REG - Lexington Gold Ltd - Drill Programme Completed at Jennings-Pioneer

Lexington GoldAnnouncement

01/07/2025 07:00

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RNS Number : 0776P  Lexington Gold Limited  01 July 2025

1 July 2025

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Drill Programme Successfully Completed at the Jennings-Pioneer Project,

 South Carolina, USA, with Strong Visual Indicators of Mineralisation

Lexington Gold (AIM: LEX; OTCQB: LEXLF), the gold exploration and development
company with projects in South Africa and the USA, is pleased to announce that
the gold, silver, base metal and tellurium exploration drilling programme at
its Jennings-Pioneer Project ("Jennings-Pioneer"), located in South Carolina,
USA, has now been completed.

Highlights:

·    All six new diamond drill holes intersected visually identifiable
alteration-mineralised zones, consistent with gold, silver, base metal and
tellurium mineralisation.

·    A total of approximately 600 metres of diamond drilling and initial
logging of the core has now been completed across the Barite Hill and Jennings
Trends (see Figure 1).

·    200.9 metres of drill core display prominent
alteration-mineralisation textures typical of epithermal gold-silver and base
metal systems in the Carolina Slate Belt (see Figure 2).

 

·    Alteration-mineralisation textures correlating to the Middle Zone and
the Red Hill Zone targets of the Barite Hill Trend were intercepted in drill
holes JP25-4 and JP25-5 (see Figure 3) which suggest the further extension of
known mineralisation northeast of the historic Barite Hill open pit.

 

·    Alteration-mineralisation textures were also observed in drill core
from holes JP25-6, JP25-7, JP25-8 and JP25-9, which targeted mineralisation in
the vicinity of the 1930s Pioneer Mine Site situated on the Jennings Trend
(see Figure 3).

 

·    Core cutting and sampling has now commenced, with assay results
expected to be received within approximately six weeks from submission to the
laboratory.

 

·    Assay and geological logging data will be used to update and expand
the Company's existing geological and grade models.

 

Edward Nealon, Lexington Gold's Non-Executive Chairman, commented:

"We are highly encouraged by the presence of widespread visual alteration and
sulphide mineralisation in all six of the latest drill holes. This
significantly builds on our prior work and confirms that both the Barite Hill
and Jennings Trends remain open and highly prospective. We look forward to
receiving the assay results and the opportunity to continue advancing this
strategically located and multi-element asset."

 

 

 

Geological Observations and Target Zone Details

Six diamond drill holes were completed during May and June 2025 across the
Barite Hill and Jennings Trends, intersecting broad silica-sericite alteration
zones ranging from 10 to 40 metres in thickness. These zones contain intervals
of massive to semi-massive sulphides, quartz-barite-sulphide veins and
supergene mineralisation (0.5 to 5.0 metres thick). Pyrite is the dominant
sulphide, accompanied by accessory chalcopyrite, sphalerite and galena.

Barite Hill Trend

Drill holes JP25-4 and JP25-5 (292m in total) were collared along the
northeastern margin of the historic Barite Hill open pit. These holes follow
on from our 2024 drilling, which returned encouraging gold assays from both
the shallow Red Hill and the deeper Middle Zones. Visual inspection confirms
mineralisation typically associated with gold, silver and base metals in both
holes, with JP25-4 displaying particularly strong quartz-barite veining and
massive sulphides. These observations support a current strike length
extension of mineralisation up to 200 metres northeast of the historic Barite
Hill pit.

Surface sampling and shallow drilling conducted in 2023 - 2024 had already
confirmed favourable gold assays in this area, with mineralisation now
observed as shallow as 13 metres, reinforcing the near-surface potential of
the zone.

Jennings Trend

Drill holes JP25-6 to JP25-9 (307m combined) targeted the historic Pioneer
Mine Site, which includes two collapsed shafts and associated infrastructure
within Lexington Gold's landholding. All holes intersected both near-surface
oxidised alteration-mineralisation and deeper sulphide-rich zones, indicating
that the ore bodies previously exploited by the Pioneer Mining Company remain
open and potentially underexplored.

 

Figure 1: Diamond core drill rig completing the final hole of the Spring 2025
drill programme at the Jennings-Pioneer Project.

 

Figure 2: Field photo of NQ diamond core from drill hole JP25-4 displaying
prospective quartz-barite veins and sulphide mineralisation from the Barite
Hill Trend. Reference each row as 0.6 metres for scale.

Figure 3: Oblique view looking north, with observed alteration intercepts in
recent core drilling represented as red cylinders along withwhite drill
traces. Drill hole titles are at the base of the drill traces. In the
background of the image are the historical 1930s mine shafts of the Jennings
Trend, which are highlighted as blue vertical cylinders. In the centre of the
image is the 1990s historical Barite Hill final pit outline, which are the
contours highlighted in blue. In the foreground, the brownish orange
wireframes are Barite Hill Trend 0.5 g/t Au grade shell interpolations based
on historical production and exploration assays. Note that the Jennings Trend
is located approximately 500 metres to the northwest of the Barite Hill
Trend.

 

 

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

 Optiva Securities Limited (Joint Broker)                www.optivasecurities.com (http://www.optivasecurities.com)
 Bartu Ciftci / Christian Dennis                         T: +44 203 981 4178

 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                       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; OTCQB: LEXLF) 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 six gold projects covering approximately 114,638 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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