Vancouver-based Andover Ventures (CVE:AOX) said on Monday that Kennecott Exploration Company, a division of Rio Tinto, has finished a cultural resource survey and has obtained drill permits for its joint venture Big Hill project in Utah from the state.
Kennecott notified Chief Consolidated Mining Company, which is 78.5% owned by Andover, that the cultural resource survey was completed around the proposed drill targets planned for 2011.
Andover's Chief Consolidated signed an earn-in agreement with Kennecott for Big Hill, under which Kennecott can earn a 51% interest by completing a pre-feasibility study or incurring $20.0 million in expenditures.
The Big Hill project is located in the East Tintic Mining District, 43 miles southeast of Rio Tinto’s Bingham Canyon Mine, and is focused on developing copper, gold and molybdenum. Road construction is planned to start in early July, with drilling due to begin after the sites are prepared, Andover said.
Andover and Chief Consolidated are engaged in the exploration and development of approximately 16,000 acres of mining properties in the prolific East Tintic District of Utah, adjacent to the historic mining city of Eureka.
The properties contain several former producing mines, including former Kennecott producers the “Trixie” and “Burgin” mines.
Aside from Utah, Andover holds mineral properties in the Ambler Mining District, located in Alaska.
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