REG - Lexington Gold Ltd - Drilling Update

Lexington GoldAnnouncement

30/01/2024 07:00

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RNS Number : 2612B  Lexington Gold Limited  30 January 2024

30 January 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Drilling Update

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in South Africa and the USA, is pleased to provide an update on its
2023/24 drilling programme at the Bothaville Project in the Witwatersrand Gold
Basin, South Africa, which commenced in early December 2023.

 

Highlights:

·    Successful completion of the percussion drilling phase at the
Bothaville Project, which is crucial for cost-effective penetration of the
overlying Karoo sediments.

 

·    The upper section of the Karoo sediments is currently being sampled
to test for the potential presence of heavy minerals which have previously
been reported in this area.

·    Diamond drilling below the Karoo sediments has now commenced on two
of the planned four mother holes and will be followed by wedging.

·    The drilling programme is progressing as planned and is currently
anticipated to be completed by the end of February 2024.

·    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 is being utilised.

 

Ed Nealon, Lexington Gold's Chairman, commented:

"We are pleased to announce progress made in respect of our ongoing 2023/24
drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin.
This strategic initiative involves 2,000m+ of planned drilling aimed at
validating and expanding the known gold mineralisation at Bothaville, within
the Kimberley Formation. In the coming months, we look forward to providing
further updates and are committed to generating value for our shareholders and
wider stakeholders."

 

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion
and diamond drilling (including wedging). This initial drill campaign at
Bothaville is aimed, in particular, at investigating the area around a
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
approximately 350m to 450m below the surface.

 

 

 

 

 

Figure 1: Diamond drilling underway 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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