| Mon 30 Apr 2007, 8:30 | | TEL - TEAL - Pre-feasibility study initiated at th |
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TEL
TEL
TEL - TEAL - Pre-feasibility study initiated at the Otjikoto Gold Project, and
more high grade zones delineated by drilling
TEAL Exploration & Mining Inc.
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
For release on:
Thursday, April 26, 2007
PRE-FEASIBILITY STUDY INITIATED AT THE OTJIKOTO GOLD PROJECT, AND MORE HIGH
GRADE ZONES DELINEATED BY DRILLING
- Pre-feasibility study started for a new gold mining operation at Otjikoto
in Namibia
- Drilling continues to delineate high grade zones of mineralization in the
resource expansion area
- Infill drilling program of 6,400m of core and RC drilling completed, assay
results are being received
- Additional 15,000m infill drilling to commence in May 2007
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced the commencement of a pre-feasibility study at its wholly owned
Otjikoto Gold Project in Namibia, following the identification of a 1.3 million
ounce gold resource, and recent encouraging drilling results.
Rick Menell, TEAL`s President and Chief Executive Officer, commented: "TEAL has
completed an assessment study related to the viability of a mining operation at
Otjikoto. The positive conclusion of this study has motivated us to start
immediately with a pre-feasibility study of the mineral resource".
Approximately 6,400 metres of infill drilling has been completed as part of the
initial phase of the pre-feasibility resource upgrade estimation, which is being
finalized. Core drilling is on-going and a 15,000 metre, reverse circulation
("RC"), drilling program will commence during May 2007 and will result in a
second phase of resource estimation upgrade. The results of these phases of
drilling will be geologically and geo-statistically modelled and are designed to
determine indicated and measured resources. Figure 1 overleaf illustrates the
area where infill drilling has been completed and where the second phase of
drilling will be undertaken.
An Environmental Assessment Study, being done by a Namibian company, A. Speiser
Environmental Consultants cc, is underway and this study will include: flora and
fauna, water resource management, meteorological data collection and social
impact assessments. A baseline study was also completed by TEAL prior to the
first resource estimation drilling.
TEAL has drilled large diameter borehole cores for metallurgical test-work,
which is underway at Mintek in South Africa. Additional drilling, to obtain more
samples for test-work, is also in progress. The test-work program has been
designed to enhance and further confirm previous results. This phase of
metallurgical study will optimise the process options, specifically related to
the pre-milling concentration of the mineralization. Current results from test-
work on the pre-milling concentration of the mineralization indicate potential
economic benefits to the project by the reduction of capital and working costs.
Menell commented: "A positive result from the pre-feasibility study would
initiate, in the third quarter of 2007, the commencement of a bankable
feasibility study".
High Grade Delineation Drilling
Eight core boreholes for 1,800 metres have been completed to further delineate
higher grade zones of gold mineralization intersected in the resource expansion
drilling area.
Table 1 shows the results of the boreholes in context with previously reported
adjacent boreholes. The intercepts returned from this area confirms the presence
of the high grade zones of gold mineralization. When the completed set of
results is received, these high grade zones of gold mineralization will be
modeled and included within an expanded Otjikoto resource.
TABLE 1
LOCATION BOREHOLE Depth Depth to (m) Corrected Gold g/t
from width (m)
(m)
6500N/4850E OT145 136 191 49.50 2.22
Including
OT145 136 140 3.60 6.38
OT145 156 175 31.50 2.56
OT145 175 191 14.40 3.76
6500N/4900E OT88* 149 166 15.30 9.55
OT88 209 212 2.70 2.05
6500/4950E OT118 168 170 1.80 4.81
OT118 205 210 4.50 0.84
6500N/5000E OT87 213 220 6.30 0.55
6100N/4850E OT141 209 213 3.60 1.41
OT141 221 223 1.80 0.88
OT141 266 232 5.40 0.88
6100N/4900E OT126* 229 232 2.70 45.84
OT126 245 265 18.00 4.77
Including
OT126 256 265 8.10 8.78
* Previously reported
Re-modeled
Positive Results from the Greater Otjikoto Exploration Area
A high resolution SPECTREMTrade Mark airborne electro-magnetic ("SPECTREMTrade
Mark AEM") survey returned a number of geophysical targets in close proximity to
the current Otjikoto resource. TEAL completed a phase of nine shallow RC
boreholes to test these anomalies and encouraging results have been obtained,
which are considered significant in terms of the overall exploration potential.
The conclusion of the geological and geophysical interpretation, together with
the shallow percussion drilling and results already obtained, will generate
additional borehole targets aimed at identifying potential high tenor zones of
gold mineralization within the sheeted vein array.
Menell added: "The current Greater Otjikoto area exploration results to date
have provided an early indication of the scale of the Otjikoto mineralizing
system and the potential for further discovery of value adding resources".
Regional Exploration Targets Recognized
Four SPECTREMTrade Mark AEM targets have been identified from the phase 1
regional airborne geophysical survey that was conducted over a portion of TEAL`s
extensive Otavi Exploration Area. The targets have been generated by a specific
geophysical response associated with favourable structural and stratigraphic
settings. Three of the four targets will be tested by direct core drilling to
commence during this current quarter. The fourth target is related to a number
of discrete geophysical conductors and will therefore be explored initially by
mapping and soil geochemistry with resultant anomalies to be tested by drilling.
Mr. Claus Schlegel, Pr. Sci. Nat. (No. 400149/90), TEAL`s Vice President:
Exploration and Business Development, is the "qualified person" for the content
of this press release in terms of National Instrument 43-101.
ends
More information about TEAL is available at www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+27 (0) 82 4524 389; or julian@tealmining.com,
or
Rick Menell (President and CEO) on +27 82 450 2301; or rick@tealmining.com.
Date: 30/04/2007 08:30:01 Produced by the JSE SENS Department.
