Changed its' name from Southern Africa Minerals Corporation.  A junior mining exploration company with an inventory of zinc-copper-silver resources on its Caber base metal project near Matagami, Québec. Picachos is a relatively new acquisition and their first entry into Mexico.

Tango Mineral Resources Inc    TGO   (TSE)

The Picachos Silver/Gold Property, Durango. On April 8, 2002, the Company announced the signing of a letter agreement to earn, subject to a 60 day due diligence, a 75% interest in the Picachos Gold-Silver property from Minera Camargo, S.A. de C.V., a private Mexican company. The Picachos property has a surface area of 3600 ha (includes an application for licenses covering 2500 ha) and occurs in the southwestern part of the state of Durango (23o43’ north, and 105o48’ west) about 100 km west-southwest of the city of Durango, Mexico. The property is underlain by silver/gold rich epithermal veins known from historical workings. More recently, seven 7 channel samples collected on the surface and in the old workings have outlined the El Pino Epithermal Structure host the  Breccia Madre/Catalina vein-breccia with grades averaging 500 g/t silver and 4.3 g/t gold. The structure has an inferred strike length of 600 meters and widths ranging between 1.5 and 4.5 meters. To earn its interest, the Company must deliver 350,000 common shares of Southern Africa Minerals (subject to certain restrictions) to the vendor, conduct Cdn $ 450,000 in exploration and development over a period of 18 months to initially earn a 50% interest in the property, and an additional Cdn $1,500,000 over the following 3 years to earn an additional 25% interest in the property. The vendor retains a 2.5% NSR royalty subject to a capital recovery provision and a gold price provision. One half of the NSR royalty can be purchased for US $ 1.0 million.

WWWinfo May, 2002