Mining Explorers 2012: Andover Mining Corp.
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CEO and Chairman: Gordon Blankstein
Chief Operating Officer: Kent Turner
Sun General Manager: Bradley Peek
With a 2012 budget of US$3.5 million, Andover Mining Corp. set out to establish an inaugural NI 43-101 resource for its Sun copper-silver-lead-zinc-gold project situated at the eastern end of the Ambler Mining District – a region of Northwest Alaska renown for a 70-mile- (110 kilometers) long belt of world-class volcanogenic massive sulfide deposits. A historical resource calculated for the Main Sun deposit by Anaconda Mining Company outlined 2.4 million tons averaging 2.39 ounces per ton (81.77 grams per metric ton) silver, 1.93 percent copper, 4.51 percent zinc and 1.2 percent lead; and an additional underground resource of 17.89 million tons averaging 2.37 opt silver (81.09 grams per metric ton), 1.91 percent copper, 2.46 percent zinc and 1.18 percent lead. With the dual goal of adding to and bringing this resource to modern standards, Andover and Mine Development Associates – a Reno, Nevada-based geological consultant – poured over the some 15,000 meters of drill results and other information from exploration historically completed at Sun. Utilizing this data, the explorer and consultant modeled the deposit and laid out a program that involves a balance of infill drilling and deposit expansion. One of the primary objectives of the 17-hole program at Main Sun is to ensure that the drill density inside the deposit will support a resource calculation. SUN 12-29, one such hole, cut three zones of mineralization. From a depth of 71.9 meters, hole 29 cut 8.6 meters averaging 1.5 percent copper, 9 percent zinc, 1.6 percent lead, 66.2 grams per metric ton silver and 0.19 g/t gold; at 100.5 meters this hole intersected 6.2 meters averaging 2.7 percent copper, 6.5 percent zinc 1.3 percent lead, 116.4 g/t silver and 0.40 g/t gold; and at 130 meters, this hole cut 2.3 meters averaging 1.7 percent copper, 1 percent zinc, 0.26 percent lead, 48.9 g/t silver and 0.14 g/t gold. SUN 12-35 – expanding the Main Sun deposit to the northeast – cut four mineralized zones including 2 meters (true width) averaging 1.2 percent copper, 1 percent zinc, 0.2 percent lead, 77.3 g/t silver and 0.6 g/t gold. SUN 12-39, drilled at the southwestern edge of Main Sun, cut 10 meters (true width) averaging 3 percent copper, 2.43 percent zinc, 0.54 percent lead, 43.6 g/t silver and 0.43 g/t gold. S.W. Sun, a fault off-set extension of Main Sun, was also targeted in 2012. Early results include SUN 12-34, which cut 3.6 meters (true width) averaging 1.02 percent copper, 80.7 g/t silver, 6.45 percent zinc, 2.13 percent lead and 0.21 g/t gold. Sun 12-38 – a step-out to the northeast of known S.W. Sun mineralization – cut 2.3 meters (true width) averaging 1.2 percent copper, 54.3 grams per metric tons silver, 2.83 percent zinc, 0.49 percent lead and 0.3 g/t gold. While a larger rig focused on the Main Sun and S.W. Sun deposits; a portable rig tested outlying targets. Sal, one such prospect, lies about five miles (eight kilometers) west of Main Sun. Strong alteration and iron staining within the prospective rock package of the region has been mapped for some 200 meters along strike at Sal before being lost beneath cover. The discovery hole at Sal cut 2.1 meters (true width) averaging 0.69 percent copper, 2.99 percent zinc, 0.84 percent lead, 19.9 grams per metric ton silver and 0.13 g/t gold. Stu, located about 500 meters southwest of Sal, also demonstrates strong alteration and gossan. STU12-01, the Stu discovery hole, cut 8.1 meters (true width) averaging 0.49 percent copper, 2.75 percent zinc, 0.71 percent lead, 33.5 grams per metric ton silver and 0.2 g/t gold. Late in 2011, Andover more than doubled its land position in the Ambler District by staking 118 new claims that surround the Sun project; and 57 claims adjacent to Smucker at the opposite end of the Ambler Belt, some 60 miles (95 kilometers) to the west. The company now holds 45,920 acres in this VMS district.
Cash and short-term deposits: C$2.12 million (at June 30, 2012; US$1.5 convertible note financing completed Aug. 29, 2012)
Working capital: C$2.24 million (at June 30, 2012)
Market capitalization: C$23.2 million (at Sept. 10, 2012)
Andover Mining Corp.
Suite 890, 999 West Hastings St., Vancouver, B.C. Canada V6C 2W6
Tel: 604-682-2168 • Fax: 604 682-2169
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