Andean Silver (ASX:ASL) Cerro Bayo mine in Chile shows significant potential for additional discoveries, according to a Thursday note by Jarden Research.
Jarden notes that the project has the highest-grade silver deposit on the Australian Stock Exchange and is infrastructure-ready, producing two high-demand commodities, gold and silver.
With surface indicators suggesting further discoveries, Jarden said ASL could become a 100,000 ounces per year producer of gold and silver.
Gold and silver prices have room to rise and each accounts for about 50% of ASL's revenue, Jarden added.
The firm maintains Andean Silver's speculative buy rating and AU$2.25 price target.
Jarden moved to a "conservative" model as Andean Silver's traders are likely to support future production at the project.
Shares of ASL rose past 2% in recent Thursday trade.
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