| Thu 17 Jul 2008, 16:26 | | TEL - TEAL Exploration & Mining Inc. - Indicated Resource and Gold Grade at |
|
TEL
TEL
TEL - TEAL Exploration & Mining Inc. - Indicated Resource and Gold Grade at
Teal`s Otjikoto Gold Project Increase by 128% and 13.6%, Respectively
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 17, 2008
INDICATED RESOURCE AND GOLD GRADE AT TEAL`s OTJIKOTO GOLD PROJECT INCREASE BY
128% AND 13.6%, RESPECTIVELY
Otjikoto`s indicated gold resource increased to 1.05 million ounces at a grade
of 1.40g/t, from 460,000 ounces at a grade of 1.21g/t
An additional 877,000 ounces contained in the inferred category also at a grade
of 1.41g/t
Overall resource increased from 1.780 million oz gold to 1.925 million oz gold
Further high grade zones of gold mineralization are being intersected
Infill drilling continues
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") has
announced an increase in the Otjikoto Gold Project indicated gold resource from
460,000 ounces to 1.05 million ounces of gold, equating to 23.3 million tonnes
grading 1.40g/t.
This addition of 588,000 ounces of gold is principally related to the assay
results now available from the 50 metres by 25 metres drilling pattern in the
northern portion of the deposit.
This 128% increase in the indicated gold resource category represents an interim
phase of geological modelling and resource estimation until all assay results
have been received. Specifically targeted drilling of the deposit is ongoing and
management believes the exploration drilling will target further increases of
the Otjikoto resource over the short-term.
The Otjikoto Gold Project is situated within TEAL`s 92% owned Otavi Exploration
Area, which totals 3,800km2 in north-central Namibia, where TEAL discovered,
vein-hosted, gold mineralization.
The gold occurs as `free` and often coarse gold within predominantly pyrrhotite-
magnetite-pyrite-carbonate veins. The project is located close to well developed
infrastructure of road, rail and electrical power.
At Otjikoto, various mineralized zones are defined: the Upper Zone, the Lower
Zone, the Bottom Vein Zone, the Hanging Wall Zone, and the Footwall Zone. The
assay data is composited to one metre lengths and the data indicated a log-
normal distribution. Values exceeding 15g/t gold were reduced to 15g/t for the
resource estimation grade calculation.
The current phase of exploration and infill drilling comprises some 16,000
metres of reverse circulation drilling and 9,500 metres of diamond core
drilling. This drilling was designed to increase the indicated resources and to
provide an area where mine planning and scheduling can be undertaken. Assay
results of 408 boreholes drilled were used in this interim geological model. The
boreholes were drilled at 50 metre spacing along strike, and at 25 metres
spacing down-dip, in the north-eastern portion of the orebody. The drill grid
opens up to 100 metres on strike and 50 metres on dip towards the south and in
the south-western area of the deposit.
Of the 408 boreholes that constitute the resource estimation: 275 are within the
Upper Zone; 357 boreholes are in the Lower Zone; 251 boreholes fall within the
Bottom Zone wire-frame; 55 boreholes fall within the Hanging Wall Zone; and 27
boreholes fall within the Footwall Zone. No softening of boundaries was
undertaken.
A break-down of the mineral resources, per zone and by oxidation state, is as
follows:
Tonnes Au g/t Moz
OXIDE
Upper Zone 1 631,293 1.48 0.03
Upper Zone 2 446,070 1.43 0.0205
Lower Zone 1 1,338,609 1.31 0.0564
Lower Zone 2 59,268 1.37 0.0026
Bottom Zone 1 11,390 1.05 0.0004
Bottom Zone 2 5,334 0.69 0.0001
Hanging Wall Zone 155,164 1.19 0.0060
Footwall Zone - - -
Total 2,647,128 1.36 0.116
SULPHIDE
Upper Zone 1 6,914,485 2.076 0.4615
Upper Zone 2 778,941 1.468 0.0368
Lower Zone 1 22,527,000 1.262 0.914
Lower Zone 2 398,481 1.145 0.0147
Bottom Zone 1 7,952,205 1.278 0.3267
Bottom Zone 2 576,482 1.123 0.0203
Hanging Wall Zone 627,283 1.374 0.0277
Footwall Zone 248,732 0.982 0.0079
Total 40,023,609 1.41 1.81
Total Oxides + 42,671,149 1.403 1.925
Sulphides
The latest mineral resource estimate (at a 0.4g/t cut-off) is as follows:
Tonnes Mt Au g/t Moz
MEASURED - - -
INDICATED 23.27 1.401 1.048
INFERRED 19.40 1.406 0.877
Additional drilling is ongoing to further evaluate the higher-grade gold zones,
and to further delineate these zones previously intersected within the south-
western area of the Otjikoto area.
Mr. Paul van der Merwe, Pr. Sci. Nat., Mineral Resources Manager at African
Rainbow Minerals Limited, TEAL`s major shareholder, is the "qualified person" as
defined by the Canadian National Instrument 43-101 responsible for preparing and
verifying this resource estimation. Mr. Claus Schlegel, Pr. Sci. Nat., 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-
NOTE:
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, the Democratic Republic of Congo
("DRC"), and Mozambique. 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 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: 17/07/2008 16:26:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
