Advances additional drill permits to significantly expand drilling capabilities at Curibaya
Highlights
- Initial assay results from the first four diamond drill holes of Phase 2 drilling confirmed high-grade silver-gold mineralization within the Cambaya I corridor, including:
- 0.7 metres (“m”) of 1,015 grams per tonne (“g/t”) silver (“Ag”) and 4.52 g/t gold (“Au”), within a broader interval of 2.7 m of 284.4 g/t Ag and 1.29 g/t Au, in hole 26CUR-018, the second hole of Phase 2 drilling.
- Results support continuity of precious metals mineralization across multiple corridors, with approximately 6 kilometres (“km”) of mineralized structures identified to date.
- Step-out drilling indicates strong lateral and vertical continuity relative to prior Phase 1 drilling high-grade intercepts.
- Mineralization encountered in Phase 2 is located more than 1 km away horizontally and 250 m away vertically from hole 21CUR-016 of the Company’s 2021 Phase 1 drilling which returned 1.5 m of 1,128.7 g/t Ag and 1.04 g/t Au (see news release February 14, 2022).
- Permit expansion is underway to increase drilling capacity to up to 220 holes, from the 17 permitted holes remaining under current permits. <
Vancouver, Canada – April 21, 2026 – Tier One Silver Inc. (TSXV: TSLV) (OTCQB: TSLVF) (FSE: TOV0) (“Tier One” or the “Company”) is pleased to announce assay results from the first four of eight drill holes from its Phase 2 diamond drill program at its high-grade Curibaya epithermal silver-gold-copper project located in Tacna, Peru (Figure 1). The 1,133.6 m drill program, completed by the Company’s wholly owned Peruvian subsidiary, Magma Minerals S.A.C., successfully confirmed the continued presence of high-grade silver-gold mineralization below surface in the Cambaya I target area. Results from four additional holes are still pending.
After the Company encountered high-grade mineralization in multiple holes of its 2021 Phase 1 drilling conducted in the Tipal, Madre, Sama and Sambalay structural corridors, the Company’s ongoing surface work identified two significant target corridors in the northeastern portion of the approximately 17,000-hectare property: Cambaya I and Cambaya II. The Company’s Phase 2 drill program focused on just a small portion of the Cambaya I corridor and at shallow depths, with the eight holes averaging approximately 140 m per hole. Initial results reconfirm the presence of a high-grade epithermal silver-gold system at Curibaya that spans approximately 6 km across multiple corridors. Mineralization intersected in early Phase 2 drilling supports continuity beneath previously defined high-grade surface channel samples and reinforces the scale potential of the Cambaya corridors (see news release dated September 26, 2022). The system remains open in multiple directions, with further drilling required to test expansion potential.
Peter Dembicki, CEO and President of Tier One commented, “Phase 2 drilling at Curibaya continues to validate a large, consistent high‑grade silver‑gold epithermal system across the Cambaya I corridor demonstrating vertical continuity and strike extension. Early Phase 2 results strengthen our regional geological model and suggest meaningful expansion potential, with indications from Phase 1 drilling that a potential copper-type system could be present in deeper zones nearby. With additional assays pending, and plans to significantly increase drilling capacity, we are increasingly confident in defining an important precious‑metals system and demonstrating Curibaya’s upside.”
A summary of assay results from the first four holes of the drilling program are presented below in Table 1.
Figure 1: Illustrates Phase 2 drill holes and the location of Cambaya I and II corridors in relation to the corridors drilled in Phase 1.
Table 1. Cambaya I Phase 2 Drilling Intercept Highlights
Geological Interpretation
Current drilling continues to refine the Company’s understanding of the Curibaya system. Results from Phase 1 and Phase 2 drilling demonstrate a strong correlation between silver-gold mineralization and quartz breccias, veinlets and open space filling structures, supporting the interpretation of a well-preserved epithermal system. Having confirmed continuity of mineralization in Cambaya I, the Company’s next phase of drilling, which is subject to obtaining additional financing, will target the Cambaya II corridor, and then aim to tighten drill spacing across all identified corridors.
In addition to precious metals potential, Curibaya may represent the upper expression of a porphyry copper type system which the Company has yet to test. Observed geophysical and geological features—including lithocap alteration, skarn mineralization, copper-bearing breccias grading up to 6% copper, and age of mineralization—are consistent with known Paleocene-early Eocene porphyry copper deposits in southern Peru (see news releases January 30, 2023, and September 11, 2023).
Advancing Permits
The Company is advancing applications to expand drill permits at Curibaya through a new semi-detailed Environmental Impact Study (“EIA-sd”), targeting an increase to up to 220 drill holes within an expanded permit area. Baseline environmental studies are underway, with submission of the application anticipated in Q3 2026.
Figure 2: Illustrates the proposed EIA-sd permit area in comparison to the current DIA permit.
Additional Channel Sampling
Recent channel sampling continues to support the scale of the Cambaya target areas, with mineralized zones defined over approximately 1 km by 400 m at Cambaya I and 800 m by 300 m at Cambaya II, further reinforcing the continuity and expansion potential of the system.
Table 2: Cambaya I and Cambaya II 2026 Channel Sampling Result Highlights
Figure 3: Geochemistry map illustrates location of drilling and channel samples taken on Curibaya to date.
Qualified Person
Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and approved the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.
Peter Dembicki President, CEO and Director
For further information on Tier One Silver Inc., please contact the Company at (778) 729-0700 or visit the Company’s website: www.tieronesilver.com
About Tier One Silver
Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of silver, gold and copper deposits in South America. The Company is focused on its flagship exploration project, Curibaya, but continues to investigate other potential projects of merit. The Company’s management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success.
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 channel samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.
Silver equivalent grades (AgEq), which were use for interval selection only, 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 recoveries were used for the AgEq calculation.
Main Interval - AgEq (Ag, Au) intervals at 25 ppm (minimum 5 m, max consecutive dilution 6 m)
Sub-Interval - AgEq (Ag, Au) intervals at 75 ppm (minimum 1 m, max consecutive dilution 2 m).
True widths of mineralization are unknown due to the unknown mineralized zones orientation.
Drilling
Analytical samples were taken by sawing HQ or NQ diameter core into equal halves on site and sent one of the halves 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 10,000 ppm Cu, 10,000 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 1,500 ppm Ag the assay were repeated with 30 g.
QA/QC programs for 2026 core samples using company and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.
Silver equivalent grades (AgEq), which were used for interval selection only, were calculated using silver price of US$18/oz and gold price of US$1,300/oz. Metallurgical recoveries were not applied to the silver equivalent calculation.
Main Interval - AgEq (Ag, Au) intervals at 25 ppm (minimum 5 m, max consecutive dilution 6 m)
Sub-Interval - AgEq (Ag, Au) intervals at 75 ppm (minimum 1 m, max consecutive dilution 2 m)
True widths of mineralization are unknown due to the unknown mineralized zones orientation.
Forward Looking Information and General Cautionary Language
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events in connection with the Phase 2 drill program, the potential of the mineralization and discovery, viability or expansion of any mineralization, including a potential copper source and future drill plans including the progress of expanded permits. Forward-looking statements are not historical facts and therefore may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release.
Readers should refer to the risks discussed in the Company's continuous disclosure filings with the Canadian Securities Administrators including its most recent Annual Information Form and Management’s Discussion & Analysis, available at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.