REG - Lexington Gold Ltd - Drilling Update

Lexington GoldAnnouncement

01/12/2021 07:00

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RNS Number : 1126U  Lexington Gold Limited  01 December 2021

1 December 2021

Lexington Gold Ltd

("Lexington Gold" or the "Company")

RC Drilling Programme Completed at the

Carolina Belle Project

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce that its
maiden drilling programme at the Carolina Belle Project ("Carolina Belle") has
now been completed, and the drill rig moved to the Jones-Keystone-Loflin
Project ("JKL"). The reverse circulation ("RC") drilling programme at Carolina
Belle forms part of the Company's larger ongoing 5,000m RC drilling programme.

Highlights

 

·    A total of 32 drill holes for an aggregate of 2,630m were drilled at
Carolina Belle

 

·    Includes two additional drill holes at Carolina Belle than originally
envisaged due to highly encouraging visible observations from the RC drill
chips

 

·    Detailed logging and sampling of all the holes has been completed and
several intersections containing quartz veining, sulphides and alteration were
noted

·    A total of 738 samples comprising of 4 metre sample composites as
well as standards, blanks and duplicates have been dispatched to SGS Canada's
("SGS") Vancouver based laboratory for gold assaying as well as whole-rock
geochemistry analyses

·    No amended timeline has been received from SGS for the first batch of
samples previously submitted such that initial assay results are still
expected to be received between mid-December 2021 and mid-January 2022

 

Bernard Olivier, Lexington Gold's CEO, commented:

"We are delighted to have successfully completed our maiden drilling programme
at Carolina Belle and are very pleased with the initial visual indicators.
Drilling intersected various quartz and alteration zones and showed good
levels of geological continuity and consistency. Based on these findings we
decided to drill two additional holes at Carolina Belle both of which also
intersected the targeted zones.

"We eagerly await the assay results from the completed drilling programme at
Carolina Belle and look forward to further updating the market on progress at
JKL in due course where the rig has been moved and drilling has commenced on
the Loflin side."

Additional information

Carolina Belle comprises exploration and mining rights over a total of 391.98
acres, covering both the historical Iola and Uwarra mining areas. Discovered
in 1901, the area was mined almost continuously until 1916, collectively
producing approximately 50,000oz of gold until a dispute between the
neighbouring mines of Iola and Uwarra prevented continued mining activities.
Recent surface rock chip and grab samples from a newly identified mineralised
zone returned 10 samples with gold grades in excess of 1g/t including: 17g/t;
5.1g/t; 3.5g/t, 3.2g/t; 2.7g/t; and 2.2g/t.

 

 Table 1: Lexington Gold - RC Drilling Summary to Date (Drilling from surface)
 Hole ID No.      Project         Dip (degrees)  Azimuth (degrees)  Final depth (m)
 CBRC-001         Carolina Belle  -60            122                60
 CBRC-002         Carolina Belle  -59            118                52
 CBRC-003         Carolina Belle  -60            119                60
 CBRC-004         Carolina Belle  -60            121                60
 CBRC-005         Carolina Belle  -59            125                65
 CBRC-006         Carolina Belle  -60            124                70
 CBRC-007         Carolina Belle  -60            119                90
 CBRC-008         Carolina Belle  -60            122                60
 CBRC-009         Carolina Belle  -60            126                132
 CBRC-010         Carolina Belle  -60            126                60
 CBRC-011         Carolina Belle  -61            141                158
 CBRC-012         Carolina Belle  -61            128                97
 CBRC-013         Carolina Belle  -60            126                85
 CBRC-014         Carolina Belle  -60            124                67
 CBRC-015         Carolina Belle  -60            123                61
 CBRC-016         Carolina Belle  -60            125                60
 CBRC-017         Carolina Belle  -60            122                60
 CBRC-018         Carolina Belle  -60            123                60
 CBRC-019         Carolina Belle  -60            122                60
 CBRC-020         Carolina Belle  -90            290                187
 CBRC-021         Carolina Belle  -60            128                70
 CBRC-022         Carolina Belle  -60            125                79
 CBRC-023         Carolina Belle  -60            127                90
 CBRC-024         Carolina Belle  -60            128                120
 CBRC-025         Carolina Belle  -61            129                80
 CBRC-026         Carolina Belle  -61            120                80
 CBRC-027         Carolina Belle  -60            127                100
 CBRC-028         Carolina Belle  -58            127                80
 CBRC-029         Carolina Belle  -59            136                67
 CBRC-030         Carolina Belle  -59            133                60
 CBRC-031         Carolina Belle  -62            132                120
 CBRC-032         Carolina Belle  -61            124                80
 Total (metres):                                                    2,630

 

Assaying

 

Four metre composite samples were collected throughout each hole and a total
of 738 samples, including standards, duplicates and blanks were dispatched to
SGS Canada's Vancouver based laboratory for gold assaying as well as whole
rock chemistry XRF analysis. The initial 4m composites will be further refined
to 1m composites and submitted for gold assaying for all intersections of gold
interest.

 

The initial assay results are currently expected to be received in
approximately 3 to 5 weeks, but this is subject to change by SGS and could be
affected by public holidays over the Christmas and New Year period.

 

Figure 1: RC Drilling at Carolina Bell:

http://www.rns-pdf.londonstockexchange.com/rns/1126U_1-2021-11-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1126U_1-2021-11-30.pdf)

 

Figure 2: RC drill chips with quartz veins and alteration zones:

http://www.rns-pdf.londonstockexchange.com/rns/1126U_1-2021-11-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1126U_1-2021-11-30.pdf)

 

Enquiries:

 

 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 / James Harris        T: +44 207 409 3494

 Peterhouse Capital Limited (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)

 Tom Randell / Matthew McHale                           T: +44 7948 758 681

 

 

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.

 

Note to Editors:

Lexington Gold Ltd (AIM: LEX) is focused on the exploration and development of
its four diverse gold projects, covering a combined area of approximately
1,675 acres in North and South Carolina, USA. The projects are situated in the
highly prospective Carolina Super Terrane ("CST"), which has seen significant
historic gold production and is host to a number of multi-million-ounce mines
operated by majors and was also the site of the first US gold rush in the
early 1800s, before gold was discovered in California.

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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