Announcement • Jun 11
Tier One Silver Reports Additional High-Grade Intercepts, Including 1 Metre of 448.2 g/t Ag and 0.37 g/t Au, from Phase 2 Drilling at Curibaya
Tier One Silver Inc. announced the second and final round of assay results from its Phase 2, eight diamond core drill program at its high-grade Curibaya epithermal silver-gold-copper project located in Tacna, Peru. All four of the final holes drilled in the Cambaya I corridor intercepted silver and gold with highlights including 1.0 metre of 448.2 grams per tonne silver and 0.37 grams per tonne gold, within a broader interval of 4.0 metres of 136.2 grams per tonne silver and 0.15 grams per tonne gold, in hole 26CUR-023, the seventh hole of the program. These results complement previously released intercepts and further define the scale and continuity of precious metal mineralization within the Cambaya I corridor and across the Curibaya project area drilled to date. Phase 2 drilling, conducted through the Company's wholly owned Peruvian subsidiary, Magma Minerals S.A.C., totaled 1,133.6 metres and represents a focused test of shallow levels along a limited portion of the Cambaya I corridor. Results collectively reinforce the presence of a robust high-grade silver-gold epithermal system which was originally identified in the Company's 2021 surface sampling and inaugural drill campaign. All results from Phase 2 drilling have now been received and are summarized in Table 1 below. Building on the initial four holes of Phase 2 drilling released April 21, 2026, the remaining results provide additional confidence in the geometry and continuity of mineralized structures, while also identifying new high-grade shoots within the corridor. Located more than 1 kilometre away from Phase 1 drill hole 21CUR-016, which reported 1.5 metres with a grade of 1128.7 grams per tonne silver and 1.04 grams per tonne gold, the additional eight holes drilled in this 2026 campaign have expanded the mineralized footprint across 6 kilometres of mineralized corridors and structures. Mineralization intersected in Phase 2 aligns with surface geochemical anomalies and confirms that high-grade zones persist below surface and remain open in multiple directions, with further drilling warranted and required to test expansion and initial resource inferred potential. Seven of the eight Phase 2 holes have silver and gold present, four of which include intercepts with more than 150 grams per tonne silver plus a gold component, and holes 22, 23 and 24 also include intercepts at shallow depths. The latest results extend and confirm high-grade silver-gold mineralization along a 6 kilometre corridor system at the Curibaya project. Drilling to date completed in both Phase I and Phase II has demonstrated the project's consistency with 11 holes, being 45% of the 24 completed holes, containing more than 150 grams per tonne silver plus a gold component. In addition to the 6 kilometres of corridors and structures, the project is notable as it also hosts veins ranging from 0.5 to 1.5 metres in width with dilatational zones up to 7 metres wide, containing grades of 272.3 grams per tonne silver and 0.33 grams per tonne gold. The Company interprets these strong surface precious metals expressions as a potential link to a deep hydrothermal source that may be rich in copper and possibly gold. This hypothesis is supported by the presence of a skarn area south of the Dome Complex and surface copper values reaching up to 6.12% discovered during a 2023 surface program at the Company's Del Filo target. In addition, the lower base metals geochemical values encountered in Phase 2 drilling, 136 parts per million lead and 130 parts per million zinc, in comparison with the base metals values encountered in Phase 1 drilling, 1,757 parts per million lead and 2,608 zinc, demonstrates that Cambaya I and Cambaya II, one of the identified corridors that has not yet been drilled, are located in the upper part of an epithermal system. The Company has recently commenced work on an Environmental Impact Study permit that, once obtained, would allow the Company to drill more than 200 drill holes and continues its ongoing community engagement working towards a further renewal of its social access agreement. Subject to funding and ongoing interpretation of the recent drill results, preliminary follow up exploration will include conducting more detailed geological and structural mapping of the multiple mineralized corridors to interpret potential open spaces and fault displacements. The Company's next phase of drilling is likely to focus on the Cambaya II area, one of the identified corridors that has not yet been tested below surface, before following up on each of the six identified corridors with in-fill drilling to gather more data at depth. This infill phase will also target the possible porphyry copper source at depth. Beyond the area where drilling to date has been focused, the Company is planning an exploration campaign consisting of enhanced mapping, chip sampling, exploration channels, test pits, and channel samples in Zones 1 and 3. Limited field work completed in these areas has encountered the highest copper and gold BLEG grades identified on the project to date. Future programs will aim to identify new targets for drilling in future phases.
