Andover Mining Releases Initial Resource Estimate for SUN Project in the Ambler Mineral Belt, Alaska, - Video Summary on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2013) - Andover Mining (TSXV: AOX) (OTCBB: AOVTF) has released an initial resource estimate for its SUN Project in the Ambler Mineral Belt, Alaska, one of the richest and most prospective copper mineral belts located in one of the safest geopolitical jurisdictions in the world.
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Using a cut-off of $75 per tonne in ground value, the combined Main SUN and Southwest SUN Deposits Indicated Resources are estimated at 2.165 Million Tonnes at 1.42% copper, 1.06% lead, 4.11% zinc, 57.6 grams per tonnes silver, and 0.21 grams per tonne gold. This is equivalent to a grade of 3.9% copper.
The additional Inferred Resources are 11.648 Million Tonnes at 1.14% copper, 1.37% lead, 3.91% zinc, 76.8 grams per tonne silver and 0.24 grams per tonne gold. This also works out to a 3.9% copper equivalent.
Kent Turner, Andover's COO stated, "These results validate Andover's efforts over the past 7 years, and clearly show that the SUN and Southwest SUN Deposits represent a very significant mineral resource by any standards. At this size, with the excellent continuity apparent within the deposits and the very high in-ground metal values, the SUN and Southwest SUN Deposits clearly have all the earmarks of a potentially major economically significant resource."
Gordon Blankstein, CEO, and Chairman added, "Receipt of this Report is very exciting news for Andover Mining. The Sun Deposits are now shown to have the kind of high grades necessary for development in Alaska. With the contained metal content and copper-equivalent we believe the SUN project represents one of the larger undeveloped polymetallic VMS resources in the world."
For more details, the NI 43-101 report will be available on Sedar.com.
Through its 83.5% ownership of Chief Consolidated Mining Company, Andover is engaged in the exploration and development of approximately 18,000 acres of mining properties located in the prolific East Tintic Mining District of Utah, adjacent to the historic mining city of Eureka.
Andover currently trades at $0.07 and with approximately 122 million shares outstanding, is capitalized at $8.5 million.
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Barry Morgan, CFO