Drill Results
Tier One Silver Reports Additional High-Grade Intercepts, Including 1 Metre of 448.2 g/t Ag and 0.37 g/t Au, from Phase 2 Drilling at Curibaya
Tier One’s high-grade drilling at Curibaya confirms mineralisation, but a cash crunch demands an immediate capital raise to sustain operations.
Executive Summary
- Tier One Silver released the final Phase 2 drill assay results from its Curibaya project in Peru, confirming a robust epithermal silver-gold system.
- 11 of 24 drilled holes (45%) returned >150 g/t Ag + Au, expanding the known mineralized footprint to 6 km.
- Notable intercepts include 1.0 m @ 448.2 g/t Ag and 0.37 g/t Au, alongside 2.70 m @ 284.41 g/t Ag and 1.29 g/t Au.
- The company initiated an Environmental Impact Study (EIA-sd) permit to expand drilling capacity from 17 to up to 220 holes.
- Management plans to target the undrilled Cambaya II corridor for Phase 3 drilling, alongside infill drilling and surface exploration in Zones 1 & 3.
- Geological data suggests the upper epithermal zone may be linked to a deeper porphyry copper source, supported by surface copper values up to 6.12%.
Material Impact
- The June 11 release is a direct follow-up to the April 21 announcement, which first highlighted the 0.7 m @ 1,015 g/t Ag intercept. The new data confirms lateral and vertical continuity, validating the geological model without introducing fundamentally new surprises.
- Exploration progress is positive, but the financial backdrop severely tempers the materiality. The Q1 2026 MD&A explicitly flags a going concern due to a cash balance of $1.88M against a $3.7M+ annual burn rate.
- The drill results do not alter the capital structure, nor do they mitigate the imminent need for equity financing. The market likely priced in these follow-up results, making the announcement routine rather than market-moving.
- The primary risk remains execution and funding. Without a capital raise, the EIA permit and Phase 3 drilling cannot proceed, rendering the exploration upside theoretical.
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Company Overview
- Tier One Silver is an exploration-stage company focused on the Curibaya project in southern Peru.
- Curibaya sits on a prolific copper porphyry belt, surrounded by major mines like Cerro Verde and Toquepala.
- The project hosts six high-grade silver-gold mineralized corridors and a potential porphyry copper target.
- Surface channel sampling has returned exceptional grades, with historical highs up to 2,680 g/t Ag and 13.95 g/t Au.
- The company is in the exploration phase, with no production, revenue, or resource estimates published to date.
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Jun 30, 2026 · 09:21