Mr. Peter Dembicki reports
TIER ONE SILVER REPORTS CHANNEL SAMPLING RESULTS FROM THE MAGDALENA TARGET AT HURRICANE
Tier One Silver Inc. has released rock and channel sampling results from the Magdalena target area on the Hurricane project in southern Peru. Highlights from the program include one metre (m) of 852.5 grams per tonne silver (Ag), 1.54 per cent copper (Cu), 0.34 per cent lead (Pb) and 0.23 per cent zinc (Zn), one m of 522.5 g/t Ag, 1.15 per cent Cu, 0.18 per cent Pb and 0.18 per cent Zn, and two m of 232.5 g/t Ag, 0.37 per cent Cu, 1.06 per cent Pb and 1.78 per cent Zn. These results have extended the mineralization at Magdalena by 500 m, where a total of four kilometres (km) of vein corridors have been recognized to date, and where numerous underground historical workings have been observed.
A message from Christian Rios, senior vice-president, exploration: "It's exciting to see the Magdalena target significantly expand after just 15 days of fieldwork. Mineralization is present across horizontal and vertical extents with more than 150 m in vertical exposure and two levels of historical underground workings. Additionally, we are seeing anomalies that are consistent with an intrusive-related system and the mineralization remains open in all directions, making this area a strong exploration priority of the 13 targets in the Hurricane district."
Magdalena epithermal structures
Silver-rich epithermal vein-fault structures have been mapped over an area of approximately two km by two km with approximately 200 m of vertical exposure. Recent fieldwork consisted of mapping, rock and channel sampling with the goal of extending the strike length of the mineralized structures and getting a better understanding of the grade distribution through infill channel sampling of previously sampled veins.
There are two primary mineralized structures, each greater than one km in length, as well as numerous splays and smaller structures in the Magdalena target area. The primary mineralized structures and splays have a combined strike length greater than four km and an average width of one m to two m with local vein widths up to seven m wide. All mineralized structures remain open along strike, and with nearly 60 per cent of the target area under cover, there is significant potential to discover extensions of and/or additional mineralized structures.
The mineralized structures were exploited historically via numerous underground mine workings and both recent and historic sampling of these mine dumps reveal significant high-grade silver and copper values. Highlights of the rock sample results from the historic mine dumps include: 861 g/t Ag, 1.11 per cent Cu, 20 per cent Pb, 11.35 per cent Zn and 0.20 per cent tungsten (W), 1,580 g/t Ag and 0.57 per cent Cu, and 762 g/t Ag and 2.31 per cent Cu. These results illustrate the continuity of mineralization at depth and the high silver and copper values provide examples of the grades that the mineralized system is capable of producing.
Individual channel and rock samples reported elevated tungsten and anomalous rhenium and scandium values that are consistent with an intrusive-related mineralized system. Of the 48 rock samples and 44 channel samples, 11 per cent returned tungsten values above 0.1 per cent, with one sample reporting 0.9 per cent W. In addition, dioritic porphyry dikes have been mapped on surface that may be related to elevated tungsten values.
The next phase of exploration at Magdalena will focus on additional fieldwork that includes soil sampling, mapping, trenching and a magnetics induced polarization geophysical survey to evaluate the potential of these structures and the possible magmatic source.
Mr. Rios, 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 0.1 m to 2.15 m interval of channel floor, resulting in approximately two to four kilograms of rock chips material per sample. Collected samples were sent to ALS Lab in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. All samples are assayed for gold, platinum and palladium using 30-gram nominal weight fire assay with inductively coupled plasma atomic emission spectroscopy finish method (PGM-ICP27) and for multielement using four-acid digest ICP-AES/ICP-MS (mass spectrometry) method (ME-MS61). Where MS61 results were greater or near 10,000 parts per million Cu, 10,000 ppm Pb, 10,000 ppm Zn or 100 ppm Ag, the assays were repeated with ore-grade four-acid digest method (Cu, Pb, Zn, 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 2022 channel samples at Hurricane using internal- and lab-standard blank samples, field and lab duplicates indicate good overall accuracy and precision.
Rock sampling: Approximately two to three kg of material were collected for analysis and sent to ALS Lab in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. All samples are assayed for gold, platinum and palladium using 30 g nominal weight fire assay with ICP-AES finish method (PGM-ICP23) and for multielement using four-acid digest ICP-AES/ICP-MS method (ME-MS61). Where MS61 results were greater or near 10,000 ppm Cu, 10,000 ppm Pb, 10,000 ppm Zn or 100 ppm Ag, the assays were repeated with ore-grade four-acid digest method (Cu, Pb, Zn, 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). QA/QC programs for 2022 rock samples at Hurricane using internal- and lab-standard blank samples and lab duplicates indicate good overall accuracy and precision.
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