A 43-year-old man presented to Scone hospital with gunshot wounds to his leg and ankle, at about 4am on Tuesday.

He was taken to John Hunter Hospital, where he remains in a stable condition.

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Police launched an investigation into how the man suffered his injuries and executed a search warrant at a home in Barton Street, Scone, on Wednesday.

There they arrested a 51-year-old man, who was later charged with two counts each of possessing an unregistered firearm (not a prohibited firearm/pistol); not keeping a firearm safely (not a prohibited firearm of pistol); possessing an unauthorised firearm; as well as one count each of discharging a firearm with intent to cause grievous bodily harm; and cultivating a commercial quantity of cannabis.

Police allege they found two guns and a hydroponic drug setup when they searched the Barton Street home.

Detectives were still combing the scene on Thursday morning.

The 51-year-old man will face Muswellbrook Local Court on Thursday.

Police will allege in court that the injured 43-year-old was visiting the Scone property when he and the 51-year-old became involved in an altercation, during which the older man allegedly shot the younger man in the leg.

Police said in a statement initial investigations suggested the incident was targeted.