Mineral explorer Andover Ventures (CVE:AOX)(OTCBB:AOVTF) said Thursday that its subsidiary Chief Consolidated Mining Company has been notified of budget approval for the 2011 work program at the joint venture Big Hill project in Utah.
The notice of budget approval was received from Kennecott Exploration Company, a division of Rio Tinto, which is eligible to earn a 51% interest in Big Hill by completing a prefeasibility study or by incurring $20.0 million. A further 4% stake can be achieved by funding all project costs until feasibility, as accepted by the Rio Tinto investment committee.
The 2011 work program will include drilling, Chief said. The Big Hill porphyry target is located in the Tintic Mining District near Provo, Utah.
Vancouver-based Andover, which operates in Utah and Alaska, holds a 78.5% interest in Chief Consolidated Mining.