ANDEAN PRECIOUS METALS REPORTS INITIAL RESULTS FROM PHASE 2 EXPLORATION DRILLING PROGRAM AND MANAGEMENT CHANGES AT GOLDEN QUEEN Exploration drilling intersects 7.06 g/t gold and 43.2 g/t silver, over 1.89 metres core length, and
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ANDEAN PRECIOUS METALS REPORTS INITIAL RESULTS FROM PHASE 2
EXPLORATION DRILLING PROGRAM AND
MANAGEMENT CHANGES AT GOLDEN QUEEN
Exploration drilling intersects 7.06 g/t gold and 43.2 g/t silver, over 1.89 metres core length, and
4.05g/t gold and 20.9 g/t silver, over 1.95 metres core length, in the Silver Queen SE Extension
target among other significant results.
TORONTO, Ontario, January 16, 2025 – Andean Precious Metals Corp. (TSX: APM) (OTCQ: ANPMF)
(“Andean”, or the “Company”) is pleased to report initial exploration results from its 2024 Phase 2
exploration drill program at its Golden Queen mine in Kern County, California. Phase 1 consisted of
shallow infill, reverse circulation drilling, which was completed in July 2024.
Phase 2 of the exploration drill program focused on two target areas and totaled 4,123 metres of 22 HQ-
sized core hole and 207 metres in 1 PQ-sized core hole drilled for metallurgical test purposes. This is
the first core drilling program conducted at Golden Queen since its acquisition by the Company in
November 2023.
Highlights:
• Two current targets, Silver Queen SE Extension and Alphason, and one new target, Hilltop,
were drilled (Figure 1).
• Results for 5 holes received with values up to 7.06 g/t Au and 43.2 g/t Ag over 1.89 metres and
4.05 Au g/t and 20.9 Ag g/t over 1.95 metres (Table 1). Results for all other holes are pending.
• Widely-spaced drilling at Silver Queen SE Extension tested over 274.3 metres on strike (NE-
SE) and 121.9 metres of dip.
• Widely-spaced drilling at Alphason tested over 213.4 metres on strike (NW-SE) of this NE-
dipping structure.
• All drilling encountered low sulfidation quartz veins and vein stockworks external to 2024 mineral
resource and mineral reserve (“MR&RE”) pit limits.
Mr. Alberto Morales, Executive Chairman and CEO of Andean, stated “This past year marked the
Company’s first exploration program at Golden Queen, designed to extend its mine life through additions
to the mineral resources and mineral reserves. We are encouraged by the initial results and look forward
to receiving additional results and the continuation of the exploration program in 2025.”
Management Changes:
Sylvain Lessard has stepped down as the Company’s General Manager at the Golden Queen mine on
January 14, 2025. We thank Sylvain for his contributions to the Company and wish him the best in his
future endeavors. In the interim, our Chief Operating Officer Marcos Holanda will continue supervising
the current management team at Golden Queen as we work to find a replacement.
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Figure 1. 2024 Core Drilling Targets
Table 1. Composited Analytical Results – Phase 2 2024 Silver Queen SE Extension Target
Hole ID
Total
Depth
(m)
Azimuth
(degrees)
Inclination
(degrees)
Analytical Results
From
(m)
To Width
(m) Au (g/t) Ag (g/t) (m)
SQ24-01 213.4 225 -68 36.0 37.8 1.77 0.55 16.1
Incl. 36.0 36.4 0.40 1.34 42.9
41.1 42.8 1.68 0.55 8.2
52.1 53.3 1.22 1.41 44.9
112.9 117.8 4.97 0.89 8.9
Incl. 114.8 116.3 1.46 2.30 16.1
147.3 147.7 0.40 1.30 23.7
172.1 173.0 0.88 0.38 16.1
SQ24-02 146.0 na vertical 51.6 57.1 5.52 1.75 28.8
Incl. 51.6 53.5 1.92 3.22 51.4
SQ24-
02A 216.1 na vertical 52.5 56.6 4.05 2.57 19.2
Incl. 54.6 56.6 1.95 4.05 20.9
60.4 64.7 4.08 0.96 6.5
Incl. 62.4 64.7 2.35 1.44 4.8
112.6 115.8 3.26 2.43 44.9
Incl. 112.6 114.3 1.74 3.77 54.2
122.7 124.1 1.43 0.55 4.5
184.1 185.9 1.83 0.55 18.5
Incl. 185.6 185.9 0.30 1.78 19.2
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SQ24-03 214.4 226 -72 73.9 82.3 8.38 0.99 8.2
Incl. 75.6 76.8 1.22 2.40 19.9
122.5 128.3 5.79 0.48 6.5
Incl. 127.1 128.3 1.22 0.79 17.5
133.4 136.6 3.20 0.58 1.0
Incl. 135.9 136.6 0.61 1.34 15.4
SQ24-04 225.6 na vertical 95.4 103.9 7.92 2.43 13.7
Incl. 100.3 102.2 1.89 7.06 43.2
137.2 138.7 1.52 0.45 2.4
205.7 206.7 0.91 0.58 14.4
213.7 214.1 0.46 0.55 32.9
All drill and assay data originally reported in imperial units converted to metric units by the qualified
person.
Table Notes:
1. “Incl.” means including, “g/t” means grams per tonne, “na” means not applicable”
2. All drilling performed by HQ coring with variable sample lengths. Widths are down-hole, true
widths are not yet known.
3. All analyses performed by Paragon Geochemical, an independent ISO 17025 accredited
analytical services provider with analytical facilities in Sparks, NV.
4. Analytical methods used were Au-FA 30 for gold and 48MA-MS for silver.
5. A 0.34 g/t Au cutoff grade used in compositing. No more than 2 consecutive values less than the
cutoff were used. Grades were not capped.
6. An additional 15% blanks, standards and duplicates were submitted for QAQC purposes. Two
certified standard analyses reported outside of acceptable limits as defined in Company
protocols. Re-assaying is underway.
7. Hole SQ24-02 was lost in poor ground. SQ24-02A is the redrill twin of SQ24-02. The redrill twin
results compare well to those of the original hole.
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Figure 2. Location of 2024 core holes reported in Table 1.
Qualified Person
Donald J. Birak, Geological Consultant to Andean, is the independent qualified person, as defined under
Canadian National Instrument 43-101, has reviewed and approved the scientific and technical data in
this press release. Mr. Birak has observed the core drilling, sample logging, sampling procedures in
progress during his most recent visit to the mine September 30 through October 3, 2024 and has
reviewed results from Company QAQC procedures and believes all procedures are within industry
standard practice. Mr. Alfredo Villegas, Senior Geologist for Golden Queen Mining Co, supervised the
exploration work cited herein.
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the
Americas. The Company owns and operates the San Bartolomé processing facility in Potosí, Bolivia
and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth
opportunities. Andean’s leadership team is committed to creating value; fostering safe, sustainable
and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals
producer.
For more information, please contact:
Amanda Mallough
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Director, Investor Relations
T: +1 647 463 7808
Caution Regarding Forward-Looking Statements
Certain statements and information in this release constitute “forward-looking statements” within the
meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of
applicable Canadian securities laws, which we refer to collectively as “forward-looking statements”.
Forward-looking statements are statements and information regarding possible events, conditions or
results of operations that are based upon assumptions about future economic conditions and courses
of action. All statements and information other than statements of historical fact may be forward-looking
statements. In some cases, forward-looking statements can be identified by the use of words such as
“seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases
(including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this release include, but are not limited to, statements and information
regarding the Company’s expectations relating to its exploration program at the Golden Queen mine.
Such forward-looking statements are based on a number of material factors and assumptions, including,
but not limited to: the Company's ability to carry on exploration and development activities; the
Company's ability to secure and to meet obligations under property and option agreements and other
material agreements; the timely receipt of required approvals and permits; that there is no material
adverse change affecting the Company or its properties; that contracted parties provide goods or
services in a timely manner; that no unusual geological or technical problems occur; that plant and
equipment function as anticipated and that there is no material adverse change in the price of silver,
costs associated with production or recovery. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual results, performance or achievements, or
industry results, to differ materially from those anticipated in such forward-looking statements. The
Company believes the expectations reflected in such forward-looking statem ents are reasonable, but
no assurance can be given that these expectations will prove to be correct, and you are cautioned not
to place undue reliance on forward-looking statements contained herein.
Some of the risks and other factors which could cause actual results to differ materially from those
expressed in the forward-looking statements contained in this release include, but are not limited to:
risks and uncertainties relating to the interpretati on of drill results, the geology, grade and continuity of
mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and
feasibility studies, and the possibility that future exploration, development or mining results will not be
consistent with the Company’s expectations; risks relating to possible variations in reserves, resources,
grade, planned mining dilution and ore loss, or recovery rates and changes in project parametres as
plans continue to be refined; mining and development risks, including risks related to accidents,
equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated
difficulties with or interruptions in exploration and development; the potential for delays in exploration or
development activities or the completion of feasibility studies; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and expenses; risks related to
commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the
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cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms or delays in obtaining governmental or local
community approvals or in the completion of developm ent or construction activities; risks related to
environmental regulation and liability; political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic environment; and other factors contained in
the s ection entitled “Risk Factors” in the Company’s MD&A for the three and nine months ended
September 30, 2024.
Although the Company has attempted to identify important factors that could cause actual results or
events to differ materially from those described in the forward-looking statements, you are cautioned
that this list is not exhaustive and there may be other factors that the Company has not identified.
Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements
included in this release if these beliefs, estimates and opinions or other circumstances should change,
except as otherwise required by applicable law.