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Tier One Silver Inc
Symbol TSLV
Shares Issued 139,530,923
Close 2022-10-06 C$ 0.32
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Tier One samples 48 m of 57.87 g/t Ag at Hurricane

2022-10-06 12:29 ET - News Release

Mr. Peter Dembicki reports


Tier One Silver Inc. has released rock and channel sampling results from the copper-nickel-platinum-palladium magmatic-sulphide-style mineralization at the San Cipriano and Nanohuayco target areas on the Hurricane project in southern Peru. Highlights from channel sampling gossan zones at the San Cipriano and Nanohuayco target areas include 48 metres of 3.35 per cent copper (Cu), 0.97 gram per tonne (g/t) platinum (Pt), 0.97 g/t palladium (Pd), 1.13 g/t gold (Au) and 57.87 g/t silver (Ag), and 11.5 m of 1.41 per cent Cu, 0.29 per cent nickel (Ni), 0.12 g/t Pt and 0.15 g/t Pd, respectively. Mineralization at both areas is in oxidized material with expected enrichment of grade and true thicknesses unknown at this point. The results confirm and expand upon the historical results and demonstrate a high metal budget at the targets, signifying to Tier One's technical team that further exploration is warranted.

A message from Peter Dembicki, president, chief executive officer and director:

"We are very excited about the results we are seeing from our Hurricane project as we advance our exploration and understanding of the notable historical work and identified mineralization. Between Nanohuayco and San Cipriano, we have an enriched system that warrants further exploration, including geophysics, to truly understand the scope and scale of these targets."

San Cipriano target

At San Cipriano, 2022 channel sampling has validated and extended sulphide-bearing gabbroic sills capable of producing significant grades. There are three sills that on surface average approximately one metre to two metres in thickness within a structural zone of sulphide mineralization, with an approximate true width of 30 m. The gossan zone at the target area is approximately 50 m by 150 m, with channel samples 22-HRT-75 and 22-HRT-76 cutting obliquely along the mineralized sills within the 30 m thick sequence of mineralized stratigraphy. A private Peruvian company completed a small drill program, consisting of 1,722 m in 11 drill holes, at the target and surrounding area. The best result achieved in the historical program was in drill hole SCI-06, which intersected 5.7 m of 0.22 per cent Cu, 69.5 g/t Ag, 2.54 g/t Pt, 1.52 g/t Pd and 1.69 g/t Au from surface in the gossan (see May 19, 2022, news release). Based on the measured orientation of the sills, Tier One's technical team believes the historic drilling did not adequately test the mineralized sequence of mafic sills, leaving an exploration target for future drilling.

In addition, channel samples 22-HRT-72, 22HRT-73 and 22HRT-74 have extended known mineralization approximately 150 m to the northwest and mineralization remains open to the southeast as colluvium cover obscures rock exposure. Exploration potential in the area remains strong with the next phase of work to include detailed geophysics, mapping and soil sampling. Complete channel sampling results for the San Cipriano target are presented in the table entitled "Channel sampling results, San Cipriano."

Nanohuayco target

The Nanohuayco target is characterized by a high-grade gossan zone over an area approximately 90 m by 90 m. Magmatic sulphides are found within gabbroic sills intruding metasediments. A historical drill campaign of 1,061 m in 10 drill holes targeting the gossan zones returned several high-grade intercepts, including 14 m of 2.59 per cent Cu, 0.62 per cent Ni, 311 g/t cobalt (Co), 0.3 g/t Pt, 0.55 g/t Pd and 0.24 g/t Au (see May 19, 2022, news release). Highlights from this historical drill campaign are presented in the table entitled "Historical drill result highlights, Nanohuayco." Results from Tier One's channel sampling program both confirmed and significantly extended the mineralization at the Nanohuayco target area, where a new area of mineralization was encountered 1.2 kilometres to the northwest of the gossans that were historically drill tested.

The goal of Tier One's channel sampling program was to confirm and extend the mineralization at the Nanohuayco target area and to better understand the geometry of the mineralized system. Channel sampling highlights from the gossan, which has been the focus of historical drilling, yielded 11.5 m of 1.41 per cent Cu, 0.29 per cent Ni, 0.12 g/t Pt and 0.15 g/t Pd, and 22.5 m of 1.39 per cent Cu, 0.13 per cent Ni and 0.12 per cent Pd. In addition, reconnaissance exploration identified a new mineralized area, 1.2 km to the northwest of the historical drilling, with channel sample 22HRT-67 yielding four m of 0.88 per cent Cu, 0.3 per cent Ni and 0.15 g/t Pd. This new area of mineralization demonstrates potential and emphasizes that reconnaissance exploration can be highly effective in identifying new target areas. Complete channel sampling results for the Nanohuayco target are presented in the table entitled "Channel sample results, Nanohuayco."

Highlights of Nanohuayco:

  • Mineralization is open down-dip from the historical drilling;
  • Untested coincident magnetic, conductivity and chargeability anomalies located approximately 800 m to the south-southwest of the historical drilling, which may be related to magmatic sulphide mineralization source; and
  • Discovery of a new area of mineralization, located approximately 1.2 km to the northwest of the area of historic exploration.

Collectively, these targets will be further advanced and refined to a drill-ready stage through additional geophysics, mapping and geochemical sampling.

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, Coastal Batholith, Corisur and, the flagship project, Curibaya.

Channel sampling

Analytical samples were taken from each 0.2 m to five m interval of channel floor, resulting in approximately two to four kilograms of rock chip material per sample. Collected samples were sent to ALS Lab in Arequipa, Peru, for preparation then to Lima, Peru, for analysis. All samples are assayed for gold, platinum and palladium using 30-gram nominal weight fire assay with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish method (PGM-ICP27), and for multielement using four-acid digestion ICP-AES/ICP-MS (inductively coupled plasma mass spectrometry) method (ME-MS61). Where MS61 results were greater or near 10,000 parts per million (ppm) Cu, 10,000 ppm Pb, 10,000 ppm Zn or 100 ppm Ag, the assays were repeated with ore-grade four-acid digestion method (Cu, Pb, Zn, Ag-OG62). Quality assurance/quality control programs for 2022 channel samples at Hurricane used internal standard and blank samples -- field and lab duplicates indicate good overall accuracy and precision.

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