REG - Lexington Gold Ltd - Drilling Update

Lexington GoldAnnouncement

26/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240226:nRSZ3488Ea&default-theme=true

RNS Number : 3488E  Lexington Gold Limited  26 February 2024

26 February 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 a further update
on its 2023/24 drilling programme at the Bothaville Project located in the
Witwatersrand Gold Basin, South Africa, which commenced in early December
2023.

 

Highlights:

·    Successful completion of the first two diamond drill holes and four
associated deflections.

·    Both drill holes and their deflections successfully intersected the
targeted Kimberley Formation, including the A-Reef, aligning with the
programme's objectives.

·    Preliminary visual inspection of the core has revealed signs of
mineralisation in both holes, indicating the potential presence of gold.

·    The drill core is currently being logged, split and prepared for
submission to SGS Laboratory Services, for primarily gold and uranium assay
analysis.

 

Ed Nealon, Lexington Gold's Chairman, commented:

"These latest developments from our Bothaville Project drilling campaign are
highly encouraging. The completion of two diamond drill holes intersecting the
A-Reef and showcasing signs of mineralisation, brings us closer to realising
the potential of this project.

 

"These preliminary findings also serve to validate our strategic approach to
exploring the Kimberley Formation and highlight the untapped opportunities
within our South African portfolio. We remain committed to advancing our
exploration efforts and look forward to providing further updates as our
ongoing programme progresses."

 

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion
and diamond drilling (including deflections). 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 ongoing programme is seeking to investigate both the
downdip-channel and cross-channel gold mineralisation potential at an
estimated depth of approximately 250m to 450m below the surface.

 

 

 

 

 

 

 

 

Figure 1: Diamond drill core with A-Reef intersection

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSEEFFLELSEEE