Andean Silver (ASX:ASL) remains the highest-grade silver developer on the Australian bourse, with its portfolio consisting of mid-scale undergrounds with medium-sized pits producing, all producing high-grade gold and silver, Euroz Hartleys said in a note on April 2.

Drilling results at the Appaloosa Breccia vein system include 68.3 meters at 65 grams per tonne grade of silver-equivalent, and 33.2 meters at 75 g/t silver equivalent. Drilling results at the Temer Vein complex include 11.4 meters at 144 g/t silver equivalent. Meanwhile, infill drilling results at the Coyita Nth vein include 1.7 meters at 930 g/t silver equivalent.

The resource update expected in the June quarter will feed into asset restart studies, and the analysts' model continues to define a project capable of producing 80,000 ounces per annum of gold equivalent to 100,000 ounces per annum of gold equivalent.

The investment firm maintained its buy rating on Andean Silver and slashed its price target to AU$3.71 per share from AU$4.17 per share.