First Andes Silver Outlines Systematic Property-Wide Exploration Program, Santas Gloria Project, PERU
FIRST ANDES SILVER OUTLINES SYSTEMATIC PROPERTY-WIDE EXPLORATION PROGRAM, SANTAS
GLORIA PROJECT, PERU
Vancouver, British Columbia – November 19, 2025 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets:
MSLVF; FSE: 9TZ 0) (“First Andes” or the “Company”) today outlined a 2025-2026 systematic property-
wide exploration program to rapidly evaluate and advance the Company’s 100% -owned Santas Gloria
Project (“Santas Gloria” or the “Project”), located approximately 55 kilometers east of Lima, Peru.
Key Points Summary:
• Santas Gloria hosts 23 mapped intermediate-sulphidation epithermal (“ISE”) veins totaling more
than 12 kilometres (“km”) of strike, yet has never been subject to systematic modern exploration,
underscoring its exceptional discovery potential;
• Permitting for Phase 3 drilling, targeting the Tembladera and San Jorge vein systems (and
potentially Maribel and Paquita) has commenced (see news release dated November 3, 2025);
• First Andes’ systematic 2025-2026 exploration program at Santas Gloria will comprise:
o High resolution WorldView-3 (“WV-3”) spectral alteration mineral mapping (commenced)
o Property-wide soil sampling program across all 23 known veins (commenced)
o Follow-up mapping, channel and rock sampling at WV-3 and soil anomalies
o Ground Induced Polarization (“IP”) program at newly defined drill target areas
o Drill permitting and subsequent drill testing (Phase 4);
• WV-3 and soil sampling will commence in November, 2025:
o Final products for spectral alteration mineral mapping are expected in 5-6 weeks
o First half of property -wide soil sampling to be completed in February, 2026, with
analytical results anticipated in March, 2026
o Remaining soil sample s to be collected following the wet season (April onwards), with
analytical results expected in Q2, 2026;
• Targeted mapping, channel and rock sampling to commence following the full receipt of soil
assays and subsequent integration/interpretation of new exploration database (i.e. WV -3 data)
to distill high-priority drill targets property-wide;
• Gound IP geophysics will be utilized to rank and refine Phase 4 drill targets, and permitting of drill
pad will be initiated immediately thereafter.
“Santas Gloria remains one of the most compelling underexplored silver districts in Peru, hosting 23
mapped ISE veins totaling over 12 kilometers of strike. Despite this endowment, the Project has never been
systematically explored using industry-proven evaluation techniques, such as soil geochemistry, ground
geophysics (IP) and high-resolution spectral alteration mineral mapping (WV-3).” stated Colin Smith, CEO
and Director of First Andes Silver . “With Phase 3 drill permitting underway and a fully integrated 2025 -
2026 exploration program on deck, First Andes is taking the first truly integrated approach to vectoring
into high-grade mineralization across the entire Property.”
2025-2026 Santas Gloria Exploration Program
WorldView-3 Spectral Mapping (Figure 1)
First Andes Silver has initiated a 50 km² property-wide WV-3 spectral mapping and interpretation program
at Santas Gloria, marking a key first step in the Company’s systematic, district -scale exploration strategy
to evaluate all 23 mapped ISE veins, the majority of which have never been explored.
The WV-3 dataset will include:
• 2-m resolution spectral alteration products and 50 -centimeter (“cm”) resolution natural-colour
imagery;
• Detailed mapping of up to 12 alteration mineral maps, including key ISE pathfinders:
o Alunite, kaolinite, sericite, montmorillonite, chlorite, epidote, jarosite, hematite,
goethite, opal/chalcedony, calcite, and iron oxides;
• 50 km2 of high-resolution context images:
o Greyscale image (50-cm)
o Natural colour image (50-cm)
o Geology enhanced colour image (2-m)
o Vegetation intensity (2-m)
o SWIR enhanced image (2-m)
o Sabins composite image (2-m)
o Sultan composite image (2-m);
• Alteration Mapping Report, summarizing the alteration mineral processing results
• WV-3 satellite tasking has commenced, with data collection and imaging expected in 3 to 4 weeks,
and final interpretations expected in 5 to 6 weeks.
All data will be processed and interpreted in collaboration with PhotoSat Information Ltd. of Vancouver,
Canada, a global leader in spectral exploration. The resulting alteration and structural interpretations will
be integrated with geological and geochemical datasets , including the planned property-wide soil
sampling program, to identify new high-caliber drill targets for testing in 2026.
Figure 1: Plan map of the planned WV-3 alteration mineral mapping area at Santas Gloria.
Property-Wide Soil Sampling (Figure 2)
Soil sampling represents one of the most powerful and cost-efficient methods for evaluating ISE systems
by identifying halos of geochemical dispersion which typically envelop sulphide-bearing veins. Systematic
soil sampling can delineate these halos through elevated concentrations of key pathfinder elements, such
as Ag, Pb, Zn, As, and Sb, which may extend several hundred meters from the mineralized core.
Beyond direct metal anomalies, soil geochemistry can also define the broader hydrothermal alteration
footprint, including sericite, kaolinite, and chlorite zones, through subtle shifts in major and trace element
chemistry. When integrated with spectral, geological, and geophysical datasets, soil sampling becomes a
powerful vectoring tool to refine, rank, and prioritize high-potential drill targets across the property.
The proposed soil sampling program at Santas Gloria has commenced, and is summarized as follows:
• Designed to cover all 23 known veins property-wide, which collectively strike >12 km;
• Sampling lines will be oriented north-south (“N-S”), and spaced 100 m apart;
• Sample spacing along soil lines is 25 m, enabling the detection of narrow veins at surface;
• N-S lines will extend ~200 m past the surficial trace of all 23 known veins;
• Sampling program will be divided into two sampling campaigns (before and after wet season);
• First campaign planned for November 2025 to February 2026 (all results by March 2026);
• Second campaign planned for April 2026 to June 2026 (all results by July 2026);
• All soil samples will be analyzed via 4-acid digestion and multi-element ICP-MS at ALS Laboratory
in Lima, Peru.
The results of the property -wide soil sampling program will provide a comprehensive geochemical
framework for the Santas Gloria district, enabling First Andes to delineate new, previously untested
anomalies and refine the definition of known mineralized corridors. Integration of these results with WV-
3 spectral data, detailed geological mapping , rock/channel sampling, and IP geophysics will allow the
Company to systematically prioritize and advance the most prospective targets toward Phase 4 drilling,
marking a major step forward in unlocking the full discovery potential of the Santas Gloria epithermal vein
field.
Figure 2: Plan map of the planned soil sampling program at Santas Gloria. Previous results set out in
the news release dated June 2, 2021.
Targeted Follow-Up Exploration
Following integration of the WV-3 spectral and soil geochemical datasets, First Andes will undertake a
focused follow-up field program to delineate and refine high -priority drill targets across Santas Gloria ,
including:
• Geological and Structural Mapping
o Detailed 1:2,000 to 1:5,000 scale mapping at strongest anomalies
o Definition of vein orientations, and structural controls on mineralization
o Particular attention will be given to fault intersections, splays and dilational jogs;
• Rock and Channel Sampling
o Targeted rock-chip and channel sampling will test anomalous
o Continuous channels to be collected across exposed veins and anomalies;
• Ground IP Geophysics
o A ground IP survey will be completed across the most prospective zones
o Detection subsurface chargeability and resistivity anomalies (sulphide mineralization)
o Results will assist in modeling vein continuity and identifying potential blind targets.
The iterative i ntegration of spectral, geochemical, geological and geophysical datasets will enable First
Andes to confidently rank and advance the most promising targets toward Phase 4 drilling.
Qualified Person
Dr. Christopher Wilson, Ph.D., FAusIMM (CP), FSEG, FGS, a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information contained in this news release. Dr. Wilson
serves as Chief Geologist 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 55 km east of Lima, Peru. Santas Gloria has
excellent established road access, and is situated within a well -known intermediate sulphidation
epithermal belt, and hosts over 12 km of multiphase veins mapped at surface which had never been
historically drilled or explored by modern techniques before 2024. First Andes’ maiden diamond drill
program last year reported high -grade silver grades on all drilled v ein systems confirming silver
endowment and warranting high priority follow-up drilling in 2025.
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.