Yes, its true, the Paynes Find area is pockmarked by old mines...

Yes, its true, the Paynes Find area is pockmarked by old mines and shafts. But here is a new take:

All those old mines were rich - typically 1 to 2 oz/t - but very small. They were almost all exclusively mined by one or two people. There is a good reason for this: the style of gold is late stage quartz veining: rich but narrow and discontinuous. They generally stopped mining at about a half or a third of an ounce (~10g/t). This is what every "modern" explorer went for: the director's hole underneath an old working. Get a great intercept (announced as a "wide" intercept, when it was actually a much higher grade over 10 or 15cm, so really unmineable by modern methods), SP increases, investors get out.

That's been the curse of Paynes Find for the last 40 years, and PNE was little different.

The fact is, there is a LOT of gold in the field. No-one, and it really is no-one, has tested the low grade, high tonnage potential of the area. PNE came close when they unwittingly jagged some of this material, but didn't understand what it represented. Why pursue 2 to 4 g/t dirt when you could be looking for bonanza grades? Yet 2 to 4 g/t dirt represents good ore in today's environment, especially when you can define large tonnages of it.

Yes, CVS is slow - it has no money, so by definition things will move very slowly. But don't underestimate the potential of its holdings.

As for their Fraser ELs? That was a still birth and should be put down to experience. MeToo, rubbishing a company for losing interest in an area like this misunderstands how nimble a junior explorer needs to be.

I'm looking at CVS for a potential in once the PF deal and the CR are completed. Might be worth a punt then.