First Andes Silver Announces Commencement of 2000-Meter Diamond Drilling Program at the Santas Gloria Project, Peru

Rhea-AI Summary

First Andes Silver has initiated a 2,000-meter diamond drilling program at its Santas Gloria Project in Peru, located 100km east of Lima. The program focuses on the San Jorge Vein, targeting higher-grade sulphide zones at depth, following successful 2024 drilling results. The campaign includes 11 planned holes across four drill pads, testing approximately 400m of strike length down to 230m vertical depth. Previous drilling in 2024 yielded significant results, including hole SG003 which returned 7.43m grading 224 g/t AgEq. The program is expected to complete in five weeks, with initial assay results anticipated in 4-5 weeks. The company aims to capitalize on surging silver prices amid tight global supply and increasing industrial demand.

Positive

• Previous drilling success with high-grade silver intercepts (7.43m @ 224 g/t AgEq)
• Fully permitted 2,000-meter drilling program targeting expansion of mineralization
• Strong market timing with surging silver prices and increasing industrial demand
• Project is 100% owned by First Andes Silver
• High core recovery exceeding 90% across all veins

Negative

• None.

News Market Reaction – MSLVF

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+5.13% News Effect

On the day this news was published, MSLVF gained 5.13%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - June 18, 2025) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) (the "Company" or "First Andes") today announced the commencement of its fully permitted 2000-meter ("m") diamond drilling program at the Company's 100%-owned Santas Gloria Project ("Santas Gloria" and the "Project") located 100 kilometers ("km") east of Lima, Peru.

Key Point Summary

• Drilling has commenced at the San Jorge Vein ("San Jorge"), targeting higher-grade sulphide zones at depth, down-dip from the near-surface drilling discovery returned in 2024;
• A total of 11 holes are planned totalling approximately 2015 m from four drill pads, with an average hole depth of 183 m;
• San Jorge will be tested over roughly 400 m of strike length, down to a target depth of 230 m vertical;
• The 2000-m program is expected to take approximately five weeks to complete, with the first batch of assay results expected in four to five weeks;
• Silver prices are continuing to surge amid tight global supply and soaring industrial demand, making high-grade projects like Santas Gloria prime targets for investment and development interest.

Colin Smith, CEO and Director of the Company, stated: "We are thrilled to launch this 2,000-meter diamond drilling program at Santas Gloria, which we see as a transformative step in unlocking shareholder value and defining what could emerge as one of Peru's next major silver camps. The impressive scale, grade and continuity of silver, gold, and base metal veins, exposed at surface, within historic workings, and intersected in our 2024 maiden drill program, continue to reinforce our confidence in the Project's district-scale potential. We eagerly anticipate the first batch of assay results, expected within the next four to five weeks."

2025 Drill Program

The ongoing drill program builds on the strong results of Santas Gloria's inaugural 2024 campaign, which delivered multiple high-grade silver intercepts across several mineralized vein systems. Notably, hole SG003 targeted the sulphide zone at San Jorge and returned 7.43 metres grading 224 g/t AgEq (193 g/t Ag, 0.34% Pb, 0.3% Zn, 0.05 g/t Au) from 86.7 metres, including a higher-grade interval of 0.95 metres at 754 g/t AgEq (701 g/t Ag, 1.07% Pb, 0.62% Zn, 0.08 g/t Au) starting at 88.65 metres (refer to news release dated October 29, 2024).

The 2025 drill program is designed to follow up on these encouraging results by testing strike and depth extensions of the high-grade San Jorge Vein, where mineralization remains open in all directions (Figure 1, Table 1 and Figure 2). Further details on the 2025 drill program can be found in the Company's news releases dated May 23, 2025, and June 9, 2025.

Figure 1: 3D long section of proposed 2025 drill program at San Jorge, and results from 2024 drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10525/255955_cf8881d3f4de2bc1_002full.jpg

Table 1: Proposed 2025 drill program.

Planned Hole	Target	Easting	Northing	Elevation (m)	Planned Length (m)	Dip	Azimuth
SJ1_01	San Jorge	344569	8668335	3409.0	200	-70	20
SJ1_02	San Jorge	344569	8668335	3409.0	200	-55	60
SJ1_03	San Jorge	344569	8668335	3409.0	160	-60	335
SJ2_01	San Jorge	344734	8668259	3435.7	250	-57	10
SJ2_02	San Jorge	344734	8668259	3435.7	240	-52	30
SJ3_01	San Jorge	344744	8668327	3448.5	100	-50	10
SJ3_02	San Jorge	344744	8668327	3448.5	120	-50	40
SJ3_03	San Jorge	344744	8668327	3448.5	180	-62	320
SJ4_01	San Jorge	344840	8668339	3461.9	190	-75	10
SJ4_02	San Jorge	344840	8668339	3461.9	180	-63	50
SJ4_03	San Jorge	344840	8668339	3461.9	195	-67	310

 

Figure 2: Photograph at the first drill site of the 2025 program at the San Jorge Vein, Santas Gloria.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10525/255955_cf8881d3f4de2bc1_003full.jpg

Quality Assurance / Quality Control ("QA/QC")

The Company follows industry-recognized standards of Best Practice and QA/QC. Samples from 2024 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 QA/QC within acceptable tolerance limits. All diamond holes were drilled in PQ-NQ diameter. Core recovery across all veins exceeded 90%.

Qualified Person

Colin Smith, P.Geo., a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Smith is not independent and serves as Chief Executive Officer and Director 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 vein 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
E-mail: info@firstandes.com

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 guarantees 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 include, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255955

FAQ

What is the scope of First Andes Silver's (MSLVF) 2025 drilling program at Santas Gloria?

The program consists of 2,000 meters of diamond drilling across 11 holes from four drill pads, targeting the San Jorge Vein over 400m of strike length down to 230m vertical depth.

What were the previous drilling results at Santas Gloria's San Jorge Vein?

The 2024 drilling program's hole SG003 returned 7.43 metres grading 224 g/t AgEq, including 0.95 metres at 754 g/t AgEq from 88.65 metres.

When are the first assay results expected from MSLVF's 2025 drilling program?

The first batch of assay results is expected in four to five weeks from the program's commencement on June 18, 2025.

Where is First Andes Silver's Santas Gloria Project located?

The Santas Gloria Project is located 100 kilometers east of Lima, Peru.

What is the quality control process for First Andes Silver's drilling program?

Samples are submitted to ALS Peru S.A. in Lima for fire assay and ICP analysis, following industry-recognized standards with core recovery exceeding 90% across all veins.