Vancouver, Canada – January 20, 2021 – Tier One Silver Inc. (“Tier One” or the “Company”) is pleased to announce that it has received its FTA (Ficha Tecnica Ambiental or “Environmental Permit”) from the Peruvian Ministry of Energy and Mines for its Curibaya silver-gold project in Southern Peru. The FTA allows the Company to drill up to 40 holes from 20 platforms over a 473-hectare area, which is within the 20 square kilometre mineralized alteration zone where high-grade vein corridors have recently sampled up to 298 kg/t silver and 14.1 g/t gold (Figures 1-2). The final step in the permitting process is to obtain authorization for the Incio de Actividades (“Start of Activities”), which is being filed to align with a planned start date for the drill program in April, following the rainy season.
A Message from Peter Dembicki, President, CEO & Director:
“Receiving our FTA drill permit is an exciting step toward initiating the first-ever drill program at the Curibaya project. We appreciate the efforts of our technical, social and permitting teams, who achieved the permit without delays in the challenging environment of COVID-19 restrictions. We are pleased to have the FTA in hand prior to our listing of Tier One Silver.“
“We look forward to drilling Curibaya, as our extensive surface sampling results continue to demonstrate a robust metal budget coincident with significant subsurface geophysical targets. In the coming weeks Company updates will include key acquisitions as well as age dating results and details of the first phase of drilling at Curibaya.”
Vein Sampling Continues to Return High-Grade Silver and Gold:
The Company has conducted additional rock sampling programs within the defined vein corridors that are situated above the recently identified chargeability and magnetics geophysical anomalies. Results from these programs continue to demonstrate the presence of high-grade silver and gold mineralization, with samples up to 298 kg/t silver (298,590 g/t silver) and 14.1 g/t gold (Table 1, Figures 1-2). Vein sampling is aiding in drill targeting, ensuring drill holes are placed in zones with the highest grade mineralization and vein density. A summary of the results from the vein sampling program are presented below in Table 1:
Table 1: Q4 2020 selective rock samples over geophysical targets
| Sample ID | Ag g/t | Sample ID | Au g/t |
| Y180978 | 298590 | Y180978* | 934.00 |
| Y181043 | 4620 | Y181043 | 14.10 |
| Y181109 | 4520 | Y181109 | 7.59 |
| Y181035 | 3490 | Y181114 | 6.39 |
| Y181114 | 2990 | Y181035 | 3.30 |
| Y181036 | 2220 | Y181103 | 2.52 |
| Y181029 | 1285 | Y181025 | 2.39 |
| Y181025 | 1125 | Y181036 | 2.35 |
| Y181103 | 1020 | Y181029 | 1.69 |
| Y181110 | 475 | Y181017 | 1.63 |
| Y181039 | 453 | Y181046 | 1.58 |
| Y181046 | 365 | Y181016 | 1.26 |
| Y181031 | 330 | Y181050 | 1.10 |
| Y181101 | 290 | Y181039 | 1.07 |
| Y181034 | 287 | | |
| Y181032 | 255 | | |
| Y181050 | 211 | | |
| * Previously reported |
Figure 1: Illustrates the area of the awarded FTA drill permit (outlined by the black polygon) and the silver results from the latest rock sampling program at the Curibaya project. The bulk of these samples are situated above the newly defined chargeability anomaly with a peak value of 298 kg/t silver.
Figure 2: Illustrates the area of the awarded FTA drill permit (outlined by the black polygon) and the gold results from the latest rock sampling program at the Curibaya project. The bulk of these samples are situated above the newly defined chargeability anomaly with a peak value of 14.1g/t gold.
The Company is also pleased to announce that its name change from Tier One Metals Inc. to Tier One Silver Inc. has been finalized, effective January 14, 2021.
Michael Henrichsen (Chief Geologist), P.Geo is the QP who assumes responsibility for 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 Natasha Frakes, Manager of Corporate Communications at (778) 729-0600or info@tieronesilver.com.