The recently concluded structural study at the Paynes Gold Project reveals new gold mineralization target areas along with extensions from previously tested deposits.
Paynes also claimed that only 5% of the mineralized area has been drill-tested.
The explorer has employed IO Global to assess previous geochemical and geological data to locate potential targets for the future explorations.
Paynes Find gold project area consists of three major rocks – mafic amphibolite unit, central gneissic unit and slightly foliated granodioritic units.
The company had earlier identified ten major gold-bearing lode lines together with 36 historic gold mines with mined grades ranged from 15grams per tonne gold to as much as 150grams per tonne gold.
Results from the second stage of drilling are expected to lead to a further third round, expected to be commissioned in March 2013.
The company is currently engaged in various discussions to explore the various possibilities, such as – joint venture and farm-in options, for the funding of exploration and development.
