Land Position Expanded To Include Extension Of Mineralized System At Curibaya Project in Peru

VANCOUVER - Tier One Silver has expanded its land position at the Curibaya silver-gold project in southern Peru by approximately 50%, from 11,000 hectares (ha) to 16,800 ha, through staking. The expanded land position on the eastern margin of the project encompasses a newly identified extension of the alteration system that hosts the defined silver-gold mineralization on surface. This extension was identified through mapping and sampling as it trends beneath post mineralization volcanic cover. The Company is expanding its ground-based induced polarization (IP) geophysical survey at the main Curibaya target area to include the entire mapped mineralized footprint.

Peter Dembicki, President, CEO & Director, said, "We are excited by what we're seeing so far with our ongoing drill program at Curibaya and are pleased to expand our land position prior to receiving our first results. Ongoing surface sampling has continued to extend the alteration and mineralization footprints, and therefore, we are expanding our IP survey as well. We look forward to a very busy second half of 2021 with results from drilling and surface sampling."

Continued mapping and sampling have expanded the alteration and mineralization footprint at the main Curibaya target area, where numerous +200 g/t silver grab samples have been obtained on surface. The expansion extends north and south of the limits of the current IP survey, which has identified high temperature muscovite-phengite-illite alteration. The Company plans to extend the IP survey by 1.5 kilometers (km) north and 2 km south to further target potential sources for the high-grade mineralization on surface, which may be associated with chargeability anomalies, as observed to-date. The IP program is slated to begin within the next 6-8 weeks with the goal of generating new targets that have the potential to be included under the current drill permit.