Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Paynes Find Gold Advances Exploration Targets In Western Australia 0 comments
    Aug 1, 2013 3:03 AM

    Paynes Find Gold (ASX: PNE) has continued to assess its gold potential at the company's project in Western Australia during the June quarter 2013, with the completion of a geochemical survey of its wider tenement package.

    Importantly - the program outlined ten new geochemical targets as determined by geochemical consultants ioGlobal, in addition to twelve targets previously identified by an earlier survey.

    Consulting geologists CSA Global further refined the targets with structural and geological information gained from a recent structural study of the Paynes Find Gold Field to outline eleven priority targets for drilling; with four 'walk-up' reverse circulation drilling targets.

    There were also seven additional areas requiring further definition by shallow rotary air blast drilling and/or infill soil sampling prior to assessment and ranking for focused reverse circulation drilling.

    Carl Popal, executive director, spoke exclusively to Proactive Investors today, and said that he was very pleased with the initial targets, which provides the company with an exploration strategy going forward.

    "We now have a strong idea which way the gold is leaching, with the geo-chemistry giving a clear indication to confirm the angle, and therefore where to drill."

    The importance of this is that the next drilling program, to be known as Stage 3, will be more precise - and therefore drilling has the potential to intersect more of the reef.


    Paynes Find is in the position where it can use mining to fund the Stage 3 drilling program.

    Take for example the Pansey Pit, which is easy to dig and has a proven resource of 18,500 tonnes at 4g/t gold.

    The Pansey Pit material could be crushed and processed though the existing gravity circuit plant with mill and knudsen concentrator that is capable of processing 50 tonnes per hour.

    The dig and process of the Pansey Pit would only take a couple of months to complete, yet has the potential to generate around $2.5 million in cash.

    The company also has a large stockpile of unprocessed tailings at around 1g/t gold, which has the potential to produce gold worth another $1 million.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.