FAS.V · 2024-10-29 12:00:00

First Andes Silver Announces High-Grade Silver Assays at Santas Gloria Property Including 0.95M at 754 G/T AG Eq Within 7.43M at 224 G/T AG Eq

Drill Results

FIRST ANDES SILVER ANNOUNCES HIGH-GRADE SILVER ASSAYS AT SANTAS GLORIA PROPERTY

INCLUDING 0.95M AT 754 G/T AG EQ WITHIN 7.43M AT 224 G/T AG EQ

Vancouver, British Columbia, October 29, 2024 – FIRST ANDES SILVER LTD . (TSXV: FAS; OTC Markets:

MSLVF; FSE: 9TZ) (the “Company” or “First Andes” ) is pleased to announce multiple high-grade silver

assays from its recently completed maiden diamond drill program at the Santas Gloria silver property ,

located in Peru.

Highlights:

• Significant silver assays include:

• 7.43m at 224 g/t AgEq (193 g/t Ag, 0.34% Pb, 0.3% Zn, 0.05 g/t Au) from 86.70m including

0.95m at 754 g/t AgEq (701 g/t Ag, 1.07% Pb, 0.62% Zn, 0.08 g/t Au) and 1.23m at 387 g/t

AgEq (356 g/t Ag, 0.34% Pb, 0.39% Zn, 0.12 g/t Au) (San Jorge vein system)

• 3.10m at 155 g/t AgEq (138 g/t Ag, 0.18% Pb, 0.17% Zn, 0.08 g/t Au) from 47.30m (San Jorge

vein system)

• 6.40m at 108 g/t AgEq (70 g/t Ag, 0.40% Pb, 0.78% Zn, 0.05 g/t Au) from 138.8m including

2.26m at 162m AgEq (103 g/t ag, 0.59% Pb, 1.34% Zn, 0.03 g/t Au) (San Jorge vein system)

• 4.40m at 134 g/t AgEq (80 g/t Ag, 0.16% Pb, 0.34% Zn, 0.44 g/t Au) from 42.70m (Maribel

vein system)

• 3.30m at 110 g/t AgEq (65 g/t Ag, 0.15% Pb, 0.43% Zn, 0.31 g/t Au) from 35.40m including

0.48 m at 391 g/t AgEq (310 g/t Ag, 0.02% Pb, 0.02% Zn, 0.89 g/t Au) (Paquita vein system)

• 0.87m at 131 g/t AgEq (72.4 g/t Ag, 0.71% Pb, 1.19% Zn, 0.05 g/t Au) from 115.30m

including 0.42m at 224.3 g/t AgEq (127 g/t Ag, 1.25% Pb, 2.0% Zn, 0.04 g/t Au)

• Silver grades were reported on all drilled vein systems, being San Jorge, Tembladera, Paquita

and Maribel.

• Program focused on oxidized portion of intermediate epidermal sulphidation system with

follow up drilling to occur at depth in sulphide zone of vein systems.

Dr. Christopher Wilson, PhD, consulting geologist for First Andes, stated “ The drill results are very

encouraging with 11 of 12 holes reporting significant silver grades. Except for one hole, all holes were

drilled into the oxide portion of the veins and reported intercepts between 30 - 80m from surface. Silver

equivalent grades and widths are considered significant as the upper oxidized parts of the veins have been

extensively leached of their metal endowment. The assay results from oxidized intercepts confirm that the

veins are silver-base metal mineralized. Hole SG003 intercepted a partially oxidized sulphide -quartz vein

at a vertical depth of approximately 60 m. This intercept returned our highest -grade silver result and is

more consistent with the high grades reported by the companies previou s channel sampling of limited

underground workings. The Company’s next step will be to prepare a more significant drill program to

pursue high-grade silver in the sulphide zones identified by the oxides results from the latest drill program.”

Mineralization at the Santas Gloria silver property is of an intermediate suplidation epithermal type, with

multiple vein systems over several kilometers. Prior to First Andes’ maiden drill program, Santas Gloria

has never been drill tested, despite over 12 kilometers of multi-phase veins mapped at surface.

Figure 1: Map of the Santas Gloria Property showing planned drill pads, hole traces and channel

sampling results.

San Jorge Vein System Results:

At the San Jorge vein system, a total of seven diamond drill holes were completed for a total of 733.5

meters. Except for hole SG003, all holes intercepted significant mineralization associated with the upper

oxidized portion of the intermediate sulphidation San Jorge vein.

Hole SG003, within the sulphide zone, intersected 7.43m at 224 g/t AgEq (193 g/t Ag, 0.34% Pb, 0.30%

Zn, 0.05 g/t Au) from 86.7m including 0.95m at 754 g/t AgEq (701 g/t Ag, 1.07% Pb, 0.62% Zn, 0.08 g/t

Au) from 88.65m and 1.23m at 387 g/t AgEq (356 g/t Ag, 0.34% Pb, 0.39% Zn, 0.12 g/t Au) from 91.74m.

Hole SG004 intersected 6.40m at 108 g/t AgEq (70 g/t Ag, 0.40% Pb, 0.78% Zn, 0.05 g/t Au) from 138.8m

including 2.26m at 162m AgEq (103 g/t ag, 0.59% Pb, 1.34% Zn, 0.03 g/t Au) from 138.8m.

Hole SG001 intersected 3.10m at 155 g/t AgEq (138 g/t Ag, 0.18% Pb, 0.17% Zn, 0.08 g/t Au) from 47.3m

including 1.60m at 226g/t AgEq (206 g/t Ag, 0.27% Pb, 0.20% Zn, 0.08 g/t Au) from 48.8m.

Hoel SG007 intersected 3.14m at 96 g/t AgEq (69 g/t Ag, 0.09% Pb, 0.20% Zn, 0.20 g/t Au) from 88.50m

including 1.14m at 150g/t AgEq (133 g/t Ag, 0.15% Pb, 0.22% Zn, 0.07 g/t Au) from 90.5m.

Hoel SG005 intersected 3.03m at 92 g/t AgEq (53.5 g/t Ag, 0.13% Pb, 0.21% Zn, 0.32 g/t Au) from 83.60m

including 1.07m at 122 g/t AgEq (80 g/t Ag, 0.11% Pb, 0.27% Zn, 0.44 g/t Au) from 84.83.

The high -grade sulphide portion beneath the historic workings at San Jorge and over 1 kilometers of

mapped surface vein strike remains to be drill tested. Additional results from holes SG001, SG002, SG003,

SG004, SG007 and SG008 are set forth in Table 1 below.

Paquita and Maribel Vein System Results

Three holes for a total of 230.4 meters were drilled across the Maribel and Paquita veins in the north of

the property. Drilling tested the near -surface oxide down dip extensions of high -grade silver -gold

mineralized intermediate sulphidation epithermal veins.

At Maribel, hole SG010 intersected 4.40m at 134 g/t AgEq (80g/t Ag, 0.16% Pb, 0.34% Zn, 0.44 g/t Au)

from 42.7m including 2.66m at 192 g/t AgEq (117 g/t Ag, 0.15% Pb, 0.28% Zn, 0.70 g/t Au) from 43.5m,

and intersected a near surface silver grades of 4.1m at 78 g/t AgEq (54 g/t Ag, 0.11% Pb, 0.20% Zn, 0.17

g/t Au) from 12.4m including 1.00m at 126.8 g/t AgEq (99.1 g/t Ag, 0.13% Pb, 0.12% Zn, 0.23 g/t Au)

from 13.4m.

Further, at Paquita, SG011 intersected 3.3m at 110 g/t AgEq (65 g/t Ag, 0.15% Pb, 0.43% Zn, 0.31 g/t Au)

from 35.4m including 0.48m at 391 g/t AgEq (310 g/t Ag, 0.02% Pb, 0.02% Zn, 0.89% Au) from 36.1m,

and hole SG012 intersected 1.0m at 10 7 g/t AgEq (26 g/t Ag, 0.84% Pb, 1.71% Zn, 0.07 g/t Au) from

42.9m.

Tembladera Vein System Results

Two holes were drilled into the Tembladera Vein system for a of 211.4 meters. One drillhole was drilled

to test the near surface down dip extensions of high-grade silver mineralization sampled at surface on the

Tembladera 1 vein.

Hole SG015 intersected 0.87m at 131. 4 g/t AgEq (72.4 g/t Ag, 0.71% Pb, 1.19% Zn, 0.05 g/t Au) from

115.3m including 0.42m at 224 g/t AgEq (127 g/t Ag, 1.25% Pb, 2.0% Zn, 0.04 g/t Au) from 115.3m.

On additional hole was drilled to intersect the eastern strike extension of the Tembladera vein, the hole

missed its target and encountered no significant mineralization. The Company has not yet tested the

down dip extensions beneath the historic mine workings which returned up to 10,000 g/t Ag.

Table 1. Assay Results from Drill Program

Hole ID East North Azimuth

(deg.)

Dip

(deg.)

Hole

Depth (m)

From

(m)

Downhole

Interval (m)

g/t

Eq.

SG001 344841 8868343 001 -45 70.00 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

SG002 344839 8668339 005 -62 96.80 77.2 78.7 1.60 70 0.09 0.14 0.24 89

SG003 344838 8668344 046 -50 100.20 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

SG004 344741 8668328 016 -65 163.40 109.78 111.57 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

SG005 344841 8668342 314 -50 93.40 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

SG007 344573 8668338 018 -50 96.50 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

SG008 344576 8668339 051 -45 113.20 94.05 96.00 1.95 63 0.13 0.06 0.24 63

SG009 344971 8668826 151 -45 90.10 No Significant Assay

SG010 344644 8670768 140 -45 90.50 12.40 13.40 4.10 54 0.17 0.11 0.20 78

Including 13.40 14.40 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

SG011 344675 8670507 315 -45 65.90 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

SG012 344481 8670254 320 -45 74.00 42.90 43.90 1.00 26 0.07 0.84 1.70 107

SG015 344879 8669018 190 -45 121.30 115.53 116.40 0.87 72 0.05 0.71 1.19 131

Additional drilling is required to determine true widths as all hole intercepted veins at an oblique

angle. The assays are not capped. Assumptions used in USD for the silver equivalent calculation were

metal prices of $28/oz silver, $2500/oz gold, $2900/t zinc, $2100/t lead and 100% recovery.

Quality Assurance / Quality Control

The Company follows industry -recognized standards of Best Practice and Quality Assurance/Quality

Control. Samples were submitted to ALS Peru S.A. (ISO 9001:2008) in Lima, Peru in 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 QAQC within acceptable tolerance limits. All diamond holes were drilled in PQ-NQ

diameter. Core recovery across all veins was better than 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.

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 Peru.

For more information please contact:

Jacob Garland

Phone: (604) 806-0626

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. Accordingly, 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.

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