REG - Lexington Gold Ltd - Commencement of South African Drilling Programme

Lexington GoldAnnouncement

08/12/2023 07:00

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RNS Number : 0762W  Lexington Gold Limited  08 December 2023

8 December 2023

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Commencement of South African Drilling Programme

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in South Africa and the USA, is pleased to announce that its 2023/24
drilling programme at the Bothaville Project in the Witwatersrand Gold Basin,
South Africa is now underway.

 

Highlights:

·    The planned 2,000m+ drilling campaign comprises 4 mother holes plus
wedging at the Bothaville Project located in the Witwatersrand Gold Basin,
South Africa

·    The campaign is aimed at confirming and expanding the area of gold
mineralisation intersected in historic third party drilling

·    Approximately half of the drilling will be percussion drilling to
penetrate the Karoo Supergroup ("Karoo cover")

·    The main exploration targets are the gold-bearing conglomerates of
the Kimberley Formation (including A-Reef) which subcrops beneath the Karoo
cover starting at a depth of 250m, where diamond drilling will be utilised

·    The drilling programme is expected to take 2 to 3 months to complete
in light of a scheduled Christmas shutdown period

 

Ed Nealon, Lexington Gold's Chairman, commented:

"We are pleased to announce the commencement of our 2023/24 drilling campaign
at the Bothaville Project in the Witwatersrand Gold Basin. This strategic
initiative involves a planned 2,000m+ drilling campaign aimed at validating
and expanding the known gold mineralisation at Bothaville, within the
Kimberley Formation. As we embark on this exploration activity, we anticipate
providing regular updates on our progress and other concurrent initiatives in
the forthcoming months."

 

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion
drilling and diamond drilling (including wedging). The first drill campaign at
Bothaville is aimed, in particular, at investigating the area around an
historical drill hole (CC2) in which the A-Reef yielded an average gold grade
over five intersections of approximately 5.1g/t Au over a corrected interval
of 77cm. The programme will seek to investigate both the down-channel and
cross-channel gold mineralisation potential at an estimated depth of around
350m to 450m below surface.

 

 

Figure 1. Start of drilling at the Bothaville Project in the Witwatersrand
Gold Basin

 

Competent Person's Statement

The information contained in this announcement that relates to exploration
activities is based upon information compiled by Edward Nealon, Chairman of
Lexington Gold. Mr Nealon is a Member of the Australasian Institute of Mining
and Metallurgy (AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
December 2012 edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Nealon consents
to the inclusion in this announcement of the matters based upon the
information in the form and context in which it appears.

 

For further information, please contact:

 

 Lexington Gold Ltd                                      www.lexingtongold.co.uk (http://www.lexingtongold.co.uk)

 Bernard Olivier (Chief Executive Officer)               via Yellow Jersey

 Edward Nealon (Chairman)

 Mike Allardice (Group Company Secretary)

 Strand Hanson Limited (Nominated Adviser)               www.strandhanson.co.uk (http://www.strandhanson.co.uk)

 Matthew Chandler / James Bellman / Abigail Wennington   T: +44 207 409 3494

 WH Ireland Limited (Joint Broker)                       www.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell                                           T: +44 207 220 1666

 Peterhouse Capital Limited (Joint Broker)               www.peterhousecap.com (https://peterhousecap.com/)

 Duncan Vasey / Lucy Williams (Broking)                  T: +44 207 469 0930

 Eran Zucker (Corporate Finance)

 Yellow Jersey PR Limited (Financial Public Relations)   www.yellowjerseypr.com (http://www.yellowjerseypr.com)

 Charles Goodwin / Annabelle Wills / Soraya Jackson      T: +44 7747 788 221

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

Note to Editors:

 

Lexington Gold (AIM: LEX) is a gold exploration and development company
currently holding interests in four diverse gold projects, covering a combined
area of approximately 1,675 acres in North and South Carolina, USA and in five
gold projects covering approximately 89,505 hectares in South Africa.

 

Further information is available on the Company's
website: www.lexingtongold.co.uk (http://www.lexingtongold.co.uk) . Neither
the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

 

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