First Andes Silver Consolidates 2024-2025 Drilling Results and Prepares FOR Next Phase of Exploration, Santas Gloria Project, PERU
FIRST ANDES SILVER CONSOLIDATES 2024-2025 DRILLING RESULTS AND PREPARES FOR NEXT PHASE
OF EXPLORATION, SANTAS GLORIA PROJECT, PERU
Vancouver, British Columbia – November 3, 2025 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets:
MSLVF; FSE: 9TZ) (“First Andes” or the “Company”) today announced a consolidated summary of drilling
results from its 2024 and 2025 exploration campaigns, preparations or the next phase of drilling (“Phase
3”), and district-wide exploration plans at the Company’s 100% -owned Santas Gloria Project (“Santas
Gloria” or the “Project”), located approximately 55 kilometres east of Lima, Peru.
2024-2025 Drilling Summary:
• Two drilling campaigns completed (2024 & 2025) with 26 holes totaling 3,131 meters (“m”): San
Jorge (21 holes), Tembladera (2 holes), Paquita (2 holes) and Maribel (1 hole) (Figure 1);
• Drilling to date has largely intercepted the uppermost supergene oxidized vein zones , where
percolating ground waters have partially leached sulphides;
• Phase 3 drilling (2026) will target the deeper extents of veins with greater potential of intercepting
primary sulphide mineralization;
• 21 of the Project’s first 26 holes have returned reportable silver intercepts (Table 1) (see First
Andes news releases dated October 29, 2024; August 21, 2025; and September 16, 2025);
• Community access agreements valid until 2028, with the community fully supportive and involved
with all exploration to date;
• Archaeological study by the General Directorate of Archaeological Heritage (Ministry of Culture
of Peru) completed in 2021 confirmed most areas of are free of archaeological impediments.
Phase 3 Drill Program:
• Permitting and logistical preparations have commenced for Phase 3 drilling (est. 2000 m), focusing
on the Tembladera, San Jorge, Maribel and Paquita vein systems;
• Tembladera (Figure 3):
o Largely undrilled, with cumulative strike length of ~4 kilometers (“km”)
o Underground channel samples >10,000 g/t Ag (see news release dated June 2, 2021)
o Remains open and undrilled down-dip and along strike of high-grade channel samples;
• San Jorge (Figure 2):
o 17 of first 21 holes returned reportable silver intercepts
o All holes successfully intercepting the oxide epithermal vein structure
o Down-dip drilling to test for presence if high-grade sulphide epithermal zone at depth;
• Maribel and Paquita:
o Strong silver grades intercepted in all three holes drilled in 2024
o Mineralization open in all directions.
Systematic Exploration Program (details to be outlined in subsequent news release):
• First Andes is also preparing a systematic exploration program to comprehensively evaluate the
entire Santas Gloria epithermal district, including:
o WorldView-3 (“WV-3”) spectral mapping of alteration and structure
o Property-wide soil sampling program across all known veins
o Follow-up channel and rock sampling program 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).
“First Andes’ 2024 and 2025 drill campaigns successfully confirmed the high -grade silver potential at
Santas Gloria, with 21 of 26 holes returning reportable intercepts across multiple vein systems,” stated
Colin Smith, CEO and Director of First Andes Silver . “The Tembladera vein, which returned underground
channel samples over 10,000 g/t Ag in 2021, remains virtually untested and represents a standout target
for our next phase of drilling, along with step-out drilling at San Jorge. With silver trading near multi-year
highs, we’re advancing Santas Gloria aggressively, focusing on Tembladera and San Jorge while launching
a systematic, district-scale exploration program to unlock the broader potential of this fertile epithermal
district.”
Figure 1: Plan map of Santas Gloria, showing mapped epithermal veins, rock sampling, and drilling.
Discussion & Exploration Outlook
San Jorge Vein
Drilling in 2024 and 2025 confirmed the presence of high-grade silver-base metal mineralization at San
Jorge, with the structure intersected in 100% of the holes drilled (Table 1, Figure 2). Down-dip drilling has
continued to intercept strongly oxidized mineralization, indicating deep groundwater penetration,
responsible for the alteration and leaching of galena, sphalerite, and associated silver.
The Project’s maiden program in 2024 confirmed high -grade silver throughout the tested strike length,
including:
• SG003: 7.43 m @ 224 g/t AgEq from 85.50 m, incl. 0.95 m @ 754 g/t AgEq;
• SG004: 6.40 m @ 108 g/t AgEq from 138.80 m, incl. 2.26 m @ 162 g/t AgEq;
• SG001: 3.10 m @ 155 g/t AgEq from 47.30 m, incl. 1.60 m @ 226 g/t AgEq.
A 2000-meter follow-up drill program in 2025 delivered more high-grade intercepts in oxidized horizons,
reinforcing the case for preserved sulphides at depth, including:
• SG017: 6.20 m @ 190.5 g/t AgEq from 174.70 m, incl. 0.60 m @ 578.6 g/t AgEq;
• SG022: 3.90 m @ 268.2 g/t AgEq from 91.90 m, incl. 0.70 m @ 638.1 g/t AgEq;
• SG024: 1.90 m @ 238.8 g/t AgEq from 231.70 m, incl. 0.50 m @ 596.6 g/t AgEq;
• SG027: 4.80 m @ 167.1 g/t AgEq from 89.00 m, incl. 0.60 m @ 276.9 g/t AgEq.
These results and interpretations represent c lassic hallmarks that a preserved sulphide -rich system
remains untested at depth , representing a compelling target in the next phase of drilling. Structural
modelling also highlighted local flexures and northerly dips; as such, the next phase will relocate pads and
use shallower-angle, down-dip holes to more effectively pierce the full vein thickness below the oxidation
front.
Figure 2: Long section of the San Jorge vein showing historical underground levels and stopes, silver
grades, and the up-dip and down-dip interpreted extensions of the vein, which represent high priority
drill targets. Silver grade isoshells inferred from historical underground channel samples and production
(Buenaventura Ingenieros S.A., 2008).
Tembladera Vein
Two holes totaling 222 meters were drilled in 2024 at the Tembladera vein, including the following
highlight:
• SG015: 0.87 m at 131.4 g/t AgEq from 115.30 m, incl. 0.42 m at 224 g/t AgEq.
The Tembladera vein system at the Santas Gloria Project represents one of the most compelling
exploration targets at Santas Gloria due to its exceptional grades, scale, and minimal drill testing to date.
Historical underground channel sampling confirmed high-grade in situ silver mineralization, with sixteen
of 111 samples assaying above 1,000 g/t Ag, including one exceeding the laboratory’s maximum detection
limit of 10,000 g/t Ag. Silver grades show a strong correlation with elevated lead and zinc, consistent with
a robust intermediate-sulphidation epithermal system.
Down-dip, up-dip and along strike extensions to the historic mine workings and underground channel
samples represent high priority drill targets in the Phase 3 program (Figure 3).
Figure 3: Long section of the Tembladera vein showing historical underground levels and stopes, silver
grades, structure, and the up-dip and down-dip interpreted extensions of the vein, which represent high
priority drill targets. Silver grade isoshells inferred from historical underground channel samples and
production (Buenaventura Ingenieros S.A., 2008).
Paquita and Maribel Veins
In 2024, three holes totaling 230 meters were drilled at the Maribel (1 hole) and Paquita (2 holes) veins in
the north of the Property, and successfully confirmed the presence of near-surface, high-grade silver and
base-metals mineralization within oxide horizons.
At Maribel:
• SG010: 4.40 m @ 134 g/t AgEq from 42.70 m, incl. 2.66 m @ 192 g/t AgEq.
At Paquita:
• SG011: 3.30 m @ 110 g/t AgEq from 35.40 m, incl. 0.48 m at 391 g/t AgEq;
• SG012: 1.00 m @ 107 g/t AgEq from 42.9 m.
Mineralization at both Paquita and Maribel remain open in all directions.
Table 1: Consolidated Drilling Results, Santas Gloria Project
Year
Drilled
Vein
System Hole From
(m)
To
(m)
Interval*
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq**
(g/t)
2024
San Jorge
SG001 47.30 50.40 3.10 138 0.08 0.18 0.17 155
including 48.80 50.40 1.60 206 0.08 0.27 0.20 226
and 59.50 61.00 1.50 77 0.04 0.14 0.19 90
San Jorge SG002 77.20 78.70 1.60 70 0.09 0.14 0.24 89
San Jorge
SG003 85.54 92.97 7.43 193 0.05 0.34 0.30 224
including 88.65 89.60 0.95 701 0.08 1.07 0.62 754
including 91.74 92.97 1.23 356 0.12 0.34 0.39 387
San Jorge
SG004 109.78 111.57 1.79 59 0.04 0.08 0.31 75
and 138.80 145.20 6.40 70 0.05 0.39 0.78 108
including 138.80 141.06 2.26 102 0.03 0.59 1.35 162
San Jorge SG005 83.60 86.63 3.03 54 0.32 0.12 0.21 92
including 84.83 85.90 1.07 75 0.41 0.10 0.25 75
San Jorge SG007 88.50 91.64 3.14 69 0.20 0.09 0.20 96
including 90.50 91.64 1.14 133 0.07 0.15 0.22 150
San Jorge SG008 94.05 96.00 1.95 63 0.13 0.06 0.24 63
Tembladera SG009 No significant assays
Maribel
SG010 12.40 16.50 4.10 54 0.17 0.11 0.20 78
including 12.40 13.40 1.00 99 0.23 0.13 0.12 127
and 42.70 47.10 4.40 80 0.44 0.16 0.34 134
including 43.50 46.16 2.66 117 0.70 0.15 0.28 192
Paquita SG011 35.40 38.70 3.30 64 0.31 0.15 0.43 110
including 36.66 37.14 0.48 310 0.89 0.02 0.02 391
Paquita SG012 42.90 43.90 1.00 26 0.07 0.84 1.71 107
Tembladera SG015 115.30 116.17 0.87 72 0.05 0.71 1.19 131
including 115.30 115.72 0.42 127 0.04 1.25 2.00 224
2025
San Jorge SG016 74.96 77.00 2.04 109 0.04 0.35 0.20 125
San Jorge
SG017 165.80 168.10 2.30 169 0.21 0.15 0.28 195
including 166.60 167.40 0.80 387 0.24 0.25 0.29 419
and 174.70 180.90 6.20 165 0.20 0.17 0.23 191
including 175.90 176.80 0.90 239 0.27 0.11 0.35 272
including 176.80 177.40 0.60 534 0.32 0.24 0.57 579
including 179.80 180.30 0.50 256 0.16 0.63 0.29 289
and 193.20 193.90 0.70 221 0.10 0.18 0.35 241
San Jorge SG018 87.30 88.40 1.10 198 0.10 0.19 0.40 212
including 87.30 87.80 0.50 322 0.08 0.30 0.50 346
San Jorge SG019 109.80 110.90 1.10 332 0.11 0.10 0.68 350
including 110.40 110.90 0.50 392 0.13 0.23 0.38 443
San Jorge SG020 158.00 158.50 0.50 239 0.11 0.13 0.38 260
San Jorge SG021 No significant assays
San Jorge SG022 91.90 95.80 3.90 249 0.12 0.32 0.14 268
including 95.10 95.80 0.70 606 0.18 0.68 0.12 638
San Jorge
SG023 145.80 149.80 4.00 134 0.14 0.15 0.27 139
including 148.80 149.80 1.00 200 0.12 0.25 0.57 236
and 172.00 173.60 1.70 160 0.22 0.42 0.97 223
including 172.00 172.50 0.50 326 0.31 0.73 1.20 410
San Jorge SG024 231.70 233.60 1.90 191 0.08 0.65 0.77 239
including 231.70 232.20 0.50 494 0.14 0.19 1.41 597
San Jorge SG025 No significant assays
San Jorge
SG026 76.10 78.80 2.70 107 0.04 0.17 0.20 121
including 76.90 77.60 0.70 215 0.04 0.31 0.42 240
and 86.80 87.60 0.80 210 0.05 0.14 0.24 226
San Jorge
SG027 89.00 93.80 4.80 153 0.05 0.13 0.19 167
including 91.40 92.00 0.60 252 0.05 0.29 0.35 277
including 92.60 93.20 0.60 213 0.04 0.11 0.15 224
San Jorge SG028 No significant assays
San Jorge SG029 118.10 119.70 1.60 129.8 0.31 0.52 0.13 171
including 118.10 118.90 0.80 157.5 0.37 0.63 0.13 206
*Interval lengths represent drill core lengths, true widths are yet to be determined
**AgEq formula: AgEq = ((Ag ppm x Ag g/USD x Ag recovery)+(Au ppm x Au g/USD x Au recovery)+(Pb ppm x Pb g/USD x Pb recovery)+(Zn ppm x
Zn g/USD x Zn recovery)) / (Ag g/USD)
**Metal priced applied: Ag = $28 USD/oz, Au = $2500 USD/oz, Pb = $2100 USD/t, Zn = $2900 USD/t (all multiplied by below recoveries)
**Metal recoveries applied (from 2021 test work): Ag = 88.1%, Au = 80.9%, Zn = 64.4%, Pb = 79.3%
**2021 metallurgical test work news release: https://firstandes.com/mantaro-silver-corp-receives-positive-preliminary-metallurgical-test-
results-for-both-bulk-flotation-and-sequential-flotation-recovery-options-with-the-bulk-flotation-demonstrating-recoveries-of-88/
Table 2: Additional Drill Hole Details on Santas Gloria Project
Hole ID East North Azimuth
(deg.)
Dip
(deg.) Hole Depth (m)
SG001 344841 8868343 001 -45 70.00
SG002 344839 8668339 005 -62 96.80
SG003 344838 8668344 046 -50 100.20
SG004 344741 8668328 016 -65 163.40
SG005 344841 8668342 314 -50 93.40
SG007 344573 8668338 018 -50 96.50
SG008 344576 8668339 051 -45 113.20
SG009 344971 8668826 151 -45 90.10
SG010 344644 8670768 140 -45 90.50
SG011 344675 8670507 315 -45 65.90
SG012 344481 8670254 320 -45 74.00
SG015 344879 8669018 190 -45 121.30
SG016 344742 8668326 10 -50 78.4
SG017 344742 8668326 320 -62 194.2
SG018 344742 8668326 40 -53 119.1
SG019 344840 8668339 50 -63 113.6
SG020 344840 8668339 63 -60 165.1
SG021 344838 8668340 350 -75 145.1
SG022 344838 8668340 44 -55 98.7
SG023 344743 8668325 317 -56 178.0
SG023 344743 8668325 317 -56 178.0
SG024 344743 8668325 317 -67 242.4
SG025 344743 8668325 40 -60 168.7
SG026 344572 8668335 353 -52 99.6
SG027 344572 8668335 326 -45 111.8
SG028 344572 8668335 326 -62 158.3
SG029 344572 8668335 60 -52 152.3
Quality Assurance / Quality Control (“QA/QC”)
The Company follows industry -recognized standards of Best Practice and QA/QC. HQ-diameter core
samples are sawed into equal halves, and selected ½ core samples are submitted to AHK Group in Lima,
Peru, a market-leading provider of inspection and analysis services which maintains rigorous quality
standards through compliance with industry standards and regulations, including ISO/IEC 17025 and ISO
9001. Core samples are sealed in plastic bags using single use tie-locks, thereby ensuring chain of custody,
for fire assay and ICP analysis. To date, all batches have passed QA/QC within acceptable tolerance limits.
All diamond holes were drilled in PQ-NQ diameter. Core recovery across all veins exceeded 90%.
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 Company 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.