First Andes Silver Reports Phase 1 Soil Assay Results and Delineates Kilometre-Scale Silver-in-Soil Anomalies, Santas Gloria Project, PERU
FIRST ANDES SILVER REPORTS PHASE 1 SOIL ASSAY RESULTS AND DELINEATES KILOMETRE-SCALE
SILVER-IN-SOIL ANOMALIES, SANTAS GLORIA PROJECT, PERU
Vancouver, British Columbia – March 2, 202 6 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets:
MSLVF; FSE: 9TZ) (“First Andes” or the “Company”) today reported Phase 1 soil assay results and the
delineation of multiple kilometre -scale (“km”) silver-in-soil (“Ag”) anomalies at the Company’s 100% -
owned Santas Gloria Project (“Santas Gloria” or the “Project”), located approximately 55 kilometers east
of Lima, Peru.
Key Points Summary:
• Phase 1 soil sampling (1,037 samples) returned six coherent Ag -in-soil anomalies tightly aligned
with mapped epithermal vein corridors at Paquita, Maribel, Rosario, Eulalia (Main and South), and
Kelly (Figures 1 and 2);
• Collectively, the anomalies define approximately 4.3 km of aggregate strike length (sum of long -
axis lengths) and show strong multi -line continuity and vein -parallel geometry, with Ag values
commonly 5-20 parts per million (“ppm”) and multiple >20 ppm responses within each corridor;
• Peak value of 68.1 ppm Ag; the Kelly anomaly is the largest and highest -intensity corridor
(approximately 850 m x 400 m) and is open to the east at the current sampling boundary;
• Assays will be integrated with WorldView-3 (“ WV-3”) spectral alteration mapping, detailed
structural mapping, and future ground geophysics to systematically rank drill targets; and
• Phase 2 soil sampling (southern half of Project, 1,430 samples) will commence in March to
conclude the district-scale coverage across mapped vein systems, including the 1.3 km x 2 km
zoned alteration cell identified by WV -3 short-wavelength infrared (“SWIR”) mineral mapping
(news release dated January 15, 2025).
“Phase 1 silver assays have defined multiple coherent, kilometre -scale Ag -in-soil anomalies that track
mapped intermediate -sulphidation vein corridors and key structural trends across the northern grid ,”
stated Colin Smith, CEO and Director of First Andes Silver . “With peak values up to 68.1 ppm Ag and
multi-line anomaly continuity at Maribel, Paquita, Rosario, Eulalia and Kelly, the dataset is already refining
priority target corridors, most of which remain undrilled. As we integrate these results with WorldView -3
alteration mapping and focused field validation, we will tighten vectors to bedrock sources and advance
the highest-confidence zones toward drill-ready targets.”
Phase 1 Soil Assays Review
Phase 1 soil sampling comprised 1,037 soil samples collected at 25 -metre spacing along north -south
oriented lines, transecting over 6.5 kilometres of mapped intermediate-sulphidation vein strike length in
the northern half of the Santas Gloria Project (Figure 1). Preliminary Ag results define multiple coherent
kilometre-scale anomalies expressed as points and clusters of elevated Ag values across adjacent sample
lines. The anomalies broadly coincide with mapped vein traces and interpreted structural corridors,
consistent with near -surface dispersion halos developed above and adjacent to Ag -bearing epithermal
structures. Summaries of the interpreted anomalies include (Figure 2):
Kelly (~850 x 400 m, open to east):
• Largest and highest-intensity Ag-in-soil anomaly in the Phase 1 northern grid, developed around
the Kelly corridor and adjacent structures
• Contains dense clusters of 10-20 ppm Ag values, and multiple >20 ppm Ag responses
• Consistent with a strong geochemical corridor, potentially reflecting a vein swarm and/or
structurally complex zone
• Open to the east based on the current sampling boundary
Eulalia South (420 x 100 m):
• Separate southern anomaly on the Eulalia trend, forming a broad, continuous Ag-in-soil footprint
• Comprised of multiple internally coherent segments
• Includes frequent 5-20 ppm Ag responses with localized higher values
• Suggests stronger bedrock contribution and/or structural thickening relative to more diffuse halo
zones
• Remains a priority corridor for follow-up mapping and rock sampling
Eulalia Main (~680 x 400 m):
• Elongate, coherent Ag -in-soil anomaly coincident with the main Eulalia structural corridor and
sub-parallel vein traces
• Continuous multi-line responses, dominated by 1-10 ppm Ag, with internal zones of 5-20 ppm Ag
• Includes local high points, indicating a well-developed dispersion halo
• Supports systematic follow-up along a mapped epithermal vein corridor
Rosario (~1,300 x 150 m):
• Large, laterally extensive Ag-in-soil corridor tracking the Rosario vein trend
• Excellent multi-line continuity with a consistent northeast orientation
• Defined by repeated 5-20 ppm Ag responses along strike
• Contains localized >20 ppm Ag highs distributed within the corridor
• Interpreted as a robust district-scale geochemical footprint
Paquita (~500 x 140 m):
• Strong, coherent, vein-parallel Ag-in-soil anomaly aligned with the mapped Paquita corridor
• Continuous multi-line response across adjacent sample lines
• Core of elevated Ag values (commonly 5-20 ppm Ag)
• Localized high points (>20 ppm Ag) proximal to mapped vein traces
Maribel (~550 x 200 m):
• Structurally focused Ag-in-soil anomaly centered on the Maribel vein corridor
• Clear east-northeast trend consistent with mapped structures
• Tight spatial association with vein traces and interpreted structural complexity
• Characterized by clustered elevated values (typically 5-20 ppm Ag)
• Includes local >20 ppm Ag responses, supporting a priority follow-up target
Figure 1: Phase 1 Ag-in-soil results (ppm Ag), showing Ag anomalies in relation to mapped vein traces.
Figure 2: Zoom in of Phase 1 Ag-in-soil results (ppm Ag), showing Ag anomaly AOIs and trends in relation
to mapped vein traces.
Next Steps
• Complete compilation and QA/QC review of the full multi -element Phase 1 soil dataset when
received;
• Integrate Phase 1 soils with WV -3 alteration mapping and structural interpretation to refine
priority target corridors;
• Conduct targeted follow-up mapping and rock -chip and/or channel sampling across priority soil
anomalies; and
• Phase 2 soil sampling (southern half of the grid) is expected to c ommencing in March 202 6, to
complete district-scale coverage and further prioritize drill targets for 2026.
Analytical Methods and QA/QC
Soil samples were collected and bagged under the supervision of Company personnel following standard
industry practices. Samples were submitted to ALS Peru S.A. (Lima, Peru) for analysis. Samples were
prepared by drying, sieving and pulverizing, and analyzed for Ag and a suite of elements by multi-element
ICP methods following four -acid digestion. The Company inserted certified reference materials, blanks
and field duplicates into the sample stream to monitor analytical quality. The Company will report the
complete multi -element dataset and any follow -up interpretations once final compilation and QA/QC
review are complete.
Qualified Person
Colin Smith, P.Geo. , a Qualified Person under National Instrument 43 -101, has reviewed and approved
the technical information contained in this news release. Mr. Smith serves as CEO and Director of First
Andes Silver Ltd. and is a shareholder of the Company.
About First Andes Silver Ltd.
First Andes Silver Ltd. is a British Columbia company that holds a 100% interest in the high -grade Santas
Gloria silver property, located in a major mining district approximately 55 km east of Lima, Peru. Santas
Gloria has excellent established road access , is situated within a well -known intermediate-sulphidation
epithermal belt, and hosts over 12 km of multiphase veins mapped at surface that had never been
historically drilled or explored using modern techniques prior to 2024. Across two phases of diamond
drilling (2024-2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26
drill holes, confirming silver mineralization across multiple vein systems and supporting systematic,
project-wide exploration and follow-up drilling in 2026.
For more information please contact:
Colin Smith, CEO & Director
Phone: 604 806-0626 (ext. 108)
E-mail: [email protected]
Forward-Looking Statements
Information set forth in this news release contains forward -looking statements that are based on
assumptions as of the date of this news release. These statements reflect management’s current
estimates, beliefs, intentions and expectations. They are not gu arantees of future performance. The
Company cautions that all forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are beyond the Company’s
control. Such factors incl ude, among other things: risks and uncertainties relating to Company’s limited
operating history, ability to obtain sufficient financing to carry out its exploration programs and the need
to comply with environmental and governmental regulations. According ly, actual and future events,
conditions and results may differ materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward -looking information. Except as required under applicable securities
legislation, the Com pany undertakes no obligation to publicly update or revise forward -looking
information.
The forward-looking statements contained in this news release are made as of the date of this news
release. Except as required by law, the Company disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.