(Corrects the broker's name in the headline and the body of the story, the name of the Australian bourse in the second paragraph, and the price target in the fifth paragraph)
Andean Silver's (ASX:ASL) Cerro Bayo mine in Chile shows significant potential for additional discoveries, according to a Thursday note by Euroz Hartleys.
Euroz Hartleys notes that the project has the highest-grade silver deposit on the Australian Securities Exchange and is infrastructure-ready, producing two high-demand commodities, gold and silver.
With surface indicators suggesting further discoveries, Euroz Hartleys 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, Euroz Hartleys added.
The firm maintains Andean Silver's speculative buy rating and AU$2.24 price target.
Euroz Hartleys moved to a "conservative" model as Andean Silver's traders are likely to support future production at the project.
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