First Andes Silver Signs Drill Contract for Santas Gloria Silver Property

Vancouver, 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:
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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.

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