Tier One Silver Commences Work at Curibaya and Hurricane Projects in Peru

VANCOUVER, BC / June 27, 2022 / Tier One Silver Inc. (TSXV:TSLV, OTCQB:TSLVF) (“Tier One” or the “Company“) is pleased to announce that it has restarted exploration work at the Curibaya project in southern Peru and at the Hurricane project, located approximately 65 kilometres (km) north of the city of Cusco (Figure 1).

The Company is advancing Curibaya toward its second phase of drilling, which is expected to consist of approximately 2,000 – 4,000 metres (m), with pre-drilling surface work focusing on the Cambaya target. Highlights from the first drill program at the project included 1.5 m of 1,129 g/t silver (Ag), 1.04 g/t gold (Au) in a larger interval of 7 m of 272 g/t Ag, 0.33 g/t Au (Figure 2).

At the Hurricane project, the Company will be conducting geochemical and geophysical surveys at the Magdalena target area, where five mineralized vein corridors were identified with recent channel sampling results including 6 m of 239 g/t Ag, 1.21% Cu, 0.34% Pb, 0.15% Zn and 1 m of 605 g/t Ag, 0.26% Cu, 5.79% Pb, 0.21% Zn (Figure 4). In addition, at the copper-nickel-platinum-palladium-silver prospects at Hurricane, which includes Ñañohuayco, San Cipriano and Morro Culispata, where social access was recently obtained, the Company plans to initiate surface work to define potential drill targets in preparation for permitting (Figure 5).

Corporate Update:

The Company announces that Ivan Bebek is now the Chair of the Board of Directors and that former Co-Chair, Shawn Wallace, has retired from the Board and moved into an advisor role.

A Message from Peter Dembicki, President, CEO and Director:

“Following the highly successful phase I drill program at Curibaya and early-stage channel sampling at Hurricane, we’re excited to restart our exploration programs and advance the significant potential at the identified targets.”

“This second phase of exploration is exciting as it gives us the opportunity to expand on our initial findings and further define a mineralized system. Curibaya is located on one of the most prolific mining trends in the world and Hurricane demonstrates exceptional grade and has been vastly underexplored. Collectively, these projects offer grade, scale and a pipeline for potential world-class discoveries.”

“In addition, on behalf of Tier One Silver, I would like to thank Shawn for his contributions, which started prior to the inception of the Company and led us to where we are now. He has helped to position Tier One for exploration success and will continue to work with us closely as an advisor while assuming his new role as CEO of Torq Resources. I look forward to continuing to work with Ivan in his role as Chair.”

Exploration Program – Curibaya:

The exploration program at Curibaya has two primary focuses: defining the geometry of identified ore shoots to refine high-grade precious metals targets, and geophysical surveying to define potential porphyry targets (Figure 3). The Company plans to conduct mapping and sampling programs across the identified structural corridors, particularly focusing on the Cambaya and Sambalay structural corridors where the best drill hole and channel samples have been identified to date (Figure 2). At the Cambaya target area, additional induced polarization (IP) lines will be conducted to further refine drill targets. In the area of the dome complex, controlled-source audio-frequency magnetotellurics (CSAMT) will be conducted with the aim of further defining the copper porphyry target that was previously identified through vein geochemistry.

Exploration Programs – Hurricane:

The exploration programs at the Hurricane project will focus on the silver prospects, Magdalena and Pampayeoc, and the copper-nickel-platinum-palladium-silver prospects, Ñañohuayco, San Cipriano and Morro Culispata. The Magdalena silver-base metal veins are hosted in four parallel shear zones occurring over an area of 1.2 km by 800 m (Figure 4). 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. The Pampayeoc silver-base metal vein corridor is located 4.2 km west-northwest of the Magdalena target veins and represents the fifth mineralized silver-base metal vein corridor identified to-date on this part of the property. Mapping, sampling and geophysical surveying will also be conducted at the Pampayeoc target.

At the copper-nickel-platinum-palladium prospects, mapping and sampling programs, as well as a review of historical geophysical targets, will be conducted to follow up on the successful historical 10-hole (1,061 m) program at Ñañohuayco, which 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 (Figure 5). Importantly, at both the Ñañohuayco and San Cipriano targets 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. Tier One’s technical team aims to define exploration polygons that will form the basis of a submission for a drill permit to the Peruvian authorities.