Highlights

  • Andean Silver reports new high-grade silver-gold vein discoveries outside current resource areas at Cerro Bayo.
  • Exploration results are located within 200m of the Laguna Verde processing Facility.
  • Vein samples returned extremely high grades, including up to 5,643g/t silver equivalent.
  • Follow-up channel sampling confirms consistent mineralised vein widths across multiple zones.
  • Company is preparing a Mineral Resource Estimate update scheduled for June 2026.
  • Ongoing drilling and studies aim to support resource expansion and project restart planning

Andean Silver Limited (ASX: ASL) has released new exploration results from its Cerro Bayo Silver-Gold Project in Chile, highlighting continued expansion of high-grade mineralised vein systems beyond existing resource boundaries. The latest findings reinforce the company’s ongoing strategy of resource growth through systematic exploration, mapping, and drilling across its 100% owned district-scale project.

On 14 May 2026, ASX:ASL traded at AUD 2.42, down 0.82% for the session, while maintaining a favourable longer-term performance with a 149.48% gain over the past year. Despite the modest daily movement, investor attention remains focused on the company’s exploration progress and upcoming resource update rather than short-term price fluctuations.

Company Overview

Andean Silver is an Australian mineral exploration company focused on advancing the Cerro Bayo Silver-Gold Project located in the Aysén region of southern Chile. The project is a large-scale epithermal system covering approximately 330km² and hosts a substantial existing mineral resource base.

The company’s strategy is centred on expanding and upgrading its current resource inventory while simultaneously advancing exploration across multiple underexplored vein corridors. Over recent years, Andean Silver has significantly increased its Mineral Resource Estimate and continues to identify new zones of mineralisation through systematic geological work.

The Cerro Bayo project also includes existing infrastructure such as a processing facility, which supports the potential for near-term development pathways alongside exploration-led growth.

New Exploration Results Expand Mineralised System

The latest announcement highlights the discovery of extensive high-grade mineralised veins outside the current defined resource areas, with several key results located close to existing infrastructure, including within 200 metres of the Laguna Verde processing facility.

These results are considered strategically important as they strengthen evidence of potential near-term resource expansion and improved project scale. The newly identified mineralised zones extend the known Taitao and Appaloosa structures, with additional vein continuity observed across multiple areas.

Among the most significant results were vein chip samples returning exceptionally high silver equivalent grades, including:

  • 5,643g/t silver equivalent (2,056g/t Ag &Amp; 43.2g/t Au)
  • 4,585g/t silver equivalent (2,755g/t Ag & 22.1g/t Au)
  • 4,243g/t silver equivalent (1,448g/t Ag & 33.7g/t Au)

These results demonstrate the presence of high-grade mineralisation across newly identified extensions and reinforce the geological continuity of the system.

Channel Sampling Confirms Continuity and Width of Mineralised Structures

In addition to rock chip results, follow-up sawn channel sampling has further validated the presence of consistent vein widths across newly identified corridors between Taitao and Cristal.

Key channel results include:

  • 1.2m @ 1,681g/t silver equivalent (703g/t Ag & 11.8g/t Au)
  • 1.2m @ 1,178g/t silver equivalent (219g/t Ag & 11.6g/t Au)
  • 1.9m @ 480g/t silver equivalent (132g/t Ag & 4.2g/t Au)

These results indicate not only high-grade mineralisation but also consistent structural continuity, which is an important Factor in future resource modelling and potential mine planning.

Guanaco and Marcela Corridor Continues to Deliver High-Grade Extensions

Further exploration north of the Marcela Mine corridor has also identified additional vein extensions, with mapped mineralisation now extending over an additional 300 metres of strike in some areas.

Rock chip results from this zone include several high-grade silver and gold assays such as:

  • 31,750g/t silver equivalent (24,487g/t Ag & 87.5g/t Au)
  • 17,745g/t silver equivalent (600g/t Ag & 203.3g/t Au)
  • 7,887g/t silver equivalent (5,074g/t Ag & 33.9g/t Au)
  • 7,626g/t silver equivalent (4,726g/t Ag & 34.9g/t Au)

These results highlight the ongoing expansion of mineralised systems within the broader Cerro Bayo district and support the view that significant portions of the project remain underexplored.

Channel sampling in the same region also confirmed mineralised widths including:

  • 2.7m @ 1,104g/t silver equivalent
  • 1.7m @ 618g/t silver equivalent
  • 1.9m @ 590g/t silver equivalent

Exploration Strategy Focused on Resource Growth and Near-Term Development Pathway

Andean Silver continues to execute an aggressive exploration strategy across the Cerro Bayo district, supported by multiple active drill rigs and ongoing geological work.

The company is currently focused on:

  • Expanding existing resource areas through brownfield drilling
  • Identifying new vein systems through mapping and sampling
  • Advancing greenfield exploration targets across the broader district
  • Supporting internal studies linked to potential future mine restart scenarios

A key near-term milestone for the company is the planned Mineral Resource Estimate update scheduled for June 2026, which will incorporate recent exploration results and feed into ongoing economic studies.

What This Means for Investors?

The latest exploration update reinforces Andean Silver’s growth-oriented development model, where continuous discovery and resource expansion remain central to long-term value creation.

While the share price showed limited movement on the day, broader investor focus remains on the company’s expanding mineralised footprint and upcoming resource update. The identification of high-grade vein extensions close to existing infrastructure adds further support to the potential scalability of the Cerro Bayo project.

With drilling ongoing and multiple datasets feeding into upcoming studies, market attention is expected to remain closely aligned with exploration outcomes and resource growth milestones.