First Andes finishes phase 1 sampling at Santas Gloria

Executive Summary

• First Andes Silver provided an update on its systematic property-wide exploration program at the 100%-owned Santas Gloria project in Peru.
• Phase 1 soil sampling in the northern veins was completed ahead of schedule and under budget, with 1,037 samples collected over 6.5 km of vein strike; results are expected in 4-5 weeks.
• High-quality WorldView-3 satellite imagery was successfully captured for mineral alteration mapping, with final products expected in 3-4 weeks.

Key Details

• Phase 1 Soil Sampling:
  • Completed ahead of schedule and under budget.
  • 1,037 soil samples collected at 25-meter intervals along 21 north-south oriented lines.
  • Covered over 6.5 kilometers of cumulative vein strike length in the northern veins (including Maribel, Paquita, Rosario, Eulalia, Kelly, and unnamed sets).
  • Samples submitted to ALS, Lima, for full multielement ICP analysis.
  • Results anticipated in four to five weeks.
• WorldView-3 (WV-3) Satellite Data:
  • Successfully captured 100% clean, unobstructed spectral and multispectral imagery over 50 square kilometers.
  • QA/QC and data processing have commenced.
  • Final mineral alteration mapping products expected in three to four weeks.
  • Data will be used to map hydrothermal alteration minerals associated with intermediate-sulphidation epithermal systems.
• Phase 2 Planning:
  • Soil sampling for southern veins will commence after the wet season (approximately March).
  • Timing allows for full receipt and interpretation of Phase 1 assays and WV-3 data.
• Metallurgical Testwork:
  • A 15-kilogram composite core sample of Ag-Pb-Zn-Au mineralized oxide vein material collected from San Jorge drill hole SG003.
  • Sample submitted to SGS Canada Inc. (Lakefield, Ont.) for cyanide leach testing.
  • Previous work showed >97% gold and 82% silver recovery via gravity plus cyanidation; 98.8% gold and 71.2% silver recovery via whole-material cyanidation.
  • Results anticipated in six to eight weeks.
• Strategic Context:
  • Integration of soil geochemistry, WV-3 spectral products, geological mapping, and geophysics aims to refine targeting for future drilling (Phase 4).
  • Goal is to identify new anomalies and sharpen existing trends to unlock high-grade silver potential.

Notable Quotes

• "Completing phase 1 soils ahead of schedule and under budget, alongside a 100-per-cent clean WorldView-3 capture, puts us in a very strong position heading into the next phase of work at Santas Gloria." — Colin Smith, CEO and Director
• "By the time the wet season subsides and phase 2 soils get under way, we expect to have a much sharper, data-driven view of where to focus future exploration efforts to unlock the broader high-grade silver potential of the district." — Colin Smith, CEO and Director