Toronto (Canada) and Johannesburg (South Africa) stock exchanges- listed Teal Exploration and Mining reported Friday that its Otjikoto gold project in Namibia is much more richer than expected saying resources at its operation had increased by 35 percent to 1.76 million ounces.
Teal executives, who hinted in a statement Friday that commercial mining could start in December this year said the inferred resource equates to 44 million tonnes of gold grading at 1.246 grade per tonne.
The addition of 460,000 ounces of gold mainly related to the intersection of extensions, still open ended to the vein system in the southern and eastern areas of the deposit, Teal said.
“Teal management believes the exploration drilling will target further increases of the Otjikoto resource over the medium term,” Teal said in the media release availed to PANA.
Teal is listed in South Africa and Canada and has mining operations in Zambia, Namibia and the Democratic Republic of Congo (DRC).
The diversified gold miner reiterated that it would press ahead with its disposal of a 10 percent stake to local Namibian investors.