g nominal weight fire assay with gravimetric finish (Ag-GRA21).
Quality assurance/quality control programs for 2021 core samples using company and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.
Silver equivalent grades (AgEq) were calculated using silver price of $18 (U.S.)/oz, gold price of $1,300 (U.S.)/oz, zinc price of $1.25 (U.S.)/lb and lead price of $1 (U.S.)/lb. Metallurgical recoveries were not applied to the silver equivalent calculation.
Intercepts were calculated with no less than five m of greater than or equal to 25 g/t AgEq with maximum allowed consecutive dilution of six m.
True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.
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