First Andes Silver Consolidates 2024-2025 Drilling Results and Prepares for Next Phase of Exploration, Santas Gloria Project, Peru
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The November 3, 2025 news release consolidates the results from the 2024 and 2025 drill campaigns at the Santas Gloria Silver Project in Peru. The company reports that 21 of 26 holes drilled returned reportable silver intercepts, confirming the high-grade potential across multiple vein systems.
The release outlines a path forward, including a 2,000-meter Phase 3 drill program planned for 2026. This program will focus on the "virtually untested" Tembladera vein, which has historical high-grade surface samples, and will also include step-out drilling at the San Jorge vein. Additionally, a systematic, district-scale exploration program is planned to identify new targets across the property. This broader program will involve spectral mapping, soil sampling, rock sampling, and a ground IP program, leading to a subsequent Phase 4 drill campaign.
This news release is a summary and strategic outlook, not a release of new exploration data. The market has already received, reacted to, and priced in the individual drill results that are being consolidated here.
A chronological review of the company's progress is revealing: - Late 2024 - Early 2025: The company was in a precarious position, terminating a financing at $0.08 in December 2024 and seeing its CEO resign. The stock hit a low of $0.04. The arrival of a new, experienced management team in January/February 2025, including CEO Colin Smith and Executive Chairman Ian Stalker, marked a significant turnaround. They successfully closed an oversubscribed financing of $1.06 million at $0.05 per share. - Mid-2025: On July 2, 2025, the company announced it had drilled a 57.6-meter-wide zone of sulphide-mineralized breccia. This visual news, while lacking assays, was seen as a major breakthrough and caused the stock to surge from $0.08 to a high of $0.17 on massive volume. The company capitalized on this strength by raising another $1.32 million at a much higher price of $0.10 per unit. - Late 2025: Assay results were released on August 21 and September 16. While the results confirmed a robust mineralized system with decent grades (e.g., 6.2m of 190.5 g/t AgEq and 3.9m of 268.2 g/t AgEq), they did not deliver the kind of spectacular intercepts that the market appeared to anticipate after the initial visual "breakthrough" news. Consequently, the stock price has since corrected significantly, falling from its $0.17 peak back to the $0.08-$0.09 range.
The current news release simply recaps these results. It is routine because it contains no new data for the market to price in. The stock's current valuation reflects the market's assessment of the known drill results. The release is positive as it provides a clear and logical exploration plan for 2026, highlighting the compelling Tembladera vein target. However, with the next drill program not planned until 2026, there is no immediate catalyst for a re-rating.
First Andes Silver Ltd. is a junior mineral exploration company focused on its 100%-owned Santas Gloria silver project in a prolific mining district in Peru. The project hosts over 12 kilometers of mapped epithermal veins that had not been subject to modern exploration or drilling prior to the company's involvement. The property is not subject to royalties, but there is a one-time discovery bonus of US$1,000,000 payable upon the announcement of a resource estimate of 10 million silver-equivalent ounces.