Tier One Silver Renews Curibaya Project Community Agreement; Terminates Hurricane Option

VANCOUVER, BC / ACCESSWIRE / October 23, 2023 / Tier One Silver Inc. (TSXV:TSLV)(OTCQB:TSLVF) ("Tier One" or the "Company") is pleased to announce the renewal of its notarized social agreement with the local community at its 100% owned Curibaya project in southern Peru. The renewed agreement is effective until May 18, 2024, and allows for an extension by an additional year through assembly approval.

The continued community support is a vital component in progressing toward the Company's goal of uncovering the mineral potential at the Curibaya project. The area covered by the agreement encompasses six distinct mineralized corridors which have been the focus of exploration to date. These corridors, particularly the Cambaya I and Cambaya II Corridors, represent the primary targets for the next phase of epithermal vein drilling. Having surface access in place will allow Tier One to advance its exploration efforts, and most importantly, to proceed with a second phase of drilling once the required funding is in place.

A Message from Peter Dembicki, President, CEO and Director:

"The renewal of our social agreement with the local community is timely as our previous drilling and surface exploration campaigns have demonstrated exceptional silver grades and identified porphyry copper targets. We have only explored a fraction of the almost 17,000-hectare property on the world-class mining trend, and we look forward to restarting work to further progress the project."

Cambaya Area - Renewed Social Access and Proposed Drill Target:

The Company's channel sampling programs conducted in the Cambaya structural corridors, within the northeast area of the project, which is highest in topographic elevation, and in the epithermal vein system, returned high-grade results with highlights of 4.5 metres (m) of 408.2 g/t silver (Ag) and 1.48 g/t gold (Au), including 1 m of 1,768.0 g/t Ag and 6.33 g/t Au, in channel sample 22CRT-080, 8 m of 349.1 g/t Ag and 0.46 g/t Au, including 1 m of 2,680.0 g/t Ag and 3.14 g/t Au, in channel sample 21CRT-56 and 2.5 m of 136.4 g/t Ag and 0.82 g/t Au, including 0.5 m of 568.0 g/t Ag and 3.37 g/t Au, in channel sample 22CRT-101 (see news release dated September 26, 2022). Importantly, arsenic/silver ratio values were generally highly elevated across the Cambaya target area, indicating to the technical team that the target is at the top of the epithermal system. This is at least 200m higher than the Company's discovery hole at the Sambalay Corridor where drilling hit bonanza grade in 1.5 m of 1,129 g/t Ag and 1.04 g/t Au (see news release dated February 14, 2022), with the precious metals window being preserved at shallow depths.