Tier One Silver Commences Phase 2 Drilling at High-Grade Curibaya Project in Peru
Tier One Silver Inc. is a precious metals exploration company focused on high-grade silver, gold, and copper discoveries in Peru.
On February 18, 2026, Tier One Silver announced the commencement of its Phase 2 diamond drilling program at the Curibaya project in southern Peru. The program consists of approximately 1,150 meters across seven holes from four drill platforms. The primary focus is the Cambaya 1 corridor, an area that has yielded high-grade surface results (up to 243 g/t Ag and 0.71 g/t Au over 20 meters in channel samples) but has never been drilled. The company expects to complete this phase within Q1 2026. This move follows a year-end recap where management signaled readiness to capitalize on strong silver market fundamentals.
The news is categorized as Routine - Positive. While the commencement of drilling is a necessary step for an exploration-stage company, it is an operational milestone rather than a value-unlocking event. - Execution vs. Expectation: The company originally aimed for a Q3 2025 drill start (per June 2024 news), but delays caused by the termination of the LIFE financing in August 2025 pushed this timeline significantly. The current start is in line with the revised January 2026 guidance. - Resource Potential: The drilling targets the Cambaya area, which sits 250 meters higher in elevation than Phase 1 sites. Management believes this represents a "preserved" part of the epithermal system, potentially hosting higher grades than previously encountered at depth. - Market Sentiment: The market has already partially priced in this program following the $6.5 million financing in September 2025. The material impact will only occur when assays are released.
Tier One Silver's flagship is the 17,000-hectare Curibaya project in Tacna, Peru. It is situated in a prolific copper porphyry belt that hosts some of Peru's largest mines (Quellaveco, Toquepala). Curibaya features six mineralized corridors. Phase 1 drilling (2021) confirmed the presence of high-grade silver-gold at depth (e.g., 1.5m of 1,129 g/t Ag). The project is in the exploration stage with no defined NI 43-101 resource.