Tier One Silver intercepts bonanza grades at Curibaya drilling in Peru

TSXV-listed explorer Tier One Silver has recently completed a maiden drill programme at its 100%-owned Curibaya silver-gold project in Southwest Peru, reporting ‘bonanza’ grades.

The Canadian company believes it is in the early stages of a new discovery in Peru, after highlights from a 16 hole campaign included drillhole 21CUR016, which intersected 7 metres grading 272.3 g/t silver, 0.33 g/t gold, 0.046% zinc, and 0.03% lead (299.1 g/t silver-equivalent) from 139 metres downhole.

“[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,” said Tier One CEO Peter Dembicki.

“The drill results indicate that the project has the potential to host both a large-scale, high-grade silver deposit and porphyry deposit,” he added.

The 16,800 hectare property, located about 48 km Northeast of the provincial capital Tacna, is in close proximity to some of South America’s largest porphyry deposits. Anglo American’s US$5.3 billion Quellaveco deposit is around 57 km Northbound, while Freeport-McMoran’s Cerro Verde is 175 km North.

Tier One plans to re-start drilling on the property in May, following the end of the Peruvian rainy season. The work will focus on targets at higher elevation in the system at Sambalay, Tipal, and Cambaya.