REG - Lexington Gold Ltd - Drilling contract signed at Jennings-Pioneer

Lexington GoldAnnouncement

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RNS Number : 7015G  Lexington Gold Limited  30 April 2025

30 April 2025

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Drilling contract signed in respect of the Jennings-Pioneer Project in South
Carolina, USA

 

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
it has signed a drilling contract with Logan Drilling USA, a subsidiary of
Logan Drilling Group, to commence a new exploration programme at its
Jennings-Pioneer Project, located within the highly prospective Carolina Slate
Belt in South Carolina, USA.

Highlights:

·    The drilling programme is designed to expand upon the encouraging
results from Lexington Gold's 2024 drilling campaign, which confirmed gold,
silver and base metals as well as tellurium mineralisation extending north
east of the historic Barite Hill open pit

 

·    Drilling will target volcanogenic and epithermal mineralisation of
gold, silver and base metals, including copper and zinc as well as tellurium
along the Jennings Trend and the Barite Hill Trend (see Figure 1)

 

·    A contract for a minimum of 600 metres of diamond core drilling has
been signed with Logan Drilling USA

 

·    The drilling programme is expected to commence in late May 2025, with
all required regulatory permits now in place

 

·    The drilling and core logging programme is expected to last
approximately two months, with core sample processing and assaying estimated
to take an additional two months

 

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

"The start of new drilling at our Jennings-Pioneer Project marks an exciting
next step in unlocking the potential of this highly prospective region. With
the Jennings-Pioneer Project being located within the same Carolina Slate Belt
as the successful third party Haile Gold Mine, and sharing many geological
similarities, we believe our project holds significant promise.

"We are committed to advancing our exploration work systematically and
responsibly, and look forward to updating shareholders with results from this
new drilling programme in due course."

Additional Information

Strategic Importance:

This latest drilling initiative aligns with Lexington Gold's strategic
objective to advance exploration activities within areas hosting minerals of
strategic importance.

Following an Executive Order signed in March 2025 by U.S. President Donald
Trump, gold, copper, and tellurium have been formally recognised as strategic
minerals which are vital to U.S. national security, economic resilience and
clean energy transitions.

·    Gold is deemed a strategic store of value and a financially secure
asset

·    Copper is critical to electrical infrastructure, renewable energy,
and defence technologies

·    Tellurium plays a key role in modern electronics and solar panels

Lexington Gold's focus on these key minerals positions it advantageously to
potentially contribute towards strengthening secure mineral supply chains in
North America.

Technical Background:

The latest drilling programme will integrate historic and modern data into
updated geological models, thereby further advancing resource development
across the Jennings-Pioneer Project.

The Jennings-Pioneer Project encompasses two main target areas:

·    The Barite Hill Trend, where Lexington Gold's 2024 drilling confirmed
significant gold mineralisation extending north east of the historic Barite
Hill open pit, including intersections such as 23m @ 1.14g/t Au (hole JP24-2)
and 39m @ 0.80g/t Au (hole JP24-3); and,

·    The Jennings Trend, targeting historic workings including the Crayton
and Brown Shafts from the 1930s, supported by historic rock sample assays

Drilling along the Barite Hill Trend will be focused on extending the open
north east strike length of mineralisation associated with the historic Barite
Hill open pit gold-silver mine. Mineralisation target models for this trend
have been created from a variety of historical and recent data sources.

The Jennings Trend parallels the Barite Hill Trend, and the two trends are
offset by approximately 500 metres. Lexington Gold has added resolution to
this target area by carrying out aerial geophysics, field mapping, grid soil
sampling, rock grab sampling and aerial LiDAR (Light Detection and Ranging)
analysis of historical workings.

Regional Context and Exploration Potential

The Jennings-Pioneer Project is located within the highly prospective Carolina
Slate Belt, a region which continues to demonstrate world-class gold
endowment.

Notably, OceanaGold Corporation's ("OceanaGold") nearby Haile Gold Mine
("Haile") has recently announced outstanding drilling results, with
significant high-grade intercepts supporting their objective of delineating
over two million ounces of underground resources. Haile's continued success
highlights the exceptional mineral potential of the Carolina Slate Belt and
provides a strong regional analogue for Lexington Gold's exploration strategy
at the Jennings-Pioneer Project.

Lexington Gold's latest drilling programme is designed to build on previous
successful intercepts and to further assess the potential for both
near-surface and deeper, higher-grade mineralisation similar in style to that
being developed at Haile.

The Jennings-Pioneer Project shares many geological similarities with
OceanaGold's highly successful Haile mine, located within the same Carolina
Slate Belt. Both projects are hosted within the Persimmon Fork Formation,
exhibit strong hydrothermal alteration assemblages including silica and
sericite, and are structurally and stratigraphically controlled within
Neoproterozoic volcanic-sedimentary sequences.

The ongoing exploration success at Haile, coupled with the geological
parallels observed at Jennings-Pioneer, reinforces the significant potential
for gold and associated mineralisation within our project area.

 

Figure 1: Plan view of the Jennings-Pioneer Project with a variety of
exploration data including LiDAR, aerial magnetics interpolation, drill hole
gold assays and planned drill hole traces.

 

 

 

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 (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

 

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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