Canadian Junior Tango Mining Earns $875/Carat from Small Diamond Sample

Mining and Exploration
10/04/2017 10:02

Canadian diversified junior miner Tango Mining reports that during the one month period ending 20 March 2017, the company produced a total of 307.94 carats (183 diamonds), sold for an average price of US$875 per carat. The three highest value diamonds recovered during this period included an 8.74 carat diamond, sold at $2,584 per carat, an 8.64 carat diamond achieving $2,558 per carat and a 3.48 carat diamond, which sold at $4,382 per carat. Of the 183 diamonds recovered in the period, the top 53 diamonds in value totalled 174.46 carats, had an average size of 3.3 carats and were sold with an average price of $1,358 per carat. Diamond production from its Oena Mine, since acquisition in 2015, now totals 564 carats, which have been sold at an average price of US$1,330 per carat. During test commissioning, a diamond of 36.34 ct had also been recovered and sold at $6 054 per ct.

The Oena Mine is situated on the lower Orange River, Northern Cape Province, South Africa, 50 km upstream of Namdeb’s Auchas and Daberas alluvial diamond mines and 60 km upstream of Trans Hex’s Reuning and Baken alluvial diamond mines. The company has commenced a bulk-sampling program, but says there has been insufficient exploration to define a mineral resource.  It is uncertain if further exploration will result in the target being delineated as a mineral resource. They write that the bulk sample program previously announced is progressing with a mining contractor and earthmoving equipment on site and commissioned to support a total of 1.5 million tonnes per annum (tpa) throughput. They also specify risks to advancing this project is associated with the resource performance (grade) and product assurance (theft). Risk mitigation through future implementation of BVX technology should increase diamond recovery efficiency as a result of up to 98% recovery and technology that limit human interaction with the final product.