REG - Lexington Gold Ltd - Drilling Update

Lexington GoldAnnouncement

21/02/2022 07:00

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RNS Number : 2050C  Lexington Gold Limited  21 February 2022

21 February 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

RC Drilling Programme Completed on the

Loflin Side of JKL

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce that its
Phase 2 reverse circulation ("RC") drilling programme on the Loflin side of
its Jones-Keystone-Loflin Project ("JKL") has now been completed, such that
the drill rig is now mobilising to the Jones-Keystone side of project. The RC
drilling programme at JKL forms part of the Company's larger ongoing 5,000m RC
drill programme.

Highlights

 

A total of 18 drill holes for an aggregate of 1,695m were drilled at Loflin.

 

·    Due to the significant sulphide mineralisation intersected on the
southern side and outside of the current known Loflin resource ("Loflin
South"), two additional RC drill holes were drilled in the newly identified
area.

·    Detailed logging and sampling of the 18 holes drilled on the combined
Loflin South and main Loflin deposit has now been completed, with multiple
intersections of sulphide mineralisation and alteration zones of over 25m
identified.

·    An additional 278 samples comprising of 4 metre sample composites as
well as standards, blanks and duplicates have now been dispatched to American
Assay Labs ("AAL") in Nevada for gold assaying as well as whole-rock
geochemistry analyses.

·    The Company is expecting all of the remaining outstanding assay and
whole-rock results for its Carolina Belle project to be received back from SGS
by the end of February 2022.

Bernard Olivier, Lexington Gold's CEO, commented:

"We are pleased that drilling is now progressing well following the repairs
carried out on the drill rig in January. We continue to be excited about the
significant sulphide and alteration zones intersected at both Loflin and the
Loflin South extension. We believe that such intersections could potentially
contribute significantly to an enhanced JORC mineral resource estimate,
originally established and reported following our Phase 1 drilling in 2021,
which was one of the key goals for this ongoing drilling programme.

 

"The completion of the drilling programme on the Loflin side of JKL is an
encouraging milestone for Lexington Gold as we progress through the different
stages of the planned 5,000m RC drilling programme, and I look forward to
providing the results for all of the Loflin samples and the outstanding
Carolina Belle assays in due course."

 

 

 

 

Additional information

Jones-Keystone-Loflin Project ("JKL")

The Company's Phase 1 drill campaign at JKL intersected significant gold
mineralisation, with the assay results showing a good correlation with the
historical drilling results at Loflin. Importantly, all six holes of the
initial campaign intersected gold mineralisation of over 1 g/t Au above 100m
depth with multiple intersections over 30m width. The ongoing Phase 2 drill
campaign will now focus on the Jones-Keystone side of the project with the
overall objectives of the current drill programme comprising:

·    The potential expansion of the initial maiden resource estimate for
Loflin, as announced on 23 September 2021;

·    Drill holes positioned to test additional targets that form part of
the project area that have been identified from geophysics and historical
work, including Loflin South; and

·    Drill holes positioned to seek to establish a maiden resource for the
Jones-Keystone side of the project.

 

 Table 1: Lexington Gold - RC Drilling Summary to Date at JKL (Drilling from
 surface)
 Hole ID No.      Project  Dip (degrees)  Azimuth (degrees)  Final depth (m)
 LFRC-001         Loflin   -60            325                60
 LFRC-002         Loflin   -60            325                80
 LFRC-003         Loflin   -70            145                130
 LFRC-004         Loflin   -60            325                85
 LFRC-005         Loflin   -60            145                60
 LFRC-006         Loflin   -60            145                80
 LFRC-007         Loflin   -60            325                150
 LFRC-008         Loflin   -60            325                80
 LFRC-009         Loflin   -60            325                100
 LFRC-010         Loflin   -60            325                100
 LFRC-011         Loflin   -60            145                55
 LFRC-012         Loflin   -60            145                110
 LFRC-013         Loflin   -60            325                151
 LFRC-014         Loflin   -60            325                144
 LFRC-015         Loflin   -60            325                90
 LFRC-016         Loflin   -60            325                80
 LFRC-017         Loflin   -60            150                80
 LFRC-018         Loflin   -60            325                60
 Total (metres):                                             1,695

 

 

Assaying

 

Four metre composite samples were collected throughout each hole and two
batches of 194 and 278 samples from Loflin, including standards, duplicates
and blanks have been dispatched to American Assay Labs ("AAL") in Nevada 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.

 

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 / Annabelle Wills                          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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