Tango Mining Limited   announced yesterday that it has  completed an updated National Instrument (NI) 43-101 resource for the BK11 Kimberlite Diamond Mine (BK11 Mine) in Botswana.

The BK11 Mine is located on land for which a mining licence is held by Monak Ventures (Pty) Limited. Tango had earlier  entered into an agreement with  Firestone Diamonds Limited to acquire   100% of Firestone's right in the BK11 Mine processing facility, and “interest and title in the mineral rights held directly or indirectly, through Firestone's 100% owned subsidiary, Firestone Diamonds Botswana (Pty) Limited  and Firestone's 90% owned subsidiary, Monak”.

The BK11 Mine is located within the Orapa/Letlhakane kimberlite district. This area is amongst the world's “most prolific diamond producing districts” says Tango and describes the BK11  as a “diamond-bearing champagne-glass shaped kimberlite pipe with a surface area of 8.7 hectares (revision based on new geophysical modeling)”.

Tango also reported that there are excellent paved roads, water supply and power supply from the recently upgraded national grid to the property boundary.

The Company’s estimates  that there is a  17.4 million tonnes (Mt) Inferred Resource containing a total of 780,820 carats   of which approximately 9.0 Mt (Kimberlite Facies K2U, K2L and K3) averages 6.8 carats per hundred tonnes (cpht ) for a total of 608 000 cts, with higher-grade areas being identified at 9.8 cpht. 

The BK11 contains, Tango  said, “good quality white diamonds in the top 10% of global gem     diamond production in terms of value per ct”. Further, it cited the recovery of a 1.5 ct high quality Type IIa D colour diamond as a significant indication of the presence of top quality stones within the BK11 kimberlite, “with the potential for large +100 ct stones”.

Terry L. Tucker, P.Geo., Executive Chairman of Tango, stated: "The completion of the resource update for BK11 is an important step in finalising the economic study of BK11. The resource tonnage and grade is consistent with our initial assessment of this acquisition opportunity and the improved diamond valuation could enhance the economics of this project. The recently announced positive production results and recovery of exceptional stones from nearby neighbouring mining operations, that implemented similar autogenous milling technology bodes well for the future performance of BK11, and provides confidence in our development and investment decision. Our immediate goal is to focus on financing the acquisition and development cost and transition into project development and production."