Tango Mining Ltd. is acquiring a 75% interest in an alluvial diamond property in Botswana known as the Middlepits project from Metswedi Mining Pty. Ltd.
The property consists of one prospecting license and was explored by De Beers SA in the 1970s, according to a Dec. 21 release.
Tango Mining will be responsible for all further exploration and development expenditures on the property upon closing of the deal, which is subject to the renewal of the prospecting license being completed by Metswedi.
The prospecting license covers 876 square kilometers, and upon renewal, it will cover approximately 435 square kilometers. The license will be valid for two years, with an option to renew.
Tango and Metswedi will work together to develop an exploration and development program for the property in the first quarter of 2018.
