Junior Miner Tango Adds To Diamond Portfolio in Angola and Liberia

Mining and Exploration
12/09/2018 12:23

Tango Mining Limited, a Canadian diversified junior mining company with several projects in southern Africa, has been busy expanding its portfolio of diamond projects. Tango is the lead company at the Oena diamond mine in South Africa, as well as Txapemba, an 84 sq km concession in Angola that Tango took operational control of last October. It also recently acquired 75% of the Middlepits project - an alluvial diamond property in Botswana, which it will not be responsible for mining - and has now signed new agreements in Angola and Liberia. During the most recent production period ending 15 August 2018, Tango produced a total of 140 carats (76 diamonds) at the Oena Diamond Mine, which it placed on tender in Kimberley, S.A. and sold with an average price of $1,421 per carat. This includes a 6.41 carat diamond which sold at $5,443 per carat.

Tango yesterday announced the two new agreements: the first is a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita (“Moquita”) on a 147 sq km portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds. The junior also signed an agreement to acquire an 80% unencumbered interest in the Mano River Project (MRP) from West Mining Ltd in the Republic of Liberia. The MRP consists of one recently-granted 104.3 sq diamond mineral exploration license located in the western part of Republic of Liberia.

Angola: Moquita

During 2016 and 2017, Moquita carried out a bulk sampling program on the property to test the diamond quantity and quality of Calonda Formation gravels in three areas. A small pan plant and associated equipment was mobilized to site and the bulk sample program was successful in achieving this objective. Tango plans to recommence bulk sampling and trial alluvial diamond production with the implementation of an updated project development plan and strategy. The Somiluana Mine, located 38 km southeast of the property and partially owned by the Trans Hex Group, mines similar Calonda Formation gravels as those found on Tango's new concession. The Trans Hex Group last year produced 136,402 carats from Somiluana Mine, which were sold at an average price of $504 per carat. Carat production for the 2019 financial year is expected to be in the order of 145,000 carats 

Liberia: Mano River Project

This area of Liberia housing the MRP is well known for the widespread occurrence of alluvial diamonds and the known presence of kimberlites, but there has been little systematic modern exploration. It is located approximately 50 km downstream from the high diamond value Camútuè kimberlites. These, and possibly other kimberlites, have fed extensive downstream alluvial diamond deposits along ancient, north-trending river systems including the Lauchimo River, which flows south to north across the property. Such alluvial diamond deposits have been exploited by artisanal miners and a number of companies for many years; however, the area is still considered relatively undeveloped when considering the property’s diamond potential. Since the 1980s, exploration for diamond bearing kimberlites has increased significantly and a number of distinct kimberlite clusters have been identified in western Liberia around the MRP. This includes Kumgbor, Mano Godua and Weasua, as well as the most important recent discovery nearby with three identified kimberlites, known as Camp Alpha, which is being explored by a private US-funded company.