First Andes Silver Outlines Systematic Property-Wide Exploration Program, Santas Gloria Project, Peru

The most recent news release from November 19, 2025, outlines a systematic property-wide exploration program for First Andes Silver's 100%-owned Santas Gloria Project in Peru, planned for 2025-2026. The program includes WorldView-3 spectral mapping, property-wide soil sampling, follow-up mapping and sampling, ground IP (induced polarization) geophysics, and Phase 4 drill planning.

CEO Colin Smith highlights that Santas Gloria hosts 23 mapped ISE (intermediate sulphidation epithermal) veins totaling over 12 kilometers of strike but has never been systematically explored using modern techniques like soil geochemistry, ground geophysics (IP), and high-resolution spectral alteration mineral mapping (WV-3). He states that with Phase 3 drill permitting underway and this integrated exploration program, First Andes is taking a truly integrated approach to vector into high-grade mineralization across the entire property.

This news is a positive, but routine, update regarding First Andes Silver's Santas Gloria project. The outlined 2025-2026 exploration program (spectral mapping, soil sampling, IP, and Phase 4 drill planning) was previously announced in the November 3, 2025 news release as part of the company's broader exploration strategy. Therefore, this release serves to provide more detail on how that previously announced program will be executed rather than announcing new, unexpected initiatives.

The systematic approach is a sound geological strategy for an early-stage exploration project to efficiently identify and prioritize drill targets, especially given the historical lack of modern exploration. This is a positive development in terms of project execution and de-risking exploration, as it aims to optimize future drilling. However, it does not present new drill results, a resource estimate, or a major financial milestone that would significantly alter the company's valuation in the immediate term. The stock price impact is likely to be neutral to slightly positive, primarily due to the confirmation of continued progress and a structured plan.

First Andes Silver Ltd. (TSXV: FAS) is a Canadian-based exploration company focused on developing its 100%-owned Santas Gloria Silver Project in Peru. The project is comprised of three mineral concessions totaling 1,100 hectares, located approximately 55 kilometers east of Lima.

Santas Gloria is situated within a well-known intermediate sulphidation epithermal belt and hosts over 12 kilometers of multiphase veins mapped at surface. Despite a history of artisanal mining dating back to the 1860s, the project was never systematically explored using modern techniques until First Andes Silver's involvement.

The company's 2024 maiden diamond drill program yielded encouraging results, reporting high-grade silver intercepts across several mineralized vein systems, including San Jorge, Tembladera, Maribel, and Paquita. For example, hole SG003 at San Jorge returned 7.43 m of 224 g/t AgEq (193 g/t Ag, 0.34% Pb, 0.3% Zn, 0.05 g/t Au) from 86.7 m, including a higher-grade interval of 0.95 m at 754 g/t AgEq.

The 2025 drill program continued to test for extensions of higher-grade mineralization at depth, particularly within the sulphide zones of the San Jorge vein. Field logging identified broad hydrothermal breccia zones with significant sulphide mineralization (up to 20% pyrite, galena, sphalerite, barite, tetrahedrite), confirming an intact polymetallic intermediate sulphidation system. Subsequent assay results (August and September 2025) further validated the strength of the system, with multiple holes returning robust silver and base metal grades within a deeply oxidized horizon, indicating significant depth potential beneath the oxide zone. The deepest recorded intersection of epithermal mineralization in the project's history was reported in hole SG017, between 125 and 170 meters vertical depth.

Bench-scale flotation metallurgical testing conducted in 2022 on sulphide samples from San Jorge yielded favorable recoveries of 88.1% for silver and 80.9% for gold.

The current strategy involves a comprehensive 2025-2026 systematic exploration program, including WorldView-3 spectral mapping, property-wide soil sampling, ground IP geophysics, and Phase 4 drill planning, aimed at optimizing vectoring into high-grade mineralization across the entire property. Phase 3 drill permitting is currently underway.