A British firm, Panthera Resources Plc, has revealed that its associated company, Moydow Holdings Limited (Moydow), has commenced drilling at its Paimasa Project in Nigeria.
The company is well known for diversified gold exploration and development with assets in West Africa and India, it was gathered by newsmen that the drilling commenced through Moydow’s joint venture company, Gurara Holdings Limited (Gurara).
The company made the announcement in a disclosure sent to the London Stock Exchange.
It explained that the Paimasa Project is located in central Nigeria, approximately 115km north-northwest of the capital city Abuja.
A programme of 300m diamond and 1250m reverse circulation (RC) drilling is proposed, it said.
Previous drilling by Moydow in nearby tenements at the Dagma prospect, resulted in the identification of significant gold mineralisation within quartz veins discovered by artisanal miners.
Highlights of the project include extensive artisanal mining activity on several sub-parallel quartz veins.
The company said there was no previous drilling in the strategic new frontier in West Africa, adding that there is additional target at the Mint prospect, approximately 1.5 km away ‘along strike with similar veining’ – a potential for large scale mineralised system.
It added that the site has “excellent infrastructure” – only 115km from the capital city Abuja and Strong local partner in PW Nigeria Mining Limited (PW Mining) with significant in-country infrastructure and logistics.