Intersections Enhance Drill Targeting at Curibaya

VANCOUVER - Tier One Silver reported results from drill holes 2 and 3, both of which were drilled prior to recent targeting advancements that are based on newly identified feeder structures and channel sample results. Drill hole 3 intersected several zones of mineralization with intercepts including 4 meters (m) of 211 g/t silver equivalent (AgEq), within a broader interval of 11 m of 84.9 AgEq near surface, and 1 m of 237.1 AgEq. The precious metal mineralization was encountered approximately 50 m into the footwall of the Madre vein feeder structure from the same pad as hole 1 but drilled in the opposite direction.

Peter Dembicki, President, CEO & Director, said, “Hole 3 has strengthened our model, which confirms the Madre vein feeder is the defined corridor that potentially hosts the high-grade silver in the southern portion of Curibaya. These results, combined with the recently produced spectral analysis and previous geophysical data, are proving to be a key targeting mechanism. We have observed our best veining in subsequent holes across the Madre corridor and feeder, which is currently being drilled and has results pending."

Targeting along the Madre feeder structure has been advanced through a recently completed field and remote sensing short wave infrared (SWIR) alteration mineral study that has clearly defined a 1.4 kilometer (km) north - south trending corridor. The hyperspectral study has proven to be a major advancement toward the targeting of high-grade precious metal mineralization by providing distinct vertical and lateral exploration vectors based on the mapping of alteration minerals associated with epithermal-style precious metal mineralization. The Company has now further refined its drill targeting based on the results of the hyperspectral study to target along newly defined alteration corridors, including the Madre and Sambalay feeder structures. In particular, the Company is targeting where these feeder structures are crossing the central dome and diatreme complex where proven Ag-Au mineralization is encountered in veinlet arrays and vuggy silica from recent rock chip sampling. The advanced argillic alteration associated with mineralization on the diatreme-dome complex suggests the potential for a complete mineralized precious metal - hydrothermal system extending to depth below the diatreme-dome complex. Future planned drill holes will utilize the results of the hyperspectral study along with rock and channel sample results to target both the Madre and Sambalay feeder structures.

The purpose of the recently completed hyperspectral study was to clearly define potential precious metal drill targets based on the mapping of alteration minerals across the project. The study used 3319 field Spectrometer measurements across the drill permitted area to calibrate World View 3 satellite imagery that provides 2.4 m resolution of alteration minerals across the project area. The results of the study to-date show two clearly defined north - south trending prospective precious metal corridors along the 1.4 km Madre vein and the 900 m Sambalay vein feeder structures. These structures are defined by the presence of quartz veins with sericite-alunite grading laterally to illite-smectite-chlorite. The structures trend under the central diatreme-dome complex, which Tier One's technical team believes is the potential source for precious metal mineralization across the property. The dome is spectrally-defined by an assemblage of kaolinite-dickite-pyrophylite-diaspore and vuggy silica mapped high on the dome demonstrating the potential along these feeder structures. This alteration geometry is consistent with epithermal mineralization models and the potential for high grade veins and precious metal mineralized structures associated with quartz - sericite and quartz - adularia alteration at depth.

Another important advancement in drill targeting is the recognition of the strong spatial correlation between spectrally-defined propylitic alteration and the large-scale induced polarization (IP) chargeability anomaly that the Company was targeting in the first three drill holes. Results from the first three drill holes have enabled Tier One's technical team to establish that high chargeability responses correspond to propylitic alteration associated with finely disseminated pyrite. Critically, the Madre and Sambalay feeder structures are aligned along the margins of the high chargeability zones, further strengthening the Company's drill targeting efforts. The next drill holes have been reoriented to target the gradient, along the edges of the high chargeability feature, where it trends under the dome-diatreme complex.