Tier One Silver (TSXV:TSLV), the Canadian exploration company believes it has initiated the first drilling stage of a new discovery in Peru. The Curibaya project is 100% owned by Tier One Silver. Tier One Silver completed the first Curibaya drill program located in northwest Peru 48 kilometers northeast of the provincial capital, Tacna, near the Chilean border.

Drilling on the project comprised 16 holes intercepting bonanza grade silver mineralization. Highlights included drillhole 21CUR016, which intersected seven metres grading 272.3 grams silver per tonne, 0.33 gram gold per tonne, 0.046% zinc, and 0.03% lead (299.1 grams silver-equivalent per tonne) from 139 metres downhole, including a higher grade core of 1.5 metres of 1,128.7 grams silver, 1.04 grams gold, 0.15% zinc, and 0.09% lead (1,213.7 grams silver-equivalent).

Tier One Silver CEO Peter Dembicki said that Curibaya, “hosts a major intermediate-sulphidation epithermal system that lies on the border between an epithermal belt and a world-class, prolific coastal porphyry belt. The drill results indicate that the project has the potential to host both a large-scale, high-grade silver deposit and porphyry deposit.”

The Curibaya property comprises some 16,800 hectares located in a porphyry copper belt where some of South America’s largest porphyry deposits are located, including Freeport McMoRan’s Cerro Verde deposit, the Cuajone and Toquepala Southern Copper deposits and Anglo American’s Quellaveco deposit. 

In 2020, the company conducted a magnetic survey that identified a two kilometer by 750 meter chargeability anomaly near the surface that is believed to be a precious metal target.

Tier One Silver has identified the age of the mineralization at Curibaya to be Paleocene, ranging from approximately 55 to 61 million years old. The company’s technical team believes that the Paleocene age of the mineralization supports the potential for a world class discovery at the Curibaya project.

The Curibaya mineralization occurs in the dome complex in the center of the property and several structural corridors (Tipal, Sama, Madre, Sambalay, Cambaya I and Cambaya II) over a four by five kilometer alteration system.

Tier One Silver plans to restart drilling on the property in May when the rainy season comes to an end. Drilling will focus on higher elevation targets in the Sambalay, Tipal and Cambaya systems. 

“The second phase of drilling is going to be very exciting for us,” said Christian Rios, the company’s senior vice president of exploration. “We will be able to drill the high priority Cambaya target area, where we’ve seen the best channel samples to date, and continue to explore targets along the mineralised corridors to further increase our confidence that Curibaya could deliver a significant discovery.” 

In December Tier One Silver is also advancing Hurricane Silver, a project that hosts numerous high-grade silver occurrences located some 66 kilometers north of Cusco. Dembicki said that Hurricane Silver “offers the potential to make a second world-class discovery in Peru.”

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.