Andover Ventures Inc.

Andover Ventures Inc.

November 14, 2006 05:00 ET

Andover Finds 25.37 OPT Gold and 177 OPT Silver at KUY Property, Alaska

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - ANDOVER VENTURES INC. (the "Company") (TSX VENTURE:AOX) (FWB:R2X) announces that recently received analyses of twelve composite grab samples collected by Alaska Earth Sciences personnel in September at Andover Venture's KUY prospect in Southwestern Alaska have returned some strikingly high gold results. Twelve samples collected at one-meter intervals along a 15- to 30-cm (6- to 12-inch) wide quartz vein cutting Tertiary volcanic rocks on the property reported grades ranging from 6.52 ppm (6.5 grams/tonne or 0.19 ounces/ton) to 869 ppm (869 grams/tonne or 27.4 ounces/ton) gold (Au) as summarized in the table below.

Quartz Vein Samples(1)

Sample Dist. along Au Ag Te Cu
Number strike (m) (ppm) Au (opt) (ppm) Ag (opt) (ppm) (ppm)
322663 0-1 7.55 0.22 24.1 0.7 20 1410
322664 1-2 122.5 3.58 446 13.01 340 1070
322665 2-3 40.7 1.19 95 2.77 80 1750
322666 3-4 12.15 0.35 37.5 1.09 30 1170
322667 4-5 103.5 3.02 287 8.37 250 1460
322668 5-6 6.98 0.2 28.6 0.83 20 365
322669 6-7 6.52 0.19 15.6 0.46 10 211
322670 7-8 6.73 0.2 22 0.64 20 843
322671 8-9 14.95 0.44 46.2 1.35 30 1160
322672 9-10 262 7.65 712 20.77 460 2270
322673 10-11 869 25.37 6090 177.63 4590 1540
322674 11-12 159.5 4.66 328 9.57 220 1570

(1) Samples are 1 meter in length along a 15-30 cm-wide quartz vein

Analyses were done by ALS Chemex Labs. Gold was analyzed by fire assay with a gravimetric finish with a 50-gram nominal sample weight (ALS Chemex code Au-GRA22); silver, copper and tellurium were analyzed in a 34-element ICP/AES package with an aqua regia digestion (ALS Chemex code ME-ICP41); silver values reported at greater than 100 ppm were additionally analyzed with an aqua regia digestion and an atomic absorption finish (ALS Chemex code Ag-AA46); and silver reported above 1500 ppm with that technique was further analyzed by fire assay with a gravimetric finish with a 30-gram nominal sample weight (ALS Chemex code Ag-GRA21);

The samples were large, 4 to 7 kg (10 to15 lb), chip-channels along the vein, each one meter in length. Twelve samples were taken on a steep hillside along the 135-degree striking, 60-degree SW dipping vein. The vein is traceable on the surface for at least another 30 meters in a cliff face but elsewhere is covered by alluvium and outwash.

The epithermal vein cuts an altered early Tertiary volcanic section and is thought to be related to hydrothermal fluids that emanated from the cupola of a shallowly buried intrusion. Porphyry-style mineralization and alteration as well as abundant dikes, sills and breccia pipes in the area suggest that gold mineralization could be more abundant with depth.

The KUY property, held in fee-simple ownership by Bristol Bay Native Corporation (BBNC) and optioned 100% from BBNC by Andover, is located on the south side of Iliamna Lake 22 kilometers (14 miles) south of the village of Kokhanok and about 25 kilometers (15 miles) northwest of Pacific Ocean tidewater at Kamishak Bay. Northern Dynasty's Pebble Project is located some 75 kilometers (50 miles) to the north-northwest of KUY.

Gold-silver mineralization at KUY was discovered in the late 1970s by Resource Associates of Alaska on native regional lands selected by BBNC under provisions of the Alaska Native Claims Settlement Act of 1971. Considerable exploration was conducted on the property in the late 1970s and early 1980s. Attempts to intersect the vein with drilling failed in 1981 due to problems with the drilling itself (recoveries on the order of less than 50% and shallow depth of penetration). Prior to Andover's efforts this summer, only minimal work had been done on the prospect since 1981. Andover believes that good opportunities remain to explore for the extension of this vein and for other reported auriferous veins on the property. Andover's current exploration model for the property is a volcanic-hosted epithermal precious metal system, possibly related to a subjacent porphyry copper system.

Also this past fall two 2.5 km-long IP geophysical lines were completed on the property - one over the location of the gold-bearing quartz vein and a second 300 meters the south. An interpretation of the geophysical data by Zonge Engineering suggests the presence of highly chargeable and conductive zones at depths of 150 to 300 meters (500 to1000 feet); these zones correlate well with the known mineralization and alteration at the surface.

"We can't help but be excited about these data which strongly support our interpretation of the KUY prospect as an epithermal precious metal system peripheral to a buried porphyry copper system. The associated tellurium anomalies echo similar data in the earlier work and are also very intriguing," said David Hedderly-Smith, Ph.D., CPG.

The contents of this release were prepared by Andover director and qualified person for this project as defined by National Instrument 43-101, Dr. Hedderly-Smith.

Planned work on the KUY prospect over the upcoming winter will include transferring a substantial amount of geologic mapping, geochemical (soil & rock chip sampling) and geophysical (ground magnetics, VLF, and IP) data from the 1970s and 1980s work into digital databases that can be more readily interpreted and integrated into a modern exploration program. With the recent completion of an agreement with BBNC and the necessary permits in hand, additional geophysics, sampling, mapping and drilling are planned for the KUY in the coming season.

Andover's mission is to aggressively identify, acquire, and advance high potential base and precious metal prospects.


Michael England, President

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Andover Ventures Inc.
    Michael England
    (604) 683-3995
    (604) 683-3988 (FAX)