Moydow currently holds a 20% interest in the joint venture company which wholly owns three Nigerian exploration licences comprising Paimasa, Dagma and Dext. Moydow can earn up to 65% of the joint venture company by funding US$2 million in project expenditure by July 2023.
Moydow has early mover status in Nigeria where very little systematic, modern exploration has been undertaken within the gold-bearing (“Schist Belt”) terrain of the Benin-Nigeria Shield, which has broad similarities to the Birimian of the Man Shield of West Africa, which over the past 35 years has become one of the most productive gold provinces globally.
Partnering with Moydow on all of the properties is PW Nigeria Ltd which is headquartered in Abuja and has been continuously operating in Nigeria since 1974. It was a member of the PW Group of Companies. The PW Group is one of the largest Civil Engineering Construction and Mining groups in West Africa. Originally founded in 1948 and the Group has employed up to 10,000 people on the African continent.
Each of the Moydow properties is in Niger State which is one of the main gold producing states in Nigeria. The other main gold locations are in Zamfara, Kaduna, Kebbi and Osun states Both the Paimasa/Mint and Dagma areas are close to Minna, the Niger State administrative headquarters.
Each of the Moydow properties is in Niger State towards the southern end of the Kushaka Schist Belt which is one of the main gold bearing trends in Nigeria. Both the Paimasa/Mint and Dagma areas have been the target of very extensive artisanal gold mining activity in recent years.
In 2018 a high-grade quartz vein system was discovered at Dagma while Moydow’s partners PW Nigeria Limited were carrying out their first soil geochemical surveys on the property.
A bulk sample from one vein subsequently exploited by artisanal miners returned an average grade of 22g/t.
Work to date includes remote sensing interpretation, geochemical surveys and mapping followed by a short first-pass drilling programme in the second half of 2019.
On the contiguous Dext licence area, preliminary reconnaissance has established along-strike prospectivity.
A short shallow programme tested the continuity of easterly dipping veins exposed by recent artisanal workings.
Drilling confirmed the down-dip continuity of some of the east dipping veins & drilling points to presence of a set of locally shallow west dipping veins.
Drilling intersected significant widths of low-grade mineralisation.
- DG33RCH002 21-29 metres 8 metres at 0.27g/t
- DG33RCH007 36-64 metres, 18 metres 0.21g/t
- DG33RCH007 9-33 metres, 24 metres at 0.65g/t including
- DG33RCH007 18-24 metres, 6 metres at 1.14 and
- DG33RCH007 30-33 metres, 3 metres at 1.55g/t
- DG33RCH008 21-66 metres, 45 metres at 0.89g/t including
- DG33RCH008 39-45 metres, 6 metres at 1.6g/t and
- DG33RCH008 57-60 metres, 3 metres @ 8.56g/t
A bulk sample of vein quartz from the artisanal pit graded 22.2g/t
A short first pass drilling programme at Dagma target comprised eight shallow holes to intersect the two mapped mineralised envelopes which contain a series of parallel auriferous veins.
Artisanal workings to the left of the frame are exploiting parallel NE-SW striking vein systems.
The drilling programme intersected wider than expected mineralised zones, but grades did not consistently match the high grades from bulk sampling at surface emphasising the need for well-planned sampling programmes in these high-grade vein systems.
First drilling in the Dagma licence area was in 2019.
Drilling tested an easterly dipping vein swarm from which bulk sample of vein quartz average assay of 22.2g/t.
Drilling confirmed the down dip extension of the vein swarm, but assays did not reflect the high grades at surface.
Best intersection was 3 metres at 8.6g/t Au but several veins expected to be high-grade returned low Au values e.g. this 1.6-metre-wide quartz vein in DDH004.
The steeply dipping quartz vein is up to 2 metres wide here (between lines) and a 120kg bulk sample of hand-picked quartz returned an average grade of 28g/t.