Tango inks services to Angola
Services
Agreement for Mining and Marketing
Tango
Mining Limited announces that it has signed a Services Agreement for Mining and
Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL on a 147 square
kilometer 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
Moquita Property, 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 given the Property’s diamond potential.
Due
to their higher specific gravity, alluvial diamonds are concentrated in basal
gravel horizons of various ages. The most widespread and important such gravel
in Angola is the late Cretaceous Calonda Formation.
However, diamonds also
occur in younger, Plio-Pleistocene and Recent river gravels and terraces. All
of these depositional settings are present on the Property.
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 as soon as
practical 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
the Property. The Trans Hex Group, for the financial year ending 31 March 2018,
produced 136,402 carats, which were sold at an average price of US$504 per
carat.
The
Somiluana Mine continues an aggressive drilling programme in order to identify
new resources in Calonda Formation gravels, as well as terraces and
floodplains. Production results and geological work through drilling and bulk
sampling indicate that carat production for the 2019 financial year is expected
to be in the order of 145,000 carats.
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