Mr. Peter Dembicki reports
TIER ONE SILVER OBTAINS COMMUNITY AGREEMENT FOR COPPER-NICKEL PROSPECTS AT HURRICANE SILVER PROJECT
Tier One Silver Inc. has gained additional social access at the Hurricane silver project, located approximately 65 kilometres (km) north of the city of Cusco. A social agreement has been signed with the Hualla community, which will allow for exploration of the Nanohuayco, San Cipriano and Morro Culispata copper-nickel-platinum-palladium-silver prospects. The agreement is valid for two years and allows the company to conduct surface work as well as drilling once a drill permit has been obtained from the Peruvian Ministry of Energy and Mines. Historical work at the Nanohuayco and San Cipriano prospects included surface sampling, ground-based geophysical surveys and initial drill tests by the previous operator from 2009 to 2010. The 10-hole, 1,061-metre (m) historical drill program at Nanohuayco included 14 m of 2.59 per cent copper, 0.62 per cent nickel, 311 grams per tonne cobalt, 0.3 g/t platinum and 0.55 g/t palladium.
A message from Peter Dembicki, president, chief executive officer and director:
"Access to Nanohuayco allows us to begin exploration at a high-priority target at our Hurricane silver project. The historical intercepts from the target demonstrate significant grade, and there has been minimal exploration, so we look forward to following up. Over the coming months we will work to further define targets at Hurricane silver as we get ready to resume drilling at Curibaya."
Geological and historical exploration overview
Geologically, the copper-nickel-platinum-palladium magmatic sulphide mineralization observed at the Hurricane silver project is associated with Permo-Triassic rifting and the emplacement of ultramafic intrusives within the Pisco-Albancay deflection of southern Peru. The district was initially assembled based on the results of a high-quality stream sediment survey undertaken in 2007 and 2009, when anomalous copper, nickel, platinum and palladium drainage values were identified.
The northern region of the Hurricane silver district, where social access has been obtained, is characterized by the Nanohuayco, San Cipriano and Morro Culispata copper-nickel-platinum-palladium occurrences. Limited surface work has been conducted in these areas, with rock chip and channel sampling demonstrating the high-grade potential of the mineralized systems. Highlights from historical channel sampling at Nanohuayco include 14 m of 4.69 per cent copper and 0.51 per cent nickel, 18 m of 3.28 per cent copper and 0.50 per cent nickel and 10 m of 3.35 per cent copper and 0.61 per cent nickel. Highlights from channel sampling at Morro Culispata include eight m of 2.17 per cent copper and 0.3 per cent nickel and two m of 3.74 per cent copper and 0.47 per cent nickel. The attached table presents highlights from historical channel sampling.
The first-pass drill programs at Nanohuayco and San Cipriano totalled 10 drill holes over 1,061 m and 11 holes over 1,722 m, respectively. These historical drill programs targeted flat-lying ultramafic sills with highlighted results listed in the attached tables. Importantly, at both Nanohuayco and San Cipriano there are untested chargeability and conductivity anomalies that the company's technical team believes have the potential to correspond to copper-nickel-platinum-palladium magmatic sulphide-style of mineralization.
Exploration plan phase 1
The company will look to expand on the positive historical exploration work at the Nanohuayco, San Cipriano and Morro Culispata prospects and to evaluate new target areas through geological mapping, soil sampling, rock and channel sampling, and additional ground-based geophysical surveys. The company's goal is to identify the ultramafic source areas to the mineralized subhorizontal sills that have been identified historically.
Christian Rios, senior vice-president of exploration, PGeo, 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.
Hurricane historical drilling (2010)
Historical drill samples were taken by sawing HQ diameter core into equal halves on site with one-half being sent to ALS lab in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. Preparation included crushing core samples to 70 per cent less than two millimetres and pulverizing 250 grams of crushed material by more than 85 per cent less than 75 microns. All samples were assayed using 30-gram nominal weight fire assay with inductively coupled plasma mass spectrometry finish for gold, platinum and palladium (PGM-MS23). Where MS23 results were over one g/t Au, Pt or Pd the assays were repeated with ore grade 30-gram nominal weight fire assay with ICP-AES (atomic emission spectroscopy) finish (PGM-ICP27). Silver and base metals were analyzed as part of the multielement aqua regia digest ICP-AES/ICP-MS method (ME-MS41). Where MS41 results were greater than 10,000 parts per million Cu or 100 ppm Ag the assays were repeated with ore grade aqua regia digestion with atomic absorption finish (Cu-AA46 and Ag-AA46, respectively).
The historical grab, chip and BLEG (bulk leach extractable gold) samples from the Hurricane silver project were collected by Compania de Exploraciones Orion SAC (2007 to 2009), a Pembrook Copper affiliate, and were included in a database obtained in connection with the transaction. Given the time interval, Tier One Silver has not assessed the validity of the quality assurance/quality control protocols that were followed in the collection of these samples. Accordingly, readers are cautioned about reliance on the accuracy or repeatability of this sampling. Sampling is of very limited geological significance and serves only to assist in the development of a methodical exploration program involving geochemical, geophysical and, ultimately, diamond bit drill core drilling. There is no known mineral resource of commercial interest established at the Hurricane silver project.
The historical grab, chip and stream sediment samples from the Hurricane silver project were collected by Compania de Exploraciones Orion. Tier One Silver has not conducted any due diligence on whether appropriate QA/QC protocols were followed in the collection of these samples, nor can it confirm their accuracy or repeatability.
Grab and chip samples
Approximately three to five kilograms of material were collected for analysis and sent to ALS Lab in Lima, Peru, for preparation and analysis. All samples were assayed using 30 g nominal weight fire assay. Platinum and palladium were analyzed by ICP and MS (PGM-MS23); gold was analyzed by ICP and AES finish (Au-ICP21). For samples assaying above 10 ppm from ICP21 the assays were repeated with 30 g nominal weight fire assay with gravimetric finish (Au-GRA21). Silver and base metals were analyzed as part of the multielement package (ME-MS41), or to trace levels in 36 multielement package (ME-ICP41). In 2009, silver analysis was completed by 30 g fire assay with gravimetric finish (Ag-GRA21). Where MS41, ICP41 results were greater than 10,000 ppm Cu, 10,000 ppm Zn, 10,000 ppm Pb or 100 ppm Ag the assays were repeated with ore grade aqua regia digestion with AA finish (Cu-AA46; Zn-AA46; Pb-AA46; Ag-AA46, respectively).
Stream sediment samples
Approximately 0.25 kg of minus-80-mesh material was collected for analysis by sieving in the field and sent to the ALS Lab in Lima, Peru, for preparation and analysis. Samples from regional BLEG survey are analyzed using fire assay with ICP finish (Au-ICP21) and ultratrace multielement aqua regia digest ICP-AES/ICP-MS method (ME-MS41L).
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