Overview

11,000 ha on World-Class Metallogenic Belt
11,000 ha on World-Class Metallogenic Belt
Exceptional Access to Infrastructure
Exceptional Access to Infrastructure

The Curibaya property comprises of approximately 16,800 hectares situated in a copper porphyry belt that hosts some of Peru’s largest porphyry deposits, including Freeport McMoRan’s Cerro Verde deposit, Southern Copper’s Cuajone and Toquepala deposits and Anglo American’s Quellaveco deposit. The project is the first major epithermal occurence in this belt, which covers the regional Incapuquio fault zone and subsidiary structures, which are interpreted as one of the fundamental controls for both epithermal and porphyry styles of mineralization within the region. Importantly, the licenses host a number of cross structures to the Incapuquio fault zone that are considered highly prospective. Initial surface sampling programs at Curibaya have returned numerous high-grade samples of silver, gold and copper over a 4 kilometre (km) x 5 km alteration system.

The Curibaya Project is located 48 km north-northeast of the provincial capital, Tacna, and is accessible by road in 1.5 hours.

World-Class Exploration Opportunity

Paleocene Aged Deposits - Southern Peru Porphyry Belt
Paleocene Aged Deposits - Southern Peru Porphyry Belt
Significant Rock Samples
Significant Rock Samples
Rock Samples +200 g/t Silver
Rock Samples +200 g/t Silver
Rock Samples +1 g/t Gold
Rock Samples +1 g/t Gold
Channel Sampling & Expanded Vein Footprint
Channel Sampling & Expanded Vein Footprint
First-Ever Drill Holes
First-Ever Drill Holes
Targeting Multiple Structures
Targeting Multiple Structures
Robust Hydrothermal Alteration System
Robust Hydrothermal Alteration System

Rock grab sampling at the Curibaya project has returned grades of up to 298,000 g/t silver and 934 g/t gold, with samples spread across a 4 x 5 km alteration system. Rock grab sample highlights are shown in the table to the right using cut-off grades of 500 g/t Ag and 2 g/t Au.

Tier One has identified the age of mineralization at Curibaya to be Paleocene, ranging from 55 to 61 million years. This is equivalent to several world-class deposits in the southern Peru porphyry belt, including Quellaveco (Anglo American), Toquepala (Southern Copper Corp.) and Cuajone (Southern Copper Corp.). Tier One's technical team believes the Paleocene age date of the mineralization, along with the large precious metal budget observed within high-grade veins over a 4 km x 5 km alteration system, support the potential for a world-class discovery at the Curibaya project. 

At this early stage, the Company’s technical team believes there are both precious metal intermediate sulphidation epithermal and copper porphyry targets.

Drill Results from First-Ever Program:

The first drill hole did not intersect the feeder structure interpreted from surface information, although it encountered broad widths of intense hydrothermal silica clay alteration within three sub-horizontal bodies over a drill width of approximately 70 m from 131 – 197 m drill depth. Mineralized intercepts from these sub-horizontal bodies include 31 m of 27.4 g/t silver equivalent (AgEq), including 1 m of 125.6 g/t AgEq and 1 m of 77.4 g/t AgEq, 5 m of 40.4 g/t AgEq, including 1 m of 99.7 g/t AgEq, and 5 m of 34.4 g/t AgEq. See Table 1 below for complete results from drill hole 21CUR-001. Importantly, the first drill hole drilled parallel to the interpreted high-grade Madre feeder structure where 2 m of 1,256 g/t AgEq and 7 m of 178 g/t AgEq were channel sampled on surface.

The orientation of the feeder structure was originally interpreted as vertical, however, additional surface mapping and channel sampling results received during the drill program suggest that the feeder structure dips parallel to the orientation of the first drill hole. Subsequently, all planned holes are being adjusted to cross high-grade structures at a perpendicular angle. 

Significance of Drill Hole 1:

The sub-horizontal bodies of hydrothermal alteration and associated lower-grade mineralization are interpreted to be caused by lateral fluid flow emanating from sub-vertical feeder structures. Tier One’s technical team is highly encouraged by the strength of the stockwork vein arrays, crackle breccias and sheeted veins observed within the intersected sub-horizontal mineralized bodies and believes that the steeply dipping feeder structures have the potential to carry much higher grades of silver mineralization, as observed on surface through numerous channel samples. In addition, the greatest width of mineralization was encountered at the contact between the Toquepala volcanics and the sedimentary basement sequence, which provides a strong rheological contrast to focus fluid flow.

Drill Plan Moving Forward:

The drill plan is focused on testing five interpreted feeder structures with proven high-grade on surface, along with the margins of the central dome and diatreme complex, which is believed to be the center of volcanic and hydrothermal activity at Curibaya. The Company is modifying its current permit to allow for drilling across the dry riverbed that lies directly between two of the principal targets – the Madre and Sama feeders. In addition, the Company is expanding the drill permit to include the recently identified Cambaya feeder structure. Future drill holes are planned to cross the feeder structures at this favourable horizon.

Expanded High-Grade Footprint:

Two new zones of veining have been identified to the northeast and east of a previously sampled vein system with zones measuring approximately 600 metres (m) by 550 m and 250 m by 700 m, respectively. Highlights from the selective rock sampling in these newly identified zones yielded 11 samples over 1,000 g/t silver, with a peak assay of 7,220 g/t silver, and 23 samples over 1 g/t gold, with a peak assay of 12.3 g/t gold. In addition, a channel sample from the southern margin of the northeast vein extension yielded a broad interval of 25 m of 47.6 g/t silver equivalent. 

Table 2: Channel Sampling Highlights

Sample ID

From (m)

To (m)

Length (m)

AgEq (g/t)

Ag (g/t)

Au (g/t)

21CRT-30

0

8

8

126.5

106.9

0.27

21CRT-31

17

20

3

80.3

77.2

0.04

21CRT-32

5

30

25

47.6

44.1

0.05

No less than 5m of >= 25ppm AgEq (or shorter intervals with linear grade >=125ppm*m),
maximum consecutive dilution 6m
Metal price used for AgEq calculations: Au $1,300/oz, Ag $18/oz

Additional Channel Sampling:

Initial channel sample highlights include 2 metres (m) of 6,278 g/t silver equivalent (AgEq), 2 m of 1,256 g/t AgEq, 6 m of 398 g/t AgEq, 12 m of 203 g/t AgEq and 17 m of 71 g/t AgEq. These results demonstrate both high-grade vein and disseminated styles of mineralization within the 4 km by 5 km alteration system that currently defines the mineralized system at the project. The ongoing drill program at the project is targeting both styles of mineralization based on extensive geologic mapping, geophysical resistivity and chargeability signatures where steeply dipping feeder structures and horizontal bodies of mineralization occur. The channel samples being reported are situated within several sub-horizontal mineralized bodies that have been mapped on surface within three distinct units within the upper Toquepala volcanic sequence. Importantly, Tier One’s technical team believes there is an opportunity to find additional sub-horizontal bodies of mineralization emanating from high angle feeder structures both within the poorly exposed lower Toquepala volcanic sequence and underlying sedimentary basement stratigraphy. Collectively, the surface channel sampling results demonstrate that cohesive bodies of mineralization are present on the project over considerable widths and that the drill targets of the shallow flat lying chargeability anomalies under the channel samples have the potential to yield significant zones of precious metal mineralization.

Channel Sampling Highlights (see August 6, 2021 news release for additional results):

Sample ID

From (m)

To (m)

Length (m)

AgEq (g/t)

Ag (g/t)

Au (g/t)

20CRT-13

2

4

2

6,278.8

6,253.2

0.36

20CRT-21

9

11

2

1,256.0

747.2

7.05

20CRT-01

0

30

30

42.4

35.6

0.09

67

75.5

8.5

59.5

50.4

0.13

20CRT-04

0

7

7

56.7

51.8

0.07

18

35

17

71.0

59.7

0.16

20CRT-15

0

8

8

243.3

224.6

0.26

20CRT-16

2

14

12

203.8

174.6

0.40

21CRT-27

1

4

3

547.0

523.2

0.33

21CRT-28

0

6

6

398.9

354.2

0.62

21CRT-29

2

4

2

630.0

621.0

0.13

             

No less than 5m of >= 25ppm AgEq (or shorter intervals with linear grade >=125ppm*m),
maximum consecutive dilution 6m
Metal price used for Eq calculations: Au $1,300/oz, Ag $18/oz

Geologic Context of Vein Mineralization:

The high-grade precious metal veins sampled to-date on the project range in width from five centimeters to one meter and are situated in north – south corridors radiating from identified flow dome complexes. The sampled veins are primarily situated in the overlying volcanic sequence above the flow dome complexes and provide a good indication of the metal budget; however, are not the target themselves. Tier One believes the veins represent a high-level dispersion of a robust precious metal system that is situated along the margins of the dome complexes at shallow depths. These flow dome complexes provide a geological mechanism to concentrate fluid flow where potential geologic targets include high-grade veins, vein stockwork zones and silicified hydrothermal breccias that would be situated along the margins of the domes.

Ownership

Tier One Silver was spun out from Auryn Resources in October 2020, therefore inheriting ownership of the Curibaya project and relating obligations. Auryn had a 100% interest in the Curibaya concession (acquired in 2015) and the Sambalay and Salvador concessions (acquired in 2019). The Sambalay and Salvador concessions are subject to certain historical NSR royalties.

Under the Mining Concessions Transfer Agreement (the “Transfer Agreement”) entered with Wild Acre Metals (Peru) S.A.C. dated August 2, 2019, the Company paid US$250,000 for the transfer of the Sambalay and Salvador concessions, in favor of the Company, upon recording of the Transfer Agreement with the Peruvian Public Registry. The Sambalay concessions are subject to a 1.5% NSR royalty in favor of each of Teck Peru S.A.C. (“Teck”) and Compania de Exploraciones Orion S.A. (“Orion”). One third, or 0.5%, of the Teck NSR royalty is buyable for US$1.0 million. The Salvador concessions are subject to a 2% NSR royalty and a US$2.0 million production payment, payable at the time a production decision is made, and to secure payment of such consideration a legal mortgage in favor of Teck is recorded in the registry files of the Salvador concessions.

Technical Disclaimers

Age Dating, 2020

A total of four samples of altered volcanic rocks were collected for Ar-Ar geochronology analysis. Samples were sent to Pacific Centre for Isotopic and Geochemical Research, University of British Columbia, in Vancouver, Canada. They were analyzed through neutron irradiation at McMaster Nuclear Reactor in Hamilton, Ontario, and a VG5400 mass spectrometry. The best statistically justified plateau and plateau ages picked. Two out of four samples had isochrons sufficient for plateau age determination.

PERU Rocks Q4 2020

Approximately 2-3kg of material was collected for analysis and sent to ALS Lab in Arequipa, Peru for preparation and then to Lima, Peru for analysis. All samples are assayed using 30g nominal weight fire assay with ICP finish (Au-ICP21) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where ICP21 results were > 3 g/t Au the assay were repeated with 30g nominal weight fire assay with gravimetric finish (Au-GRA21). Where MS61 results were greater or near 10,000 ppm Cu, 10,000ppm Pb or 100ppm Ag the assay were repeated with ore grade four acid digest method (Cu,Pb,Ag-OG62). Where OG62 results were greater or near 1500ppm Ag the assay were repeated with 30g nominal weight fire assay with gravimetric finish (Ag-GRA21). Where Ag-GRA21 results were greater or near 10,000ppm Ag the assay were repeated with fire assay with gravimetric finish for concentrate (Ag-CON01). QA/QC programs for 2019/2020 rock samples using company and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

Channel Sampling

Analytical samples were taken from each 1-metre interval of channel floor resulting in approximately 2-3 kg 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 using 30 g nominal weight fire assay with atomic absorption finish (Au-AA25) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where MS61 results were greater or near 10000 ppm Cu, 10000 ppm Pb or 100 ppm Ag the assay were repeated with ore grade four acid digest method (Cu, Pb, Ag-OG62). Where OG62 results were greater or near 1500 ppm Ag the assay were repeated with 30 g nominal weight fire assay with gravimetric finish (Ag-GRA21). QA/QC programs for 2021 channel samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

Silver equivalent grades (AgEq) were calculated using a $1300/oz gold price and $18/oz silver price. AgEq = Ag (ppm) + Au (ppm) * (Ag $/troy oz/Au $/troy oz). No metallurgy recovers were used for the AgEq calculation.