First Andes Silver Reports Final Drilling Assays, Santas Gloria Project, PERU
FIRST ANDES SILVER REPORTS FINAL DRILLING ASSAYS, SANTAS GLORIA PROJECT, PERU
Vancouver, British Columbia, September 16, 2025 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets:
MSLVF; FSE: 9TZ) (the “Company” or “First Andes” ) today announced remaining assay results from its
2,000-meter (“m”) drill program at the Company’s 100%-owned Santas Gloria Project (“Santas Gloria” or
the “Project”), located approximately 55 kilometers (“km”) east of Lima, Peru.
Key Point Summary
• Remaining assays from the final San Jorge Vein (“San Jorge”) continue to deliver strong silver and
base metal grades within a deeply oxidized horizon, reinforcing evidence that a well -preserved
sulphide-rich system remains intact and open at depth;
• Significant precious and base metal intercepts in 11 of 14 holes drilled through the oxide zone
further underscore San Jorge’s depth potential, provide key vectoring indicators, and support the
case for permitting additional drill pads;
• Geological and structural modelling of the 2025 drill program revealed distinct flexures in the
orientation of San Jorge, with the vein swinging to a steep northerly dip in some locations;
consequently, future drilling is to be optimized by larger step-outs to the south to facilitate down-
dip holes at shallower angles to ensure the entire structure is intersected;
• Drill hole SG027 reported:
o 167.1 g/t AgEq (152.9 g/t Ag, 0.05 g/t Au, 0.13% Pb, 0.19% Zn) over 4.80 m from 89.0 m,
incl 276.9 g/t AgEq (252.2 g/t Ag, 0.05 g/t Au, 0.29% Pb, 0.35% Zn) over 0.60 m from 91.40
m;
• Drill hole SG024 reported:
o 238.8 g/t AgEq (190.5 g/t Ag, 0.08 g/t Au, 0.65% Pb, 0.77% Zn) over 1.90 m from 231.70
m, incl. 596.6 g/t AgEq (493.8 g/t Ag, 0.14 g/t Au, 0.19% Pb, 1.41% Zn) over 0.50 m from
231.7 m;
• Drill hole SG023 reported:
o 222.6 g/t AgEq (159.9 g/t Ag, 0.22 g/t Au, 0.42% Pb, 0.97% Zn) over 1.70 m from 172.00
m, incl. 410.3 g/t AgEq (325.6 g/t Ag, 0.31 g/t Au, 0.73% Pb, 1.20% Zn) over 0.50 m from
172.00 m;
• Drill hole SG026 reported:
o 121.3 g/t AgEq (107.0 g/t Ag, 0.04 g/t Au, 0.17% Pb, 0.20% Zn) over 2.70 m from 76.10
m, incl. 239.8 g/t AgEq (214.5 g/t Ag, 0.04 g/t Au, 0.31% Pb, 0.42% Zn) over 0.70 m from
76.90 m, and 226.3 g/t AgEq (210.3 g/t Ag, 0.05 g/t Au, 0.14% Pb, 0.24% Zn) over 0.80 m
from 86.80 m.
“The final set of assays from San Jorge continues to validate the strength of this system, with multiple
holes returning robust silver and base metal grades within a deeply oxidized horizon,” stated Colin Smith,
CEO and Director of First Andes Silver. “Importantly, the consistency of mineralization across 11 of 14 holes
confirms we are in the upper levels of a classic intermediate -sulphidation epithermal system, pointing to
significant depth potential and providing key vectors for future drilling. In Peru, intermediate-sulphidation
systems are known to extend vertically for several hundred meters, often 300 to 800 m or more, meaning
that what we are seeing today could represent only the top of a much larger preserved sulphide -rich
system at depth.”
Peru’s mining law provides a clear and efficient framework for exploration permitting, though one
important limitation is that drill programs must be completed from pre -approved pads, without the
flexibility to adjust collar locations once drilling is unde rway. At Santas Gloria, this meant the Company
was required to continue drilling from pads positioned south of the San Jorge Vein, even after geological
modeling indicated the vein rolled northward at depth. While this restricted the ability to fully test deeper
sulphide targets from the existing pads, the upcoming phase of drilling will establish new collars located
further to the north and/or south, depending on modeled vein orientations . From these pads, the
Company will be able to complete angled holes designed to pierce the San Jorge Vein beneath the oxidized
horizon and directly evaluate the preserved sulphide zones at depth.
The Company also plans to drill the high-grade silver-base metal Tembladera Vein, high-grade gold-silver-
base metal Kelly Vein (undrilled), and additional untested epithermal systems property-wide.
Table 1: Assay Results for Drill Holes SG016-SG029 (Holes SG016-SG022 Previously Reported)
Hole ID Easting Northing Azimuth Dip EOH (m) From (m) To (m) Length* (m) Ag (g/t) Au (g/t) Pb (%) Zn (%) AgEq (g/t)
SG016 344742 8668326 10 -50 78.4 75.0 77.0 2.0 109.1 0.04 0.35 0.20 124.6
SG017 344742 8668326 320 -62 194.2 165.8 168.1 2.3 168.8 0.21 0.15 0.28 195.3
Including 166.6 167.4 0.8 387.1 0.24 0.25 0.29 418.9
And 174.7 180.9 6.2 164.8 0.20 0.17 0.23 190.5
Including 175.9 176.8 0.9 238.7 0.27 0.11 0.35 271.5
Including 176.8 177.4 0.6 533.8 0.32 0.24 0.57 578.6
Including 179.8 180.3 0.5 256.1 0.16 0.63 0.29 289.3
And 193.2 193.9 0.7 220.7 0.10 0.18 0.35 240.9
SG018 344742 8668326 40 -53 119.1 87.3 88.4 1.1 198.1 0.10 0.19 0.40 211.6
Including 87.3 87.8 0.5 321.6 0.08 0.30 0.50 346.3
SG019 344840 8668339 50 -63 113.6 109.8 110.9 1.1 332.1 0.11 0.10 68.00 350.4
Including 110.4 110.9 0.5 392.4 0.13 0.23 0.38 443.2
SG020 344840 8668339 63 -60 165.1 158.0 158.5 0.5 239.4 0.11 0.13 0.38 260.1
SG021 344838 8668340 350 -75 145.1 No significant assays
SG022 344838 8668340 44 -55 98.7 91.9 95.8 3.9 248.5 0.12 0.32 0.14 268.2
Including 95.1 95.8 0.7 606.2 0.18 0.68 0.12 638.1
SG023 344743 8668325 317 -56 178.0 145.8 149.8 4.0 133.8 0.14 0.15 0.27 138.7
Including 148.8 149.8 1.0 199.9 0.12 0.25 0.57 235.8
SG023 344743 8668325 317 -56 178.0 172.0 173.6 1.7 159.9 0.22 0.42 0.97 222.6
Including 172.0 172.5 0.5 325.6 0.31 0.73 1.20 410.3
SG024 344743 8668325 317 -67 242.4 231.7 233.6 1.9 190.5 0.08 0.65 0.77 238.8
Including 231.7 232.2 0.5 493.8 0.14 0.19 1.41 596.6
SG025 344743 8668325 40 -60 168.7 No significant assays
SG026 344572 8668335 353 -52 99.6 76.1 78.8 2.7 107.0 0.04 0.17 0.20 121.3
Including 76.9 77.6 0.7 214.5 0.04 0.31 0.42 239.8
And 86.8 87.6 0.8 210.3 0.05 0.14 0.24 226.3
SG027 344572 8668335 326 -45 111.8 89.0 93.8 4.8 152.9 0.05 0.13 0.19 167.1
Including 91.4 92.0 0.6 252.2 0.07 0.29 0.35 276.9
Including 92.6 93.2 0.6 212.9 0.04 0.11 0.15 224.1
SG028 344572 8668335 326 -62 158.3 No significant assays
SG029 344572 8668335 60 -52 152.3 118.1 119.7 1.6 129.8 0.31 0.52 0.13 171.1
Including 118.1 118.9 0.8 157.5 0.37 0.63 0.13 206.0
*Interval lengths represent drill core lengths, true widths are yet to be determined
**AgEq formula: AgEq = ((Ag ppm x Ag g/USD)+(Au ppm x Au g/USD)+(Pb ppm x Pb g/USD)+(Zn ppm x Zn g/USD)) / (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/
Figure 1: Plan map of 2025 drill program at San Jorge.
Figure 2: Cross section of SG029 (2025), and SG008 (2024).
Figure 3: Cross section of SG017, SG023 and SG024 (all 2025 holes).
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 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
is not independent and serves as Chief Geologist of First Andes Silver Ltd. and owns securities 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 100 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.