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Paynes Find Gold Outlines Western Australia Gold Exploration Plan

Paynes Find Gold (ASX: PNE) has outlined ten new geochemical targets at its flagship project in Western Australia after completing a geochemical survey of its wider tenement package.

Notably, consulting geologists CSA Global have outlined 11 priority targets for drilling - four 'walk-up' reverse circulation targets and seven areas requiring further definition.

The latter will be achieved through shallow rotary air blast drilling and/or infill soil sampling prior to assessment and ranking for focused reverse circulation drilling.

Priority Reverse Circulation Targets

The extensive multi-element geochemical sampling undertaken by CSA Global extended coverage of the earlier Mobile Metal Ion (NYSE:MMI) geochemical survey that had outlined 10 targets.

CSA Global has since review and re-ranked the targets in context of resource potential with targets A, B, F and H representing high grade gold targets that require reverse circulation drill testing.

Target A is the down-dip testing of high grade gold mineralisation encountered from Stage 1 and 2 drilling in the vicinity of the historic underground workings, with more focus on the mafic/gneiss contact where the zones are likely to be less boudinaged and more continuous.

All drilling is considered in the context of defining an underground-style resource.

The potential convergence of sub-parallel mineralisation at depth is considered a high value target. A program of 18 holes for 3,500 metres of reverse circulation drilling, averaging around 200 metres depth is being targeted.

Target B is the down-dip targeting of mineralisation underneath the shallow Pansy pit, with a focus on the confluence of the Daffodil line immediately east of the pit.

Despite the weak anomalism from the north-south geochemical lines east and west of the pit, the nature of the structural setting, lithological contact and the presence of drill-defined, open-at-depth gold mineralisation (8 metres at 7.1 grams per tonne from 41 metres; 6 metres at 6.5g/t from 20 20 metres) warrants further drilling, and the generation of a potentially modest open-pittable resource with underground potential.

Around 10-12 holes averaging 100-120 metres are planned.

Target F is a separate zone immediately south of Stage 1 drilling, within the Paynes Find Gneiss, to be tested with reverse circulation drilling.

Although likely to be difficult to drill target due to the boudinaged nature of the mineralisation (Type 1), the zone would be adequately tested with 10, 100 metre deep holes.

Target H is Type 3 anomalism associated with some old workings and has been recently shallow RC drill tested, with some success.

Follow up reverse circulation drilling is recommended to cover the multi-lode nature of mineralisation defined to date. 10 holes averaging 100 metres are planned.

Exploration Plan

Paynes Find added that with its recent mining services agreement with MJF Mining Contractors, it is in a sound position to fund and follow CSA Global's recommendations for near term exploration at the Paynes Find Gold field.

These include:
- Undertake 2 days infill geochemical sampling;
- Receive results of infill soil geochemistry, refine targets;
- Plan rotary air blast drilling, submit proposed Programmes of Works (POW) to department for approval;
- Undertake an estimated 14,000 metres rotary air blast programme, expected duration around 40 days.
- Review rotary air blast results, re-rank targets, plan final coordinates for reverse circulation drilling;
- Undertake Stage 3 reverse circulation drilling, estimated 11,000 metres, expected duration around 70 days.

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