Measured and indicated resources increased by 105% at Konkola North's South and East limb areas
Thu Apr 10, 7:00 PM
ca.news.finance.yahoo.com
- Independent Technical Report increases measured and indicated
resources from 24.9 million tonnes at 2.36% copper to 51 million
tonnes at 2.35% copper - an increase of 105%
- Inferred resources now 26.9 million tonnes from the 47.6 million
tonnes announced previously
TORONTO, April 10 /CNW/ - TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the "Company") has received the Independent Technical Report, signed-off by SRK Consulting South Africa (Pty) Limited ("SRK"), for the resource estimation of the Konkola North Copper Project's South and East limb areas in Zambia.
The Konkola North property consists of a single large-scale mining licence covering an area of 44 square kilometres. The Konkola North copper resource is the second-largest known copper resource on the Zambian Copperbelt. TEAL currently has 100% ownership of the Konkola North Copper Project with ZCCM Investment Holdings plc, a company controlled by the Zambian government, retaining the option of buying a stake of up to 20%, of which 5% is a 'free-carry'.
The updated measured and indicated resource estimation statements for the South and East Limb areas are now:
- Combined: 51.0 million tonnes at a grade of 2.35% copper;
- South Limb: 32.3 million tonnes at a grade of 2.16% copper; and
- East Limb: 18.8 million tonnes at a grade of 2.67% copper.
In addition to the measured and indicated resources at the South and East Limbs, a total inferred resource of 246.4 million tonnes at 2.62% copper is now estimated within the total Konkola North property, when including Area 'A'. All resource categories were estimated at a 1% total copper cut-off.
Table 1: Previous Resource Statement
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Area Resource Tonnes Total Contained copper
Category (million) Cu (%) (Mlb)
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South and Total Measured 24.9 2.36 1,295
East and Indicated
Limbs ---------------------------------------------------------------
Total Inferred 47.6 1.98 2,078
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Table 2: Updated Resource Statement
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Area Resource Tonnes Total Contained copper
Category (million) Cu (%) (Mlb)
-------------------------------------------------------------------------
South and Total Measured 51.0 2.35 2,642
East and Indicated
Limbs ---------------------------------------------------------------
Total Inferred 26.9 2.46 1,459
-------------------------------------------------------------------------
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Area Resource Tonnes Total Contained copper
Category (million) Cu (%) (Mlb)
-------------------------------------------------------------------------
Area 'A' Total Inferred 219.5 2.64 12,775
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The latest, updated resource estimation by SRK, shows that the resources estimated in the measured and indicated categories in the South and East Limbs have increased by 105% to 51 million tonnes at similar grades. Correspondingly, the resources defined in the inferred category has decreased to 26.9 million tonnes from 47.6 million tonnes, however the copper grade has increased by 24% from 1.98% total copper to 2.46% total copper.
The complete SRK Independent Technical Report is available 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.
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
Contacts
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.co.za |
