VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 26, 2014) - Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the "Company") is pleased to announce the discovery of several high grade low-sulphidation epithermal quartz veins, with gold and silver, from preliminary geological reconnaissance and surface sampling on its 100% owned 2088.8 hectare (ha) El Santo concession, Nicaragua.
Low-sulphidation epithermal quartz adularia veins, with gold and silver, have been mapped on the El Santo concession with a structural orientation NE-SW and are associated with high temperature alteration minerals. Seven veins were mapped and have six have been named El Pulpito, El Zanjon, La Mexicana, La Mexicana II, Belgica 1 and 2. Of the 46 chip samples analysed 34 had over 1 gram per tonne (g/t) gold, 19 had over 4 g/t gold, 7 were over 10 g/t gold and the highest grade sample was a 3 meter (m) chip sample that returned 748.4 g/t gold and 409 g/t silver from La Mexicana II vein. A complete summary of all 48-chip samples can be found in Table 1 and are plotted on Figure 1 and 2. To view the Figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Figures-TGV.pdf.
The El Santo Concession is located within the Libertad Mining District approximately 110 kilometers (km) due east of Managua. The Libertad Mining District covers an area of approximately 150 square km and lies within a broad belt of Tertiary volcanic rocks. The El Santo vein system discovered is quite similar geologically to those that occur in the mining districts of Santo Domingo and La Libertad respectively.
Table 1 - El Santo Assay Data (sorted from high to low gold)
| |
Sample Number |
Au g/t |
Ag g/t |
Chip Sample Width (m) |
| 1 |
72547 |
748.4 |
409 |
3 |
| 2 |
72584 |
30.4 |
16 |
4 |
| 3 |
72558 |
16.9 |
9 |
3.2 |
| 4 |
72579 |
16.1 |
18 |
6 |
| 5 |
72586 |
13.3 |
11 |
6 |
| 6 |
72554 |
12.6 |
13 |
3 |
| 7 |
72565 |
11.9 |
15 |
3.2 |
| 8 |
72552 |
8.856 |
10 |
2.9 |
| 9 |
72578 |
8.616 |
77 |
6 |
| 10 |
72549 |
6.554 |
218 |
3 |
| 11 |
72546 |
5.991 |
96 |
2.8 |
| 12 |
72582 |
5.734 |
2 |
6 |
| 13 |
72569 |
5.093 |
30 |
2.6 |
| 14 |
72545 |
4.976 |
30 |
3 |
| 15 |
72587 |
4.801 |
22 |
6 |
| 16 |
72557 |
4.715 |
3 |
2.6 |
| 17 |
72585 |
4.713 |
27 |
6 |
| 18 |
72566 |
4.708 |
48 |
4 |
| 19 |
72589 |
4.545 |
12 |
6 |
| 20 |
72555 |
3.388 |
43 |
2.95 |
| 21 |
72592 |
3.229 |
49 |
6 |
| 22 |
72551 |
2.662 |
2 |
3 |
| 23 |
72583 |
2.589 |
5 |
6 |
| 24 |
72550 |
2.277 |
3 |
2.8 |
| 25 |
72553 |
2.274 |
4 |
2.8 |
| 26 |
72548 |
2.079 |
16 |
2.8 |
| 27 |
72564 |
1.945 |
8 |
3.2 |
| 28 |
72570 |
1.878 |
<2 |
1.2 |
| 29 |
72561 |
1.877 |
6 |
3.1 |
| 30 |
72562 |
1.818 |
5 |
3.1 |
| 31 |
72581 |
1.699 |
<2 |
5 |
| 32 |
72576 |
1.551 |
10 |
4 |
| 33 |
72567 |
1.209 |
12 |
3.8 |
| 34 |
72580 |
1.209 |
29 |
5 |
| 35 |
72588 |
0.926 |
52 |
6 |
| 36 |
72556 |
0.898 |
<2 |
2.8 |
| 37 |
72573 |
0.689 |
<2 |
1.2 |
| 38 |
72563 |
0.558 |
<2 |
1.1 |
| 39 |
72577 |
0.493 |
<2 |
6 |
| 40 |
72572 |
0.092 |
<2 |
0.93 |
| 41 |
72574 |
0.022 |
<2 |
1.2 |
| 42 |
72568 |
0.019 |
<2 |
1.1 |
| 43 |
72571 |
0.012 |
<2 |
1.2 |
| 44 |
72590 |
0.007 |
<2 |
6 |
| 45 |
72591 |
0.006 |
<2 |
6 |
| 46 |
72575 |
0.005 |
<2 |
1.3 |
Tango has filed an Environmental Impact Assessment report with the appropriate government authorities and will conduct a follow up assessment program as soon as possible.
About Tango Gold Mines Incorporated
Tango Gold Mines Incorporated is a TSXV listed Canadian company which holds a 100% interest in the 2,088.8 ha El Santo concession located in central Nicaragua. El Santo is located immediately south of B2Gold Corp.'s La Libertad concession that is host to the La Libertad mine and mill complex which is projected to produce approximately 143,000 to 150,000 ounces of gold in 2014. El Santo is believed to host several east-west trending, low sulphidation, epithermal gold and silver in quartz vein systems similar to those found on the La Libertad concession.
On Behalf of the Board of Directors
Antonio Ponte, CEO and Chairman
Tango Gold Mines Incorporated
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits mentioned nearby the Company's property is not indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.