Hurricane

The reconnaissance channel sampling program at Hurricane was conducted at the Magdalena and Pampayeoc targets and focused on partially exposed silver-base metal vein corridors hosted in Ordovician siltstones of the San José Group. A total of five mineralized vein corridors were identified, with highlights including 6 metres (m) of 375.1 g/t silver equivalent (AgEq) (239 g/t Ag, 1.21% Cu, 0.34% Pb, 0.15% Zn), 4 m of 441.7 g/t AgEq (234.7 g/t Ag, 1.98% Cu, 0.13% Pb, 0.29% Zn) and 1 m of 860.4 g/t AgEq (605 g/t Ag, 0.26% Cu, 5.79% Pb, 0.21% Zn).

Additional rock and channel sampling was then conducted at the copper-nickel-platinum-palladium magmatic sulphide style mineralization at the San Cipriano and Ñañohuayco target areas on the Hurricane project. Highlights from channel sampling gossan zones at the target areas include 48 m of 3.35% Cu, 0.97 g/t Pt, 0.97 g/t Pd, 1.13 g/t Au and 57.87 g/t Ag and 11.5 m of 1.41% Cu, 0.29% 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.

The Company then completed a composite chip sampling program at the new Rayanpata target on the project, which is located 3 km north from the Magdalena high-grade silver vein target. Similar to San Cipriano and Ñañohuayco, the results appear to be related to magmatic-style sulphide mineralization within a gabrodioritic sill. This is the first copper-nickel magmatic sulphide system known of in Peru. Highlights from the program include 1.59% copper (Cu), 0.24% nickel (Ni), 0.22 g/t palladium (Pd), 0.13 g/t platinum (Pt), 204 g/t cobalt (Co), 0.21 g/t gold (Au); 1.43% Cu, 1.86% Ni, 0.16 g/t Pd, 0.18 g/t Pt, 1,110 g/t Co and 0.84% Cu, 2.26% Ni, 0.24 g/t Pd, 0.24 g/t Pt, 1,280 g/t Co.

Magdalena Target:

The Magdalena silver-base metal veins are hosted in four parallel shear zones occurring over an area of 1.2 km by 800 m. The four east-west oriented vein trends are marked by small outcrops, pits, adits and shafts in an otherwise extensively soil covered terrain. Six channel samples were completed on the northernmost vein trend, which varies in width between 2 m and 5 m, and has a strike length of 1.2 km. The three best channel samples on the structure highlight an 800 m long section of veins that returned 5 m of 154.4 g/t AgEq (123.2 g/t Ag, 0.12% Cu, 0.38% Pb, 0.11% Zn), 4 m of 147.1g/t AgEq (119.6 g/t Ag, 0.09% Cu, 0.35% Pb, 0.12% Zn) and 3 m of 106.5 g/t AgEq (77.1 g/t Ag, 0.16% Cu, 0.27% Pb, 0.07% Zn).

In the central area of the outcropping veins, two distinct corridors were observed with widths between 1 m and 6 m. In this area, silver-base metal veins returned channel sample results of 6 m of 375.1g/t AgEq (239 g/t Ag, 1.21% Cu, 0.34% Pb, 0.15% Zn) and 6 m of 133.3 g/t AgEq (67.2 g/t Ag, 0.62% Cu, 0.06% Pb, 0.10% Zn) in an area where the veins outcrop for a 60 m strike length. In addition, the second vein corridor returned channel sample results of 1 m of 396.5 g/t AgEq (346 g/t Ag, 0.06% Cu, 1.04% Pb, 0.12% Zn) and 3 m of 65.9 g/t AgEq (37.5 g/t Ag, 0.06% Cu, 0.38% Pb, 0.18% Zn). The southernmost outcropping vein channel sampled in this reconnaissance program returned a result of 1 m of 860.4 g/t AgEq (605 g/t Ag, 0.26% Cu, 5.79% Pb, 0.21% Zn). Based on the orientation and vertical nature of the veins channel sampled, Tier One’s technical team believes all channel sample intercepts at the Magdalena target are within 90% of true width, with the exception of trench 10, which was mostly sampled along strike due to topographic constraints in the field. In addition, based on the extensive soil cover at the Magdalena target area, Tier One’s technical team believes that additional silver-base metal veins will be found through geochemical soil surveys, channel sampling and additional surface mapping.

Pampayeoc Target:

The Pampayeoc silver-base metal vein corridor is located 4.2 km west-northwest of the Magdalena target. The veins are similar in nature to the Magdalena veins and represents the fifth mineralized silver-base metal orogenic vein corridor identified to-date on this part of the property. In the field, the veins are marked by small outcrops, shallow pits, shafts and adits exposed through extensive soil cover.  The vein corridor varies in width from 1 m to 4 m and has a strike length of 400 m. The best channel sample from this area returned 4 m of 441.7 g/t AgEq (234.7 g/t Ag, 1.98% Cu, 0.13% Pb, 0.29% Zn), which Tier One’s technical team believes is 90% true width.

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 1 m – 2 m 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 x 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 (Figure 2). 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% 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. 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. See May 19, 2022 news release for more details.

Ñañohuayco Target:

The Ñañohuayco target is characterized by a high-grade gossan zone over an area approximately 90 m x 90 m. Magmatic sulphides are found within gabbroic sills intruding meta-sediments. A historical drill campaign of 1,061 m in ten drill holes targeting the gossan zones returned several high-grade intercepts including 14 m of 2.59% Cu, 0.62% Ni, 311 g/t Cobalt (Co), 0.3 g/t Pt, 0.55 g/t Pd and 0.24 g/t Au. Highlights from this historical drill campaign are presented below in Table 3. Results from Tier One’s channel sampling program both confirmed and significantly extended the mineralization at the Ñañohuayco target area, where a new area of mineralization was encountered 1.2 km 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 Ñañohuayco 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% Cu, 0.29% Ni, 0.12 g/t Pt, and 0.15 g/t Pd and 22.5 m of 1.39% Cu, 0.13% Ni and 0.12% 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 4 m of 0.88% Cu, 0.3% 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. See May 19, 2022 news release for more details.

Rampayata Target:

Sulphide mineralization occurs in gabrodioritic sills and breccias with high values of nickel, cobalt and copper. The results appear to be related to magmatic-style sulphide mineralization within a gabrodioritic sill. Of the 17 samples from Rayanpata, 65% report values above 0.1% Ni, 35% report values above 0.1% Cu and two samples report values above 1,000 g/t Co. Two styles of mineralization have been recognized to date: crackle breccia type mineralization and gabrodioritic sills in the hanging wall to the breccias, with disseminated chalcopyrite, pentlandite, and copper oxides. These structures were recognized and sampled in the Rayanpata creek as nearly 85% of the target area is obscured by shallow erosional cover and vegetation. The area is open in all directions and Tier One’s technical team believes there is significant potential to discover extensions and additional mineralized structures. The only sample that was not taken from outcropping mineralization reported values of 1.33% Cu, 0.80% Ni and 540 g/t Co, indicating the potential for buried intrusives in the area. See February 16, 2023 news release for more details.

Surface Work:

Historical work at the Ñañohuayco and San Cipriano prospects included surface sampling, ground-based geophysical surveys and initial drill tests by the previous operator from 2009 – 2010. The 10-hole 1,061 m historical drill program at Ñañohuayco included 14 m of 2.59% copper, 0.62% nickel, 311 g/t cobalt, 0.3 g/t platinum and 0.55 g/t palladium.

Geologically, the copper-nickel-platinum-palladium magmatic sulphide mineralization observed at the Hurricane 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 – 2009, when anomalous copper, nickel, platinum and palladium drainage values were identified.

Highlights from historical channel sampling at Ñañohuayco include 14 m of 4.69% copper and 0.51% nickel, 18 m of 3.28% copper and 0.50% nickel and 10 m of 3.35% copper and 0.61% nickel. Highlights from channel sampling at Morro Culispata include 8 m of 2.17% copper and 0.3% nickel and 2 m of 3.74% copper and 0.47% nickel. 

Drilling:

The first-pass drill programs at Ñañohuayco and San Cipriano totaled 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 below in Tables 2 and 3. Importantly, at both Ñañohuayco 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.

Table 2 Historical Drill Results, Ñañohuayco prospect:

Table 3 Historical Drill Results, San Cipriano prospect:

Additional Work:

The property’s numerous high-grade silver occurrences were identified through first pass reconnaissance rock sampling of the Hurricane project by a previous operator. The largest of these occurrences is located at the Magdalena prospect, which is characterized by a 1.5 km shear zone where multiple high-grade veins have been identified with chip sample values of up to 1.4 m of 1,175 g/t Ag, 2.1 m of 792 g/t Ag, 2.5 m of 589 g/t Ag and 14 m of 100 g/t Ag. 

Under the terms of the Share Purchase Option Agreement, dated April 28, 2021, Tier One has the option to acquire 90% or 100% of the shares of Compañia Minera Tororume S.A.C., the private Peruvian company that owns the rights to the Hurricane project. In order to acquire 90%, Tier One has up to five years, from the date it secures the access agreement for the surface rights (“Access Date”), to make option exercise payments of US$4.68 million and assumes an obligation to carry all expenses until production. To acquire 100%, Tier One can buy the final 10% of Compañia Minera Tororume S.A.C for a further US$10,000,000 (total cost for 100% being US$14.68 million) within five years from the Access Date. Tier One is also required to conduct up to US$10.75 million in exploration over the same five-year option period, however exploration requirements cease once the option is exercised, which can be done at any time at Tier One’s election. Tier One also has the right to make option payments in cash or Tier One shares, subject to any required stock exchange approvals. The Access Date is when the access agreement and permits are secured. In accordance with the Pembrook Option, if the Company is unable to obtain its drill permit by October 28, 2022, it will need to elect at that time to either drop the project option or accept that date as the Access Date and commit to the first year’s work. The majority of the option payments and work obligations are in the last two years of the five-year option period.