Tango Mining Limited plans to acquire acquire a “75% unencumbered interest” in the the Middlepits Project (the Property) — an alluvial diamond property in Botswana — from Metswedi Mining (Pty) Ltd.
“Tango will be responsible for all further exploration and develoment expenditures on the Property upon closing (the Closing),” the Company said, announcing its decision yesterday.
The Middlepits Project is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District of Botswana.
“The Property consists of one Prospecting License (PL) and was explored between 1974 and 1976 by De Beers, between 1978 and 1980 by Falconbridge and between 1993 and 1997 by Southern Africa Minerals Corporation,” Tango said providing a background on soon-to-be-acquired asset.
The Company explained further that the exploration work by De Beers identified an occurrence of diamondiferous gravels in the centre of the Property. Further analysis resulted in the identification of “a 100 square km area of river terrace gravels containing diamonds and heavy mineral concentrations, mainly garnets and ilmenites”, the Company said.
However, Tango pointed out, the diamond content of the gravels has never been assessed systematically. Yet, diamonds of up to 0.55 carats were recovered from the area, though the source of the diamonds has never been identified.
Tango indicated that additional exploration work is required “to advance the diamondiferous gravels on the Property” and said that its technical team will undertake to work with Metswedi to develop a comprehensive exploration and development programme for the Property in Q1 2018.
On its part, Metswedi has advised Tango that it is in the process of renewing the prospecting licence (PL). The Closing of the sale is subject to the successful renewal of the PL.
“The PL covers 876 square kilometers and upon renewal will cover approximately 435 square km and will be valid for two years, with a further option to renew,” Tango said.
Meanwhile, a day earlier to the above announcement, Tango had posted an operational update for its projects in the Republic of South Africa and Republic of Angola.
In the Diamonds arena in South Africa, Tango has interests in the Oena Diamond Mine. Here after upgrading its equipment, the Company was able to recover a total of 29.02 carats, including one diamond of 12.7 carats.
“Due to the Christmas holidays, processing of ROM, Tailings and bantam material was discontinued on the 13 December 2017 but will recommence on 8 January 2018,” the Company announced.
In the Republic of Angola, Tango has signed “a three‐year renewable Services Agreement for Mining and Marketing of Diamonds” with Txapemba Canguba R.L who were granted an 84 sq km concession for the semi‐industrial exploitation of diamonds. “Tango took operational control of the Property on 23 October 2017,” the Company said. “Since this time, 85 personnel have been engaged, the Property has been secured, earth moving equipment has been mobilized for the upgrade and maintenance of roads and an alluvial diamond wash plant is enroute to the concession area.”
Currently, the Company in involved with an ongoing geological assessment of the Property. This will result in “the development of a work plan and plans to commence alluvial diamond production testing in January 2018”, Tango said.
News Source: gjepc.org