VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that it will acquire an 75% unencumbered interest in an alluvial diamond property in Botswana called the Middlepits Project (the “Property”) from Metswedi Mining (Pty) Ltd. Tango will be responsible for all further exploration and develoment expenditures on the Property upon closing (the “Closing”).
Middlepits Project, Botswana
The Property is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, 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.
The exploration work by De Beers identified an occurrence of diamondiferous gravels in the center of the Property. The diamondiferous gravels were evaluated by both hand augering and digging and were then screened and processed for diamonds and heavy minerals. The work 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 diamond content of the gravels has never been assessed systematically, however diamonds of up to 0.55 carats were recovered. The source of diamonds in the gravels is not known but it could be 1. the Molopo kimberlite cluster located immediately to the north east or 2. Falconbridge and Botswana Government airborne geophysics over the Property have defined geophysical targets which may be kimberlites and the source of the diamonds.
Additional exploration work is required to advance the diamondiferous gravels on the Property and Tango`s technical team will undertake to work with Metswedi to develop a comprehensive exploration and development program for the Property (the “Exploration Program”) in Q1 2018.
Metswedi has advised Tango that is is in the process of renewing the PL and Closing is subject to successfully renewing 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.
About Tango Mining Limited
Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa. Tango also has a three-year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84 square km concession within the Luembe River basin, Angola.
