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.
At the Paimasa prospect Moydow is targeting multiple high-grade quartz veins discovered and worked by artisanal miners. The quartz veins occur on a well-defined NE-SW trending gold geochemical anomaly. Significant historical artisanal production occurred until the licence was granted to Moydow’s joint venture partner in 2017.
During 2017 and 2018 a new swarm of quartz-tourmaline veins was discovered at the Mint target within the Paimasa licence area and some 1.5 kilometres northwest of the Paimasa target. The new discovery is a 300 metre – wide zone with high-grade auriferous quartz-tourmaline veins over a strike length of 1 kilometre. To date more than 30 vein segments have been identified over a 50-hectare area at the Mint target.
There has been no historical drilling within the Paimasa/Mint licence area. Moydow plans to drill both of the Paimasa and Mint vein systems, commencing in 2020.
EL25093 covers an area of 174 square kilometres and was first granted in 2017. The existence of artisanal gold workings at Paimassa, allied with favourable geology inferred from aeromagnetics interpretation, were the impetus for the ground selection. Since then exploration work has focused on the area around the Paimassa prospect in the central part of the concession. Soil geochemical sampling, rock geochemical sampling and mapping were conducted around and outwards from the Paimassa area. A significant number of mineralised veins were discovered by this geological mapping and through exposure by subsequent work of informal miners at the nearby Mint area . By October 2019 mapping of the mineralised quartz veins at the two prospects has extended the target zone to a more than 2.5km long and 500 metre wide northwest to southeast trending zone within which more than 40 quartz vein segments has been recorded. At the Mint prospect the highest-grade veins are characterised by an abundance of tourmaline. A bulk sample of one of these quartz tourmaline veins returned an average value of 23g/t and the maximum grab sample grade was 49.4g/t.
A 1,450 metres trenching programme was completed over the mineralised zone at Mint during the first and second quarters of 2019 and detailed mapping and sampling of intersected veins was undertaken. A new geological model for the area is being constructed based on the trenching data. No drilling has been completed to date on the property and the first exploration drilling is planned by M
Moydow to commence in the final quarter of 2020.
Paimasa & Mint Targets
Note: the base image is a plot of reduced to pole aeromagnetic data
At6 Paimasa multiple high-grade quartz veins have been worked by artisanal miners.
There is a well defined NE-SW trending multi-element geochemistry anomaly over Paimasa.
Significant artisanal production occurred prior to Moydow ??? farm-in. ???
A second recently discovered target, Mint, is located 1.5 kilometres northwest of Paimasa, currently delineated over a 300 metre wide zone with high-grade auriferous quartz-tourmaline veins over a strike length of 1 kilometre and growing.
A bulk sample from surface from one vein at Mint graded 23g/t.
Recently there have been hundreds of miners exploiting the high grade veins at both Paimasa and Mint targets.
No drilling to date, drilling planned for the second half of 2020
Since this picture was taken the revegetation of the trench has progressed very well. All field work is carried out to international best practice standards ensuring minimal long-term environmental impact