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Andover’s 100% owned flagship property, SUN, located in the Ambler Mining District in Brooks Range Northwestern, Alaska, hosts strong volcanogenic massive sulfide (VMS) mineralization – Zinc – Copper – Lead – Silver – Gold – presenting high potential for base and precious metals. Andover has staked sixty-eight 160-acre mining claims along 16 km of the Ambler belt around and to the west of the property. Along with confirmation drilling of the SUN mineralization, this area will be the focus of 2007 exploration.
OCTOBER 31st, 2007, VANCOUVER, B.C. – Andover Ventures Inc. (“Andover” or the “Company”) (AOX-TSX:V) (R2X-Frankfurt Exchange) announces results from three additional drill holes completed during the 2007 exploration program at the Company’s flagship property, SUN, a volcanogenic massive sulfide (VMS) deposit located in the Ambler Mining District in the Brooks Range in Northwestern Alaska. Thirteen of Twenty completed drill holes have been released from the 2007 exploration season, including those released October 11, 2007 by Andover. The remaining assay results from the final seven drill holes will be released when assays are received.
These 3 holes were drilled on a fence 250 meters to the North of hole SUN 07-10, (holes SUN 07-12, SUN 07-13) and 500 meters, north for hole SUN 07-14. (Please see attached drill hole location map) These three holes were planned after a newly identified thickened zone was discovered in hole SUN 07-10. The upper zone in SUN 07-10 had an upper intercept of 10.94 meters (35.8 feet) of 2.34% Copper, 0.77% Lead, 5.98% Zinc, 68.1 gm/T Silver, 0.266 gm/T Gold and a lower 5.08 meter (16.7 feet) intercept of 4.34% Copper, 0.58% Lead, 2.76% Zinc, 99.1 gm/T Silver and 0.199 gm/T Gold. Drill hole, SUN 07-13, intercepted 37.01 meters (121.4 feet) that averaged 1.17% Copper, 1.85% Lead, 7.26% Zinc, 44.0gm/T Silver and .179g/T Gold. Highlights Included in SUN 07-13, was an 11.9 meter (39 feet) intercept grading 1.07% Copper, 5.38% Lead, 16.54% Zinc, 86.6 gm/T Silver and .210 g/T Gold.
Copper, Lead, Zinc, Silver and Gold analysis for the mineralized intercepts received from Alaska Assay Labs in Fairbanks, Alaska are included in the table below.
| Hole No. |
From
(m) |
to (m) |
Thickness
(m) |
Cu (%) |
Pb (%) |
Zn (%) |
Ag
(gm/T) |
Au
(gm/T) |
| SUN07-12 |
114.55 |
146.97 |
32.42 |
1.04 |
0.80 |
2.83 |
81.2 |
0.261 |
| Includes |
114.55 |
119.80 |
5.25 |
1.94 |
1.91 |
6.52 |
194.0 |
0.391 |
| Includes |
123.53 |
124.17 |
0.64 |
1.10 |
6.54 |
9.30 |
628.6 |
2.360 |
| Includes |
133.00 |
146.97 |
13.97 |
1.61 |
0.90 |
3.65 |
82.4 |
0.317 |
| SUN07-13 |
71.44 |
108.45 |
37.01 |
1.17 |
1.85 |
7.26 |
44.0 |
0.179 |
| Includes |
72.10 |
84.00 |
11.90 |
1.07 |
5.38 |
16.54 |
86.6 |
0.210 |
| Includes |
84.00 |
94.40 |
10.40 |
2.11 |
0.31 |
6.28 |
41.9 |
0.322 |
| Includes |
104.9 |
108.45 |
3.55 |
0.98 |
0.08 |
0.52 |
9.9 |
0.660 |
| And |
139.33 |
141.00 |
1.67 |
1.41 |
1.59 |
5.93 |
73.8 |
0.162 |
| SUN07-14 |
38.43 |
40.64 |
2.21 |
3.53 |
0.50 |
1.48 |
47.7 |
0.138 |
| And |
52.00 |
82.20 |
30.20 |
1.06 |
0.69 |
2.03 |
43.0 |
0.344 |
| Includes |
52.00 |
59.20 |
7.20 |
1.68 |
2.64 |
5.53 |
156.5 |
1.188 |
| Includes |
67.70 |
74.00 |
6.30 |
0.99 |
0.12 |
1.86 |
10.4 |
0.115 |
| Includes |
78.64 |
82.20 |
3.56 |
2.61 |
0.19 |
2.34 |
25.1 |
0.153 |
These holes were drilled at angles to be relatively perpendicular to bedding however the mineralized intervals could be 15 to 30% wider than true thickness.
Core samples were sawed in half, and the core sent to Alaska Assay Labs in Fairbanks, Alaska for a 30 element ICP-AA analysis with gold and silver fire assayed with an AA finish. Base metal overlimits were wet assayed. Check assays are being done at ALS Chemex Labs in Vancouver, B.C. All samples have been submitted to the laboratory and partial results from most of the holes have been received from the lab. Andover is holding release of the partial analyses pending receipt of “over-limit” analyses for Copper, Lead and Zinc. Full results will be released as these over-limit results are received.
Bill Ellis, Manager for the SUN Project states “Drilling at the Main SUN deposit in 2007 was spaced along fences approximately 150 meters apart with holes spaced approximately 50 meters down the dip of the mineral zones. The 2007 drill program tested approximately 1,400 meters along strike and approximately 250 meters in width. The 2007 program included a 300 meter extension of the main SUN deposit to the north towards the Picnic Creek area. I’m very encouraged with the newly identified thickened zone discovered during this phase of our drill program.”
Andover wishes to announce that Mr. Brian Mountford, P.Eng, C Eng., has agreed to join the Company’s Board of Directors.
Mr. Brian Mountford P.Eng., C Eng., is a mining engineer with both National and International mining experience. He has been involved as Principal and/or Manager of several projects that went from initial exploration through to operating mines. He has expertise in all technical facets of mine development along withcorporate and financial acumen.
The contents of this release were prepared by Bill Ellis, Manager of the SUN Project and qualified person as defined by National Instrument 43-101.
OCTOBER 26th, 2006, VANCOUVER, B.C. – ANDOVER VENTURES INC. (the “Company”) (AOX-TSX: V) is pleased to announce the signing of a letter of intent with an arms-length company, Hastings Base Metals Corp., to purchase 50% of the SUN Property located in the Ambler District, Alaska. Terms of the deal are as follows: Purchase price is Cdn $3,000,000 with a Cdn $300,000 non-refundable deposit due October 30th, 2006 and the balance due on November 10th, 2006.
Andover has also been granted a right of first refusal on the remaining 50% of the SUN Property for a period of 24 months from the date of closing for the sum of Cdn $10,000,000 in either cash or shares.
The SUN property, consisting of 25 state mining claims on the south flank of the Brooks Range in north central Alaska, is comprised of 13 SUN claims and 12 HOT claims. An important Zinc-Copper (Silver) deposit first identified by SUNshine Mining Company in the early 1970’s. SUNshine concluded a Partnership Agreement with Anaconda in 1975, resulting in the formation of the Ambler Mining Company with Anaconda as operator.
In 1976 Anaconda calculated the following “inferred resource”* for the Main SUN deposit:
|
TONS |
Cu |
Zn |
Ag |
Pb |
|
12,500,000 |
1.8% |
5.3% |
2.6 opt |
1.8% |
In 1977 a preliminary feasibility study, commissioned by Anaconda, titled “Brooks Range Project Preliminary Mining Feasibility Study Volumes one to four” looked at the feasibility of developing all of Anaconda’s Ambler district resources. Four ore bodies were included in the model. The report assumes the following SUN “inferred resource”*:
|
|
TONS |
Cu |
Zn |
Ag |
Pb |
|
Open Pit |
2,399,000 |
1.93% |
4.51% |
2.39 opt |
1.20% |
|
Underground |
17,891,000 |
1.91% |
4.46% |
2.37 opt |
1.18% |
In 1986 Cominco purchased all of the Ambler Mining Company and Anaconda Ambler District properties, including SUN and HOT. In 1988 Cominco reduced the property to its current size.
*As these resource estimates are historical and pre National Instrument 43-101 they have been restated as “inferred resources”.
The historical resource estimates disclosed in this news release were not prepared in accordance with National Instrument 43-101. Mr. Mitchell has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating these historical estimates as current mineral resources or mineral reserves, as defined in National Instrument 43-101, and such resource estimates should not be relied upon.
The Company intends to prove up the past work done by Anaconda, Noranda and Teck Cominco in order to bring the property to National Instrument 43-101 standards. Following that Andover intends to move forward to bring the property towards a feasibility study.
To facilitate this transaction, the Company has engaged West Oak Capital Partners Inc. as its exclusive agent to raise $3,600,000 by way of a private placement of up to 7.2 million common share units at 50 cents per unit. Each unit comprises one common share of the company and one common share purchase warrant entitling the holder to purchase one common share at 60 cents for a period of 12 months after the closing date, then at 70 cents for an additional 12 months. West Oak Capital Partners Inc. will be paid a fee equal to 10.0 per cent of the gross proceeds raised from the offering.
The company is pleased to announce the addition of William T. Ellis to its advisory board. William Ellis is a B.Sc. in Geology from the Mackey School of Mines in 1972 and now a Certified Professional Geologist in Alaska. Bill brings 33 years of Alaskan experience to Andover, functioning as a successful project geologist exploring for most metal commodities. Major mining company experience includes Battle Mountain Gold, American Copper and Nickel, SUNshine Mining, and Anaconda Copper. More than half of his exploration career has been involved in managing exploration on native corporation lands. He has implemented complex, multi-year programs ranging from small remote reconnaissance camps through semi-permanent drill camps with multi-million dollar budgets.
Mr. Ellis will be the qualified person, as defined by National Instrument 43-101, for this project. Working with the SUNshine Mining Corp. in the early 1970’s Mr. Ellis originally staked the SUN Prospect and then, with SUNshine and Anaconda, staked the entire Ambler District.
States Mr. Ellis “ In my opinion, the Ambler District is the best, undeveloped, massive sulphide district in North America. I am very excited at the prospect of working with Andover on this project!” |