REG - Lexington Gold Ltd - Final Drill Results for Carolina Belle

Lexington GoldAnnouncement

21/03/2022 07:00

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RNS Number : 3621F  Lexington Gold Limited  21 March 2022

21 March 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Final Drill Results for Carolina Belle

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce assay
results received in respect of the remaining 21 drill holes from the Company's
reverse circulation ("RC") drilling programme at the Carolina Belle project
("Carolina Belle").

 

 

Highlights:

Final assay results in respect of the Company's reconnaissance drilling
programme targeting multiple gold targets at Carolina Belle are extremely
encouraging and include the following:

 

Selected results from the McMaster target:

·    Hole CRBC-14: 3m @ 3.68 g/t Au from 64m to 67m

·    Hole CRBC-14: 4m @ 1.0 g/t Au from 28m to 32m

·    Hole CRBC-15: 4m @1.8 g/t Au from 28m to 32m

·    Hole CRBC-16: 4m @ 1.06 g/t Au from 20m to 24m

 

Selected results from the Martha Washington South target:

·    Hole CRBC-02: 8m @ 1.07 g/t Au from surface to 8m

·    Hole CRBC-04: 4m @ 1.1 g/t Au from 8m to 12m

·    Hole CRBC-06: 4m @ 1.15 g/t Au from 52m to 56m

·    Hole CRBC-07: 4m @ 1.19 g/t Au from 36m to 40m

 

Additional selected results from the Uwarra and Iola target:

·      Hole CRBC-13: 4m @ 0.71 g/t from 44m to 48m

·      Hole CRBC-12: 4m @ 0.61 g/t from 36m to 40m

Bernard Olivier, Lexington Gold's CEO, commented:

"We are delighted to have received the final assay results from our maiden
drilling campaign at Carolina Belle, which have exceeded our expectations for
this reconnaissance programme. The results are predominantly from two targets,
namely McMaster and Martha Washington South. Both targets returned excellent
initial results with multiple good intersections of 1 g/t Au or more found
close to surface, including 3m @ 3.68 g/t Au from 64m and 4m @ 1.8 g/t Au from
28m. The drilling data and assay results will now be incorporated into our
database and models for Carolina Belle and will enable the design of a Phase
II dril campaign to further target, define and expand the intersected gold
mineralisation from the various targets identified to date at the project."

 

Additional Drilling and Assaying 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.

 

Our first ever reconnaissance drilling campaign on Carolina Belle was
completed in early December 2021 comprising a total of 32 drill holes for an
aggregate of 2,630m drilled. A total of 738 samples comprising of 4 metre
sample composites as well as standards, blanks and duplicates were then
dispatched to SGS Canada's laboratories in Vancouver ("SGS") for assaying.

The majority of the second and final batch of results received from SGS are
from holes drilled to investigate two separate targets, namely the "McMaster"
target and the "Martha Washington South" target.  Results from two additional
holes, CRBC-12 and CRBC-13, were also received as part of the holes drilled to
test the mineralisation associated with the historical third party "Uwarra and
Iola" gold mining operations.

The key selected assay results are set out in Table 1 and Table 2 below.

Table 1: Selected significant drill results for the Martha Washington South
and McMaster targets at the Carolina Belle Project

 Hole No.  Dip         Azimuth     Final depth (m)  From  To   Interval  g/t Au

           (degrees)   (degrees)
 Martha Washington South Target
 CRBC-02   -59         118         52m              0m    8m   8m        1.07
 CRBC-04   -60         121         60m              8m    12m  4m        1.1
 CRBC-05   -59         125         65m              16m   20m  4m        0.69
 CRBC-05   -59         125         65m              40m   44m  4m        0.81
 CRBC-05   -59         125         65m              56m   60m  4m        0.61
 CRBC-06   -60         124         70m              52m   56m  4m        1.15
 CRBC-07   -60         119         90m              20m   24m  4m        0.92
 CRBC-07   -60         119         90m              36m   40m  4m        1.19
 CRBC-09   -60         126         132m             24m   28m  4m        0.58
 CRBC-11   -61         141         158m             92m   96m  4m        0.54
 CRBC-26   -61         120         80m              40m   44m  4m        0.54
 McMaster Target
 CRBC-14   -60         124         67m              28m   32m  4m        1.0
 CRBC-14   -60         124         67m              64m   67m  3m        3.68
 CRBC-15   -60         123         61m              20m   24m  4m        0.55
 CRBC-15   -60         123         61m              28m   32m  4m        1.8
 CRBC-16   -60         125         60m              20m   24m  4m        1.06
 CRBC-16   -60         125         60m              24m   28m  4m        0.73

 

Table 2: Selected significant drill results from the Uwarra and Iola
historical mine workings target

 Hole No.  Dip         Azimuth     Final depth (m)  From  To   Interval  g/t Au

           (degrees)   (degrees)
 CRBC-12   -61         128         97m              36m   40m  4m        0.61
 CRBC-13   -60         126         85m              44m   48m  4m        0.71
 CRBC-22   -60         125         79m              48m   52m  4m        1.53
 CRBC-22   -60         125         79m              68m   79m  11m       1.01
 Including                                          68m   72m  4m        0.7
 including                                          72m   76m  4m        1.62
 CRBC-23   -60         127         90m              24m   28m  4m        0.75
 CRBC-24   -60         128         120m             64m   68m  4m        2.1

 

All of the intersection information in Table 1 and Table 2 is reported using
the down-hole depth. The holes were drilled at inclined angles of
approximately 60(o) and the mineralisation will therefore be at shallower
depths than the down-hole depths reported in the tables.

 

The McMaster target contains historical workings and was further defined by
soil sampling and geophysics. The target is located to the north-west of the
historical workings of Uwarra and Iola. Hole CRBC-14 intersected two zones of
gold mineralisation with values of 1.0 g/t Au over 4m intersected between 28m
and 32m as well as 3.68 g/t Au over 3m between 64m and 67m. Holes CRBC-15 and
CRBC-16 returned an average gold grade of 1.8 g/t Au and 1.06 g/t Au over 4m
between 28m and 32m and 20m to 24m below surface, respectively.

A total of 11 drill holes were drilled in the newly discovered target, the
discovery of which was announced on 12 July 2021, named "Martha Washington
South". Hole CRBC-02 intersected gold values of 1.07 g/t Au over 8m from
surface while hole CRBC-07 returned an average gold grade of 1.19 g/t Au over
4m between 36m and 40m below surface. Hole CRBC-04 intersected gold values of
1.1 g/t Au over 4m from 8m and 12m while hole CRBC-06 returned an average gold
grade of 1.15 g/t Au over 4m from 52m below surface. Surface rock chip and
grab samples from Martha Washington South previously returned 10 samples with
gold grades in excess of 1 g/t including: 17 g/t; 5.1 g/t; 3.5 g/t, 3.2 g/t;
2.7 g/t; and 2.2 g/t.

The assay results also contain the two final drill holes (CRBC-12 and CRBC-13)
drilled to test the down-dip and strike extent, as well as the mineralisation
and nature, and extent of the historical Uwarra and Iola mining operations. As
previously reported, the intersection of the historical workings and targeted
ore-zone at various depths and along strike enables further investigation and
understanding of the nature and extent of the historical ore-zone, its
Hangingwall and Footwall zones and the old mine workings itself.

The combined overall results from our maiden drilling campaign at Carolina
Belle will now be further interpreted and incorporated into 3D modelling of
the various targets at the project. This will facilitate the design of a Phase
II drilling programme to further target, define and expand on the intersected
gold mineralisation at all three of the current targets. The overall results
also serve to de-risk and validate the historical mining data the Company
holds in respect of Carolina Belle which is over a century old.

 

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.

 

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

                                                            +44 2030 049 512

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.

 

 

Glossary of technical terms:

 

 "Au"             gold;

 "Footwall"       the rock on the underside of a vein or ore structure;
 "g"              grammes;
 "g/t"            grammes per tonne;
 "Hangingwall"    the rock on the upper side of a vein or ore deposit;
 "m"              metre;

 "ore-zone"       the portion, or length, of a vein or other structure that carries sufficient
                  valuable minerals to be extracted profitably;

 "t"              tonnes; and
 "oz"             troy ounce.

 

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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