Curibaya

Overview

11,000 ha on World-Class Metallogenic Belt
11,000 ha on World-Class Metallogenic Belt
Exceptional Access to Infrastructure
Exceptional Access to Infrastructure

The Curibaya property is comprised of approximately 16,800 hectares situated in a copper porphyry belt that hosts some of Peru’s largest porphyry deposits, including Freeport McMoRan’s Cerro Verde deposit, Southern Copper’s Cuajone and Toquepala deposits and Anglo American’s Quellaveco deposit. The project is the first major epithermal occurence in this belt, which covers the regional Incapuquio fault zone and subsidiary structures, which are interpreted as one of the fundamental controls for both epithermal and porphyry styles of mineralization within the region. Importantly, the licenses host a number of cross structures to the Incapuquio fault zone that are considered highly prospective. Initial surface sampling programs at Curibaya returned numerous high-grade samples of silver, gold and copper over a 4 kilometre (km) x 5 km alteration system. The 2021 maiden drill program has returned multiple significant intercepts, including 1 m of 1,480.5 g/t AgEq within a broader interval of 3.5 m of 442.5 g/t AgEq.

The Curibaya project is located 48 km north-northeast of the provincial capital, Tacna, and is accessible by road in 1.5 hours.

World-Class Exploration Opportunity

Paleocene Aged Deposits - Southern Peru Porphyry Belt
Paleocene Aged Deposits - Southern Peru Porphyry Belt
Significant Rock Samples
Significant Rock Samples
High-Grade Rock Samples Emanating from Dome & Feeder Structures
High-Grade Rock Samples Emanating from Dome & Feeder Structures
Demonstration of Width on Surface
Demonstration of Width on Surface
Overview of Drilling
Overview of Drilling
Drill Hole 6 Results
Drill Hole 6 Results
Drill Hole 5 Results
Drill Hole 5 Results
Drill Holes 3-4 Results
Drill Holes 3-4 Results

2021 Maiden Drill Program Summary:

Drill hole 6 targeted the Madre structure, which has emerged as the primary target structure on the project to-date, and intersected 1 m of 1,480.5 g/t AgEq within a broader interval of 3.5 m of 442.5 g/t AgEq at a drill depth of 107.5 m to 111 m. Tier One’s technical team believes the results from hole 6 demonstrate the high-grade potential along the 1.4 km long Madre structure, as defined by mapping and remote sensing data. 

Drill holes 4 and 5 targeted the Sama and Sambalay structures, respectively, and both drill holes encountered significant silver mineralization in multiple parallel structures. Hole 5 is the second drill hole to test the 900 m long Sambalay structural corridor and intersected 1 m of 579.6 g/t AgEq, 0.5 m of 266.8 g/t AgEq, 1 m of 88.1 g/t AgEq and 11 m of 37.8 g/t AgEq. Hole 4 was the first drill hole to test the Sama structure and intersected 1 m of 211.6 g/t AgEq within a broader interval of 3 m of 96.4 g/t AgEq, 1m of 137.5 g/t AgEq, 1 m of 99.6 g/t AgEq and 0.5 m of 172.8 g/t AgEq. (See Nov. 18, 2021 news release for complete summary of results from drill holes 4-6).

Significance of Results:

The results from drill holes 4 – 6 demonstrate that significant precious metal mineralization extends to depth below mineralization encountered in surface channel samples. In addition, hole 6 was the first drill hole to test the margin of the high chargeability anomaly that, in part, defines the Madre structural corridor. The positive correlation between high-grade mineralization in drill hole 6 and the margins of the chargeability anomaly further strengthens the Company’s targeting efforts at depth. 

Sampling Summary:

Channel sampling from the Cambaya target at the Curibaya project includes highlights of 20 m of 293.8 g/t AgEq, 11 m of 348.2 g/t AgEq, 9 m of 438.8 g/t AgEq,  2 m of 1,852.8 g/t AgEq and 2 m of 1,111.9 g/t AgEq (true width of channel samples unknown). Channel samples were oriented perpendicular to veins and structures, when possible, as mapped in the field. (see Oct. 14, 2021 news release for additional results).

Rock grab sampling has returned grades of up to 298,000 g/t silver and 934 g/t gold, with samples spread across a 4 x 5 km alteration system. Rock grab sample highlights are shown in the table to the right using cut-off grades of 500 g/t Ag and 2 g/t Au.

Additional Channel Sampling Highlights:

Initial channel sample highlights from the Curibaya project included 2 m of 6,278 g/t AgEq, 2 m of 1,256 g/t AgEq, 6 m of 398 g/t AgEq, 12 m of 203 g/t AgEq and 17 m of 71 g/t AgEq (see August 6, 2021 news release for additional results). These results demonstrate both high-grade vein and disseminated styles of mineralization within the 4 km by 5 km alteration system that currently defines the mineralized system at the project. The ongoing drill program at the project is targeting both styles of mineralization based on extensive geologic mapping, geophysical resistivity and chargeability signatures where steeply dipping feeder structures and horizontal bodies of mineralization occur. The channel samples being reported are situated within several sub-horizontal mineralized bodies that have been mapped on surface within three distinct units within the upper Toquepala volcanic sequence. Importantly, Tier One’s technical team believes there is an opportunity to find additional sub-horizontal bodies of mineralization emanating from high angle feeder structures both within the poorly exposed lower Toquepala volcanic sequence and underlying sedimentary basement stratigraphy. Collectively, the surface channel sampling results demonstrate that cohesive bodies of mineralization are present on the project over considerable widths and that the drill targets of the shallow flat lying chargeability anomalies under the channel samples have the potential to yield significant zones of precious metal mineralization.

Age Dating:

Tier One has identified the age of mineralization at Curibaya to be Paleocene, ranging from 55 to 61 million years. This is equivalent to several world-class deposits in the southern Peru porphyry belt, including Quellaveco (Anglo American), Toquepala (Southern Copper Corp.) and Cuajone (Southern Copper Corp.). Tier One's technical team believes the Paleocene age date of the mineralization, along with the large precious metal budget observed within high-grade veins over a 4 km x 5 km alteration system, support the potential for a world-class discovery at the Curibaya project. 

At this early stage, the Company’s technical team believes there are both precious metal intermediate sulphidation epithermal and copper porphyry targets.

Ownership

Tier One Silver was spun out from Auryn Resources in October 2020, therefore inheriting ownership of the Curibaya project and relating obligations. Auryn had a 100% interest in the Curibaya concession (acquired in 2015) and the Sambalay and Salvador concessions (acquired in 2019). The Sambalay and Salvador concessions are subject to certain historical NSR royalties.

Under the Mining Concessions Transfer Agreement (the “Transfer Agreement”) entered with Wild Acre Metals (Peru) S.A.C. dated August 2, 2019, the Company paid US$250,000 for the transfer of the Sambalay and Salvador concessions, in favor of the Company, upon recording of the Transfer Agreement with the Peruvian Public Registry. The Sambalay concessions are subject to a 1.5% NSR royalty in favor of each of Teck Peru S.A.C. (“Teck”) and Compania de Exploraciones Orion S.A. (“Orion”). One third, or 0.5%, of the Teck NSR royalty is buyable for US$1.0 million. The Salvador concessions are subject to a 2% NSR royalty and a US$2.0 million production payment, payable at the time a production decision is made, and to secure payment of such consideration a legal mortgage in favor of Teck is recorded in the registry files of the Salvador concessions.

Technical Disclaimers

Geologic Context of Vein Mineralization:

The high-grade precious metal veins sampled to-date on the project range in width from five centimeters to one meter and are situated in north – south corridors radiating from the identified flow dome complexes. The sampled veins are primarily situated in the overlying volcanic sequence above the flow dome complexes and provide a good indication of the metal budget; however, are not the target themselves. Auryn believes the veins represent a high-level dispersion of a robust precious metal system that is situated along the margins of the dome complexes at shallow depths. These flow dome complexes provide a geological mechanism to concentrate fluid flow where potential geologic targets include high-grade veins, vein stockwork zones and silicified hydrothermal breccias that would be situated along the margins of the domes.

Age Dating, 2020

A total of four samples of altered volcanic rocks were collected for Ar-Ar geochronology analysis. Samples were sent to Pacific Centre for Isotopic and Geochemical Research, University of British Columbia, in Vancouver, Canada. They were analyzed through neutron irradiation at McMaster Nuclear Reactor in Hamilton, Ontario, and a VG5400 mass spectrometry. The best statistically justified plateau and plateau ages picked. Two out of four samples had isochrons sufficient for plateau age determination.

PERU Rocks Q4 2020

Approximately 2-3kg of material was collected for analysis and sent to ALS Lab in Arequipa, Peru for preparation and then to Lima, Peru for analysis. All samples are assayed using 30g nominal weight fire assay with ICP finish (Au-ICP21) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where ICP21 results were > 3 g/t Au the assay were repeated with 30g nominal weight fire assay with gravimetric finish (Au-GRA21). Where MS61 results were greater or near 10,000 ppm Cu, 10,000ppm Pb or 100ppm Ag the assay were repeated with ore grade four acid digest method (Cu,Pb,Ag-OG62). Where OG62 results were greater or near 1500ppm Ag the assay were repeated with 30g nominal weight fire assay with gravimetric finish (Ag-GRA21). Where Ag-GRA21 results were greater or near 10,000ppm Ag the assay were repeated with fire assay with gravimetric finish for concentrate (Ag-CON01). QA/QC programs for 2019/2020 rock samples using company and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

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 2021 channel samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

Silver equivalent grades (AgEq) 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 recovers were used for the AgEq calculation.

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 2021 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) were calculated using silver price of US$18/oz, gold price of US$1,300/oz, zinc price of US$1.25/lb, and lead price of US$1.00/lb. Metallurgical recoveries were not applied to the silver equivalent calculation.

Intercepts were calculated with no less than 5 m of >= 25 g/t AgEq with maximum allowed consecutive dilution of 6 m.

True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.