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Tango Mining Enters Diamond Mining Sector in Angola

Published: September 20, 2017 |

[Click image to enlarge]

Tango Mining Limited has signed a three year renewable services agreement for mining and marketing of diamonds with Txapemba Canguba R.L, located in the Municipality of Cambulo, Province of Lunda Norte, Republic of Angola. Txapemba was granted an 84 square kilometer concession for the semi-industrial exploitation of diamonds within the Luembe River basin in an area that was a past alluvial diamond producer and well known for both alluvial and kimberlite diamonds (the property.

Tango will be responsible for capital expenditures associated with alluvial mine design and equipment acquisition and will be the sole operator. As remuneration, Tango will receive 60 percent of the proceeds from the sale of produced stones. All of Tango’s operational costs are deductible.

The property is located immediately near the community of N’zagi (Andrada) and 95 km southeast of Dundo, the provincial capital of Lunda Norte, which has a recently reopened airport with direct service to Luanda. Angola, which ranks as the world’s fifth biggest producer of diamonds by value has been actively encouraging foreign investment in its diamond sector under a new Mining Code introduced in 2011, which no longer includes the requirement for Angola to hold a majority interest in diamond mining projects.

Angola’s potential for world class diamond discoveries is recognised by global diamond mining leaders Alrosa and De Beers. Alrosa is the operator of the world’s fourth biggest diamond mine Catoca, which is located 220 km southwest of the property and within the same geological setting (Lucapa Graben). Angola is an official signatory of the Kimberley Process Certification Scheme and occupied the position of Chair of the Kimberley Process in 2015.

DEVELOPMENT PLAN
Tango will, over the coming months, complete a full geological assessment of the Property and plans to commence alluvial diamond production as soon as practical.

TXAPEMBA PROPERTY
The property is located within the Luembe River drainage in northeast Angola and constitutes the bulk of the alluvial diamonds extracted until now in Angola and represent a large fraction of the still existing diamond resources. The Chiumbe, Luembe, Luachimo and Chicapa rivers’ basins deposits are the most important, only surpassed by Cuango River’s. Secondary (or alluvial) diamond deposits were formed in several cycles, starting immediately after kimberlite emplacement (in Cretaceous times, generally speaking). The first secondary deposits correspond to the basal conglomerates of what is known as the Calonda Formation. The erosion of these conglomerates released diamonds that would be concentrated in more recent deposits.

The property is located within a few kilometers from the Chimbongo and Chitololo alluvial diamonds mines.

The area has a high potential for a primary source, as the Malúdi diamond population has different properties than those of the general diamond population in the area.


About Tango Mining
Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa.

To stop by Tango Mining’s website, CLICK HERE


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