| Thu 3 Jul 2008, 15:05 | | TEL - TEAL Exploration & Mining Inc - First phase resource estimation announced |
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TEL
TEL - TEAL Exploration & Mining Inc - First phase resource estimation announced
for TEAL`s Lupoto Copper project in the DRC
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
Thursday, July 3, 2008
FIRST PHASE RESOURCE ESTIMATION ANNOUNCED FOR TEAL`s LUPOTO COPPER PROJECT IN
THE DRC
- First phase copper resource upgraded from (historical) inferred to indicated
category at the Lupoto Copper Project;
- First phase copper resource increases by 125%;
- Additional drilling aimed at a grade and tonnage increase is underway
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced a first phase resource estimation for 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 northwest 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 initial drilling programme commenced in March 2007 and to date TEAL has
drilled a total of 166 boreholes for 15,589 metres in addition to the 73
boreholes for 5,631 metres drilled by Union Miniere du haut Katanga ("UMHK") and
Gecamines to define the copper oxide mineralization at its Lupoto Copper
Project. The UMHK and Gecamines drilling resulted in a historical inferred
resource, in terms of National Instrument 43-101, of 6.7 million tonnes at a
grade of 3.13% copper.
The first phase resource estimation for the Lupoto Copper Project, excluding the
material mined by the phase 1 mining operation, at a 0.5% copper cut-off and
only to an average of 80 metres of vertical depth, is now as follows:
- Indicated Resources: 15.09 mt @ 2.32% TCu, 1.83% ASCu, 0.15% Co; and
- Inferred Resources: 9.13 mt @ 2.09% TCu, 1.73% ASCu.
The Kalumines licence area covers a large portion of an approximately 9km wide
kite-shaped anticline containing numerous large rafts of the, prospective, Mine
Series stratigraphy
TEAL has appointed Sphynx Consulting as an independent consultant to conduct the
database verification, geological modelling, resource modelling and estimation
work. A geological model has been created and the mineralized area has already
been modelled for the Lupoto Copper Project. TEAL has appointed SRK Consulting
as the Qualified Person to complete the Independent Qualified Persons Report on
the Lupoto Copper Project, in terms of National Instrument 43-101.
The UMHK/Gecamines boreholes were drilled on 100 metre spaced grid lines and
TEAL has undertaken twin drilling, as well as further drilling also on 100m grid
lines spaced between the UMHK/Gecamines grid lines. A total of 50 UMHK/Gecamines
boreholes with assay values are presently in the geological model. TEAL has
undertaken statistical null-hypothesis statistics to determine if the means and
variances between the TEAL and UMHK/Gecamines data sets are similar. The
statistical results indicate that the means and variance are from a similar
distribution with a greater than 80% confidence limit indicating that the two
data sets can be integrated.
The total strike length of the Lupoto structure is 3,698 metres. A total of
7,754 samples have been submitted to ALS Chemex, an internationally accredited
laboratory, for assays of which a total of 5,594 assays have been received,
which were incorporated in the grade model. A total of 2,160 assays or 28% are
still outstanding. In addition, a strike length of about 1,350 metres remains
open ended, with only selective drill holes having been completed.
The copper orebody at Lupoto is about 25 meters thick and the dip varies from
90o to 65o. The first phase drilling only defined the copper orebody to an
average vertical depth of 80 metres.
Phase two drilling at the Lupoto Copper Project is now in progress and three
drill machines have been mobilized. The aim of this drilling program is as
follows:
- Extension drilling to define the copper mineralization of the Lupoto structure
in its totality;
- Infill drilling to further and better define the resource to a vertical depth
of 150 metres; and
- Deeper drilling to define the sulphide copper previously intersected (the
first results of two deeper boreholes that intersected copper sulphides were
released by TEAL on May 30, 2008, and the press release can be found at
www.tealmining.com).
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
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.
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
Sponsor: Investec Bank Limited
Date: 03/07/2008 15:05:02 Produced by the JSE SENS Department.
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