Paynes Find Gold (ASX: PNE) has confirmed the open pit potential of its Paynes Find Gold project after its drilling made a number of shallow high grade gold intersections.
Notable intersections from the reverse circulation and diamond drilling include:
- 12 metres at 6.61 grams per tonne gold (g/t) from 10 metres;
- 3 metres at 8.04g/t gold from 45 metres;
- 3 metres at 8.05g/t gold from 77 metres; and
- 3 metres at 92.1g/t gold from 41 metres including 1 metres at 271g/t gold.
These results confirm that gold mineralisation is not limited to the predominantly explored gneiss as previously thought.
Further extensional and down-dip drilling required to test open high-grade structures to the west, and to potentially link high-grade zones along strike.
Paynes Find is now refining interpretation of the drilling results and building a geological model of the gold mineralisation known to date.
This will lead to the definition of additional drill targets.
Additionally, the company is looking more broadly at the Paynes Find Gold field, assessing the controls on mineralisation and targeting new zones of mineralisation.
A review of the drilling program and a structural study has been commissioned with independent geological consultants CSA Global.
The company is planning a short interim program of about 15 holes for around 500 metres of shallow RC holes into regional targets, and is reviewing requirements for a third phase drilling exercise in the New Year, based on outcomes from the review of current work and associated structural studies. The third round of drilling is planned for Q1 2013.
Depending on the outcomes of this work the Company will look to formalise a Mineral Resource estimate in the second quarter of 2013.
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