TEAL bumps up inferred resources at Otjikoto

A successful drilling program at TEAL Exploration & Mining‘s (TL-T, TEL-J) Otjikoto gold project in Namibia has bolstered the sites inferred resource by 46%.

The estimate is based on 126 boreholes, 27 of which were completed as part of the first phase of the resource expansion project. Using a 0.4 gram per tonne gold cut-off grade, the inferred resource went up to 1.3 million oz. from 890,000 oz. The gold ounces come from 32.2 million tonnes grading 1.26 grams gold.

In Toronto on Oct. 13 TEAL’s shares were up over 4% or 17 to $4.15 on 1,200 shares traded.

While the results come from a phase of the drill program completed in May of this year, the company says higher grade intersection at the southern and eastern fringes of the site are guiding current drilling.

In addition, TEAL says it has begun an infill program to bolster inferred resources into the measured and indicated categories.

The Otjikoto project is situated within TEAL’s wholly owned Otavi Exploration Area, which totals 3,084 square km. and is in the north-central part of Namibia one of sub-Saharan Africa’s most politically stable countries.

The new resource estimate confirms the geological continuation of the sheeted vein zones which TEAL says it had already discovered, and gives it another 230,000 oz. of gold to the total inferred resource in that specific area.

In addition, the company recently identified a third vein array developed in two lenses and situated in the south-western area of the site. The veins have added roughly 3.7 million tonnes grading 1.5 grams gold for 180,000 oz. of gold to the total inferred resource.

Outside of Otjikoto TEAL has three other “near to medium-term” copper projects in Zambia and the Democratic Republic of the Congo. The company says it plans to progress all four of the projects into production simultaneously.