Andover Ventures (CVE:AOX)(OTCBB:AOVTF) released Wednesday an encouraging resource report for its Burgin Extension deposit, located in the East Tintic Mining District of Utah, with a preliminary economic assessment study due to follow by the end of the summer.
The silver-lead-zinc deposit is part of the 16,000 acres of patented claims in the Utah district owned by Chief Consolidated Mining Company, in which Andover holds a 78.5% stake.
At a cut-off of 5 silver equivalent ounces per ton, the NI 43-101 compliant report estimated indicated resources of 6.9 million silver ounces, and inferred resources of 11.8 million ounces.
In addition, 170.46 million indicated pounds of lead and 63.50 million pounds of zinc were established, alongside inferred resources of 391.59 million pounds of lead, and 140.85 million pounds of zinc.
"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," said COO Larry Segerstrom.
"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."
Indeed, the Burgin Extension is part of a complex that includes other known deposits such as Zone A, 5340 Zone, Zone B and the Ball Park Zone, none of which were incorporated into the resource report.Burgin Extension is also open on-strike and down dip, meaning there is further potential to boost resources.