First Andes Commences Phase 2 Soil Sampling over Large Hydrothermal Alteration System at Santas Gloria, Peru

First Andes launches 1,615-sample Phase 2 soil program after strong Phase 1 anomalies.

What the company is saying

First Andes Silver Ltd. is announcing the start of its Phase 2 soil sampling at the 100%-owned Santas Gloria Project in Peru, emphasizing systematic exploration across a major, largely untested hydrothermal alteration system. The company highlights that 1,615 samples will be collected over the southern project area, targeting multiple kilometre-scale vein systems such as Tembladera and San Jorge. Management frames the narrative around the success of Phase 1, which collected 1,037 samples and delineated six silver-in-soil anomalies totaling 4.3 km of strike length and a gold anomaly over 1.2 km long. CEO Colin Smith and Chief Geologist Dr. Christopher Wilson are prominently named, with Wilson having reviewed and approved the technical content. The announcement underscores integration of geochemical and spectral data, and positions the program as a foundation for future drilling and target ranking. The tone is confident but measured, focusing on technical process and the scale of the opportunity rather than imminent value creation.

What the data suggests

The company has commenced Phase 2 soil sampling, planning to collect 1,615 samples across the southern portion of Santas Gloria, with lines spaced 100 metres apart and samples every 25 metres. This follows Phase 1, which collected 1,037 samples in the north and delineated six silver-in-soil anomalies with a combined 4.3 km strike length and individual values up to 68.1 ppm Ag. Phase 1 also identified a gold-in-soil anomaly over 1.2 km long, with a higher-grade core exceeding 0.6 ppm Au, and this anomaly remains open along strike. The current program targets a 1.3 km x 2 km hydrothermal alteration system mapped by WorldView-3 SWIR, covering multiple mapped and undrilled epithermal vein corridors. The company holds a 100% interest in the project, which has over 12 km of mapped veins and reported strong near-surface silver intercepts in 21 of 26 drill holes completed in 2024-2025. The technical disclosure is detailed, but no resource estimate, economic study, or financial data is provided. The evidence supports a methodical, early-stage exploration narrative, with the main value driver being the potential for new target generation and future drilling.

Analysis

The announcement is proportionate in tone, focusing on the commencement of Phase 2 soil sampling and referencing concrete, realised results from Phase 1 (e.g., number of samples, anomaly lengths, and assay values). The forward-looking elements—such as the integration of new data, target ranking, and future drilling—are standard for an exploration-stage update and are not overstated. The release does not promise imminent value creation; instead, it outlines a methodical, multi-stage exploration process, with the next major steps (drilling, resource definition) likely years away. The capital intensity flag is set to true because systematic, project-wide exploration and future drilling are referenced, but no immediate earnings or resource conversion is expected. There is no promotional or exaggerated language; the technical detail and measured next steps keep hype low. The gap between narrative and evidence is minimal, with all claims either realised or appropriately caveated as future work.

Risk flags

• ●Exploration risk is high: the project is still in the soil sampling and early drilling stage, with no resource estimate or economic assessment, so there is no guarantee that anomalies will translate to economically viable deposits.
• ●Execution risk exists: systematic sampling and integration of geochemical and spectral data require technical precision, and delays or errors in sample collection, analysis, or interpretation could slow progress or lead to misleading targets.
• ●Financing risk is implicit: the announcement does not disclose current cash position or funding for future drilling, and sustained exploration and drilling programs are capital intensive, potentially requiring additional financing.

Bottom line

First Andes Silver Ltd. is expanding its systematic exploration at Santas Gloria with a 1,615-sample Phase 2 soil program, building on strong Phase 1 silver and gold anomalies. The technical approach is robust, targeting a major hydrothermal alteration system and multiple undrilled vein corridors, but the project remains at an early stage with no resource or economic studies disclosed. The timeline to value is long, with the next catalysts being assay results and target ranking, followed by potential drilling in 2027. Investors should recognize the high exploration and execution risk, as well as the likelihood of future capital needs. The most important takeaway is that while technical progress is clear, the path to a defined resource and economic value remains several steps away.

Announcement summary

(TSXV:FAS) (OTCQB:FASLF) (FSE:9TZ0) First Andes Silver Ltd. has commenced its Phase 2 soil sampling program at its 100%-owned Santas Gloria Project, located approximately 55 kilometres east of Lima, Peru. The Phase 2 program plans for 1,615 soil samples to be collected across the largely unexplored southern portion of Santas Gloria, targeting a 1.3 km x 2 km WorldView-3 zoned hydrothermal alteration system. Sampling will be conducted along north-south lines spaced 100 metres apart, with samples collected at 25-metre intervals, covering the Tembladera, San Jorge, and adjacent kilometre-scale undrilled epithermal vein corridors. The program aims to provide systematic geochemical coverage across several intermediate-sulphidation epithermal vein systems that host mapped veins, historical workings, and locally high-grade silver mineralization. The soil grid will cover a substantial portion of the alteration footprint and associated vein structures, integrating geochemical and spectral data to identify prospective structural corridors and refine targets for potential concealed silver-gold mineralization. The Phase 2 program builds on the successful Phase 1 survey, which collected 1,037 soil samples across the northern portion of Santas Gloria. Phase 1 delineated six coherent silver-in-soil anomalies along the Maribel, Paquita, Rosario, Eulalia, and Kelly vein corridors, collectively defining approximately 4.3 km of aggregate strike length, with individual values reaching 68.1 ppm Ag. Gold and multi-element analyses from Phase 1 identified a greater than 1.2-km-long gold-in-soil anomaly along the Kelly-Eulalia structural corridor, with a higher-grade core exceeding 0.6 ppm Au. The gold anomaly remains open along strike and is spatially associated with mapped epithermal veins and inferred sericitic alteration. Next steps include completing Phase 2 soil sampling, submitting samples for gold and multi-element geochemical analysis, integrating results with existing data, and delineating and ranking priority geochemical and structural targets for follow-up exploration and future diamond drilling. Soil samples will be collected and bagged under company supervision, submitted to ALS Peru S.A. for analysis, and analyzed for Ag and a suite of elements by multi-element ICP methods following four-acid digestion. The company will report the complete multi-element dataset and any follow-up interpretations once final compilation and QA/QC review are complete. Dr. Christopher Wilson, Ph.D., FAusIMM (CP), FSEG, FGS, Chief Geologist of First Andes Silver Ltd., has reviewed and approved the technical information in this release. First Andes Silver Ltd. is a British Columbia company holding a 100% interest in the high-grade Santas Gloria silver property, which hosts over 12 km of multiphase veins mapped at surface that had not been historically drilled or explored using modern techniques prior to 2024. Across two phases of diamond drilling (2024-2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26 drill holes, confirming silver mineralization across multiple vein systems and supporting systematic, project-wide exploration and follow-up drilling in 2027.

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