TEAL Exploration and Mining Incorporated said this week that additional positive exploration drilling results at the Otjikoto Gold Project have confirmed that higher-grade mineralization extends down-dip from identified resources.

The Otjikoto Gold Project is situated within TEAL’s 100% owned Otavi Exploration Area, which totals 3,084 sqaure kilometres in north-central Namibia, where the company discovered sheeted, vein-hosted, gold mineralization. The gold occurs as ‘free’ and often coarse gold within predominantly pyrrhotite-magnetite-pyrite veins. The project is located close to well developed infrastructure of road, rail, electrical power, and communications.

During the Phase 1 expansion drilling programme, which concluded at the end of June 2006, TEAL announced an increase in the overall gold resource to 32.2 million tonnes, which equates to 1.30 million ounces, at a grade of 1.26g/t gold. 

“This is an increase in inferred gold resources of 46% and an increase in gold grade of 10.3%. An independent competent persons report, completed by SRK Consulting, has been issued and supports TEAL’s Phase 1 resource statement of 1.30 million ounces,” Teal said in a statement.

TEAL is listed on the Toronto Stock Exchange and JSE Limited in South Africa.

TEAL also has mining interests in Zambia and the Democratic Republic of Congo (DRC). It 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 four specific projects: the Konkola North and Mwambashi copper projects in Zambia; the Otjikoto Gold Project and the Kasonta-Lupoto Mines sprl Copper-Cobalt Project in the DRC.

It also has interests in various other mineral licence areas in Zambia and in Namibia on which the company continues drilling and other exploration activities.