Paynes Find Gold Limited (“PFGL” or the “Company”) is a publicly listed gold exploration company (ASX: PNE) registered in Australia and based in Perth exploring for viable mineral deposits at Paynes Find, an historically significant gold producing region 420km Northeast of Perth, Western Australia and serviced by the sealed, Great Northern Highway and an airstrip.
PFGL has a significant tenement package that includes practically all of the historic Paynes Find Goldfield covering 940ha. Within PFGL’s tenement area, which is some 5.5km long by 2km wide, ten major gold-bearing lode lines had been identified together with 36 historic gold mines that mined grades ranged from 15g/t Au to as much as 150g/t Au.
Since listing on the ASX (2 December 2010), the Company has completed geological and structural mapping at scales of 1:5000 and 1:2000 which has identified 41 gold mineralised quartz reefs over a width of 600m across the main northern section of the Paynes Find Goldfield. This is a significant increase on the 10 main reefs reported on in the Prospectus.
The mapping suggested an average quartz lode separation of approximately 15 metres. There is also geological evidence of lower grade “link” structures between the main high-grade gold lodes. The dense quartz vein mineralisation, in a strongly deformed quartz diorite host, has continuous outcrops over a strike length of at least 2,000m before dipping beneath laterite cover. Additional mineralisation has been identified over a total distance of at least 3,000m and within various rock types flanking the main goldfield.