| Tue 29 Jan 2008, 13:20 | | TEL - TEAL Exploration & Mining Inc.- Kalumines Lupoto Copper Project |
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TEL
TEL
TEL - TEAL Exploration & Mining Inc.- Kalumines Lupoto Copper Project
TEAL Exploration & Mining Inc.
ISIN: CA8781511099
JSE share code: TEL
JSE short name: TEAL
KALUMINES` LUPOTO COPPER PROJECT
DRILLING PROGRAM COMPLETED
SIGNIFICANT HIGH-GRADE INTERSECTIONS
RESOURCE CALCULATION UNDERWAY
MASSIVE COPPER SULPHIDES INTERSECTED BELOW COPPER OXIDES
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced further high-grade exploration drilling intersections at the Lupoto
Copper Project, which forms part of TEAL`s 60%-owned Kasonta-Lupoto Mines sprl
("Kalumines") mining licence area, situated close to Lubumbashi in the
Democratic Republic of the Congo ("DRC").
TEAL`s existing mining licence for Kalumines is located 25km north-west of
Lubumbashi and covers a surface area of 77km2. The licence hosts various near
surface exposures of rich oxide copper mineralization, all within a few
kilometres from each other. Kalumines is a 60:40 joint venture with La Generale
des Carrieres et des Mines ("Gecamines").
TEAL`s current focus is the Lupoto Copper Project, which has been drilled in the
past by Union Miniere du Haut Katanga and Gecamines. A total of 73 diamond drill
holes totaling over 9,100 metres were drilled between 1923 and 1967, while some
additional drilling occurred until 1977. Most of the drilling, with drill fences
completed at 100 metre intervals, was focused on the southern portion of the U-
shaped Mine Series outcrop where the oxide copper surface mineralization is best
developed.
All three phases of TEAL`s drilling campaign, which started in March 2007, have
now been completed. The first two drilling phases were undertaken to confirm
and verify the historical mineral resource estimate for the Lupoto Copper
Project and to undertake infill drilling to upgrade the mineral resource
confidence level. The third phase of drilling was aimed at increasing the
resource along strike in areas previously not drilled. The Lupoto Copper Project
resource is now being reviewed by SRK Consulting (South Africa) (Pty) Limited to
produce an Independent Competent Persons report compliant with the National
Instrument 43-101 ("NI 43-101").
The drilling results can be viewed in detail by accessing: www.tealmining.com
Highlights from the drilling results are LPO151 on line 1000N grading 6.80%
copper over 23.8 metres, including 0.20% cobalt over 12.8 metres; LPO147 on line
700N grading 4.31% copper over 15.6 metres; LPR007 on line 600N grading 7.12%
copper over 34 metres; LPRR011 on line 350N grading 5.12% copper over 24 metres
and 0.96% cobalt over 8 metres; LPDR023 on line 250N grading 9.87% copper over 8
metres; and LPR020B on line 50N grading 5.24% copper over 43 metres including
0.15% cobalt over 13 metres.
The Lupoto Copper Project geological structure occurs over a distance of
approximately 3,698 metres.
In borehole LPR/D 0410, collared at some distance to the east on line 700N to
intersect the target geology at depth, massive sulphide copper mineralization,
mainly chalcopyrite, between vertical depth 190.5 metres to 223 metres was
intersected. This borehole indicates that the copper mineralization is well
developed at depth in this area, but changes in nature from predominantly oxide
copper to massive sulphide copper. Assays are being awaited from this
intersection, and additional drilling will be undertaken to further evaluate the
potential of sulphide copper mineralization.
TEAL has appointed Sphynx Consulting as an independent consultant to conduct the
database verification, geological modeling, ore body modeling and resource
estimation work. A geological model has been created and the mineralized area
has already been modeled for the Lupoto Copper Project between grid lines 800N
on the western limb to 800N on the eastern limb. Geological modelling to the
1350N line on the eastern limb is in progress. Resource estimation work has also
commenced. TEAL has appointed SRK Consulting (South Africa) (Pty) Limited as the
Qualified Person to complete the Independent Qualified Persons Report on the
Lupoto Copper Project.
These recent analytical results are certified by ALS Chemex Laboratory in
Johannesburg, South Africa an internationally accredited facility. TEAL uses
standard procedures for the drill sampling, including the appropriate use of
Certified Reference Materials, field duplicates and blank samples. Mr. Claus
Schlegel, Pr.Nat.Sci (No. 400149/90), the Company`s Vice President: Exploration
and Business Development and a NI 43-101 "qualified person" as defined by NI 43-
101, has reviewed the technical material contained herein.
NOTES:
TEAL is incorporated under the laws of the Yukon, Canada and its common shares
are listed on the Toronto Stock Exchange ("TSX") and the JSE Limited ("JSE").
The common shares of the Company trade under the symbol "TL" on the TSX and
"TEL" on the JSE.
TEAL is a mineral development and exploration company with development projects
and exploration areas in Namibia, Zambia and the DRC. TEAL has a portfolio of
base and precious metal development projects and complementary exploration
areas, and the Company continues to seek other opportunities, mainly in southern
and central Africa
TEAL has targeted specific core projects: the Konkola North Copper Project in
Zambia; the Otjikoto Gold Project in Namibia; and the Kalumines Copper-Cobalt
Project in the DRC. TEAL also has interests in various other mineral licence
areas in Zambia and in Namibia on which the Company continues drilling and other
exploration activities.
This historical estimate is pre-dating National Instrument 43-101. The source of
these estimates is Gecamines and the original classification was made based on a
classification scheme internal to Gecamines. TEAL has independently analyzed
the results of the previous exploration, but the historical results should not
be relied upon. TEAL believes these historical results provide an indication of
the potential of the properties and are relevant to ongoing exploration and
subsequent resource calculations.
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on +27 82 4524
389 (SA); or julian@tealmining.com,
or
Rick Menell (President and CEO) on +27 82 450 2301; or rick@tealmining.com.
29 January 2008
Sponsor:
Investec Bank Limited
Date: 29/01/2008 13:20:14 Produced by the JSE SENS Department.
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