First Andes Silver Signs Drill Contract for Santas Gloria Silver Property

Rhea-AI Summary

First Andes Silver has signed a drill contract for its Santas Gloria silver property to commence an initial 1,500m diamond drill program targeting high-grade silver-base metal mineralized segments. The program will focus on the Tembladera and San Jorge vein systems with previous high-grade results, fully funded by a recent private placement. The drill will test down dip extensions of high-grade zones and strike extensions of veins, with the property benefiting from community access agreements and environmental permits.

Positive

• The drill contract signed by First Andes Silver for the Santas Gloria silver property will allow the company to commence an initial 1,500m diamond drill program targeting high-grade silver-base metal mineralized segments.

• The drill program will focus on the Tembladera and San Jorge vein systems which have shown promising high-grade results in previous channel sampling, enhancing the potential for significant mineral discovery.

• The fully funded drill program from a recent private placement indicates strong investor interest and financial support for the exploration activities, providing a positive outlook for the company's operations.

• The property's location at a relatively low altitude of 3300m, proximity to Lima, and valid community access agreement until 2028 provide logistical advantages for the company's drilling activities, contributing to operational efficiency.

Negative

• The decision to initially construct only 10 of the possible 20 pads for drilling may limit the flexibility and options for pad locations in the future, potentially impacting the efficiency of future drilling activities.

• While the previous high-grade results from channel sampling are promising, there is always a level of uncertainty in exploration drilling, and there is no guarantee of similar results in the upcoming diamond drill program.

Vancouver, British Columbia--(Newsfile Corp. - May 9, 2024) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) (the "Company") is pleased to announce that it has entered into a drill contract for its maiden drill program at the high-grade Santas Gloria silver property.

Highlights:

• An initial 1,500m diamond drill program to commence in the upcoming weeks.
• Drilling to target Tembladera and San Jorge vein systems with previous high-grade results:
  • Tembladera underground channel assays of >10,000 g/t Ag, >20% Pb and up to 9.1% Zn.
  • San Jorge surface channel assays of between 93 to 2500 g/t Ag, and underground channel assays of up to 3210 g/t Ag.
• Fully funded drill program from recent private placement.

Drilling will initially target the strike and depth extensions of high-grade silver-base metal mineralized segments of the Tembladera and San Jorge veins, which have been defined by channel sampling of surface veins and underground workings (Figure 1).

San Jorge is a multiphase silver-rich intermediate sulphidation epithermal vein system, that is up to 6 meters wide at the surface and has been mapped over 2 strike kilometers. Drilling will test the down dip extensions of a high-grade zone that returned surface channel samples assays of between 93 to 2500 g/t Ag over 450 m strike length. The Company also plans to target a high-grade mineralized shoot beneath historical underground mine workings which returned underground channel samples grades of up to 3210 g/t Ag.

The Tembladera vein system is a complex of silver-rich intermediate vein splays and breccia's in the south of the Santas Gloria silver property, with a cumulative vein strike length of over 4 kilometers. Drilling at Tembladera will test the downdip and strike extensions of the vein where underground channel sampling by the Company that returned grades of >10,000 g/t Ag, >20% Pb and up to 9.1% Zn. Additional drilling will also focus on the near surface down dip extensions of high-grade silver mineralization which has been defined in surface channel samples over a strike length of 400 meters along the Tembladera 1 and Tembladera 2 veins.

Figure 1: Map of the Santas Gloria Property showing planned drill pads, hole traces and channel sampling results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10525/208473_1603c21d247e5bb2_002full.jpg

The Santas Glorias property is approximately 100 km from Lima, is at a relatively low altitude of 3300 m, and benefits from a community access agreement that is valid until 2028. The Company was awarded three archaeology certificates (CIRA) that cover key drill targets and confirm that there are no archaeological impediments to drilling. The Company's environmental application (Ficha Tecnica Ambiental) and water permits have been accepted and an authorization for drilling (AIA) up to 20 pads. The Company elected to initially construct only 10 of the possible 20 pads - allowing for optionality of pad location for a second round of drilling.

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 Peru.

For more information please contact:
Jacob Garland
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/208473

FAQ

What is the purpose of the drill contract signed by First Andes Silver for the Santas Gloria silver property?

First Andes Silver signed a drill contract for its Santas Gloria silver property to commence an initial 1,500m diamond drill program targeting high-grade silver-base metal mineralized segments.

What will be the focus of the drill program at the Santas Gloria silver property?

The drill program will focus on the Tembladera and San Jorge vein systems with previous high-grade results, targeting down dip extensions of high-grade zones and strike extensions of veins.

How is the drill program funded?

The drill program is fully funded by a recent private placement, indicating strong investor interest and financial support for the exploration activities.

Where is the Santas Gloria property located?

The Santas Gloria property is approximately 100 km from Lima, at a relatively low altitude of 3300m, benefiting from a valid community access agreement until 2028.

What are the potential drawbacks of the drill program at the Santas Gloria silver property?

The decision to initially construct only 10 of the possible 20 pads for drilling may limit flexibility for future pad locations, potentially impacting the efficiency of future drilling activities.