Tango Mining has signed an agreement to acquire an 80% unencumbered interest in the Mano River Project from West Mining (WML), Republic of Liberia.
The Property consists of one recently granted 104.3 square kilometer diamond mineral exploration license located in the western part of Republic of Liberia. This portion of Liberia is well known for the wide spread occurrence of alluvial diamonds and the known presence of kimberlites.
Mano River Project
The Property is underlain by Precambrian rocks of Archean age within what is known as the Leo-Man Shield. During the 1960s and early 1970s, a joint program between the Liberian Geological Survey (“LGS”) and the United States Geological Survey (“USGS”), collected a significant amount of topographic, airborne magnetic and radiometric data covering the entire country. This resulted in an excellent digital regional exploration database to support future exploration work.
The exploration results importantly identified that the geology of Liberia is very favorable for the occurrence of a wide range of metals and minerals, including gold and diamonds. The LGS and USGS documented approximately 160 kimberlite occurrences in central and western Liberia. Due to the lack of bedrock exposure, access and vegetation, further follow up work was difficult.
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 Property. This includes Kumgbor, Mano Godua and Weasua and the most important recent discovery, approximately 25 km north of the Property is an area with three identified kimberlites, known as Camp Alpha, which is being explored by a private US funded company.
The Property is underlain by favorable basement geology and within a part of Liberia that is well known for the wide spread occurrence of alluvial diamonds and the known presence of kimberlites but there has been little systematic modern exploration.
The largest active gold mine in Liberia, called the New Liberty Gold Mine, operated by Avesoro Resources (LSE and TSX listed), is located 45 km south west of the Property and commenced production in 2015.
Mineral Exploration License MEL7003018 (MEL) was granted on the 7 September 2018 and expires 7 September 2021. Upon completion of the acquisition of MEL, to be completed by 31 October 2018, the Company shall develop an exploration program by the end of Q1 2019 and carry out the work on the Property. This exploration work is expected to consist of geological and structural mapping, sampling and ground geophysical surveys. As consideration for the acquisition of the 80% interest in the Property, the Company shall assume all holding costs and WML will provide full local support and assistance to Tango within the Republic of Liberia.
Source: Company Press Release