Andover Ventures Announces Resource Estimate for Burgin Extension Deposit, East Tintic Mining District, Utah, USA
22 6월 2011 - 10:00PM
Marketwired
Andover Ventures Inc. (or the "Company") (TSX VENTURE: AOX)(OTCBB:
AOVTF)(FRANKFURT: R2X) is pleased to announce a completed Resource
Estimate and progress on a Preliminary Economic Assessment for the
Burgin Extension Deposit owned by Chief Consolidated Mining Company
("Chief") (in turn approximately 78.5% owned by Andover).
The Company engaged Mine Development Associates "MDA" of Reno,
NV to complete both a resource estimate in accordance with National
Instrument 43-101 and a Preliminary Economic Assessment ("PEA") on
the Burgin Extension Deposit located within the 16,000 acres of
patented claims owned by Chief in the East Tintic Mining District
of Utah. The PEA is expected to be completed before the end of the
summer, 2011. The National Instrument 43-101 technical report will
be posted on the Company's website at www.andoverventures.com and
SEDAR at www.sedar.com within 45 days.
The Burgin Extension Deposit is established as a high grade
silver-lead-zinc project located on Chief's sizable land holdings,
and is part of a complex which includes other known deposits such
as Zone A, 5340 Zone, Zone B, and the Ball Park Zone. None of these
deposits are included in the reported Resource Estimate.
Additionally, the Burgin Extension deposit is open on-strike and
down dip. These carbonate replacement deposits or manto deposits
are part of a large silver, gold, lead and zinc complex for which
the East Tintic District is historically famous.
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Burgin Reported Resources - June 2011
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Cutoff oz
Class AgEq/ton Tons oz Ag/ton oz Ag oz Au/ton
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Indicated 5.0 920,000 7.28 6,694,000 0.025
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Inferred 5.0 1,357,000 8.71 11,823,000 0.013
----------------------------------------------------------------------------
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Burgin Reported Resources - June 2011
----------------------------------------------------------------------------
Class oz Au % Pb lbs Pb % Zn lbs Zn
----------------------------------------------------------------------------
Indicated 23,000 9.27 170,461,000 3.45 63,497,000
----------------------------------------------------------------------------
Inferred 17,000 14.43 391,589,000 5.19 140,846,000
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Mr. Larry Segerstrom, COO of Andover, comments: "We are excited
about the confirmation of this emerging high grade silver deposit,
and look forward to receiving the full PEA from MDA in the coming
period. We emphasize that this resource calculation is based solely
upon the Burgin Extension Deposit, and does not include any of the
additional deposits within this promising complex. We thank all
those who have worked diligently in the development of this
Resource Estimate and believe that this marks the first step in
developing this attractive high grade silver deposit."
Qualified Person
The new Mineral Resource Estimate was completed by Paul Tietz,
Senior Geologist at MDA, an independent Qualified Person as defined
by National Instrument 43-101. Dr. Stewart Jackson., P Geol., a
Director of Andover Ventures, is the Qualified Person responsible
for the accuracy of this news release in compliance with National
Instrument 43-101.
The mineral resource estimate was generated using the following
parameters:
The stated resource is fully diluted to 10ft by 10ft by 10ft
blocks and tabulated on silver-equivalent ("AgEq") grade cutoff of
5.0 oz AgEq/ton that is reasonable for deposits of this nature and
for the expected mining conditions and methods. The AgEq grade is
calculated using the individual silver, lead, and zinc grades of
each block. The gold content in each block is not used in the AgEq
calculation due to the uncertain metallurgy associated with this
metal. Metal prices used in the calculation are $18.00 per ounce
silver, $1.00 per pound lead and $1.00 per pound zinc. Metal
recovery factors for silver and lead are both 90% while the zinc
recovery is 60%.
The estimate is constrained by a 3-dimensional geologic model
which includes the structurally-controlled basal dolomite contact,
the primary structures which localize mineralization, and unique
low- medium- and high-grade mineral domains for each metal.
Length-weighted composites honoring all mineral domain contacts,
and with a maximum length of 5 feet, were used in the estimate.
Grade estimation is by Inverse Distance Cubed (ID3) with Ordinary
Kriging (OK) and Nearest Neighbor (NN) estimates run as checks. Two
search passes were used and the estimation within each mineral
domain used only those composites coded to that respective
domain.
Classification is based on the confidence in the underlying data
along with the number of, and average distance to, the nearest
samples. The Indicated classification sample and distance criteria
are a minimum of two samples lying a maximum average distance of
75ft from the block to be estimated. All resource blocks associated
with the pre-1990 drilling are considered Inferred due to the poor
core recovery and inability to verify much of the pre-1990 drill
data. Though mineralization was modeled into and through areas of
known historic underground mining, none of the mineralized blocks
above the 1300 level workings (the lowest known level of historic
activity) were included in the resource due to uncertainty in the
location and extent of the historic mining activity.
About Andover:
Andover Ventures is a precious and base metal exploration and
development company, headquartered in Vancouver, British Columbia,
Canada. Andover Ventures' holdings are located in the historic East
Tintic Mining District, Utah, USA, and the polymetallic-rich Ambler
Mining District, Alaska, USA.
For further information we invite you to visit us at
www.andoverventures.com.
ON BEHALF OF THE BOARD
Gordon Blankstein, CEO and Chairman
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Andover Ventures Inc. Richard Martens Investor
Relations 1-604-682-2168 or Int'l Toll Free: 1-800-266-4484
www.andoverventures.com
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