REG - Lexington Gold Ltd - First Drill Results for Loflin

Lexington GoldAnnouncement

29/03/2022 07:00

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RNS Number : 3150G  Lexington Gold Limited  29 March 2022

29 March 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

First Drill Results for Loflin Confirm Significant New Discovery and

Extension of the Mineralisation

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce that it has
received initial assay results with respect to Loflin further to the Company's
recently completed 5,000m reverse circulation ("RC") drilling programme.

The assay results received relate to 8 of the 18 RC drill holes from the
campaign at Loflin, namely 6 holes from Loflin South and 2 holes from the
north-eastern extension of the main Loflin deposit.

 

Highlights:

·    Assay results confirm a significant new discovery, that has been
named Loflin South. Selected assay highlights include:

 

·    Hole LFRC-006: 36m @ 1.67 g/t Au and 1.89 g/t Ag from 20m to 56m
including:

o  12m @ 3.27 g/t Au and 2.9 g/t Ag from 28m to 40m

o  4m @ 5.63 g/t Au and 3.5 g/t Ag from 32m to 36m

 

·    Hole LFRC-002: 20m @ 1.52 g/t Au and 1.67 g/t Ag from 16m to 36m
including:

o  4m @ 3.01 g/t Au and 2.45 g/t Ag from 32m to 36m

 

·    Hole LFRC-003: 8m @ 1.32 g/t Au from 80m to 88m including:

o  4m @ 1.45 g/t Au from 80m to 84m

 

·    Loflin South, located less than 250m south and south-east of the
maiden Loflin JORC resource estimate, represents potential for significant
expansion or addition to the current resource

 

·    Succesful drilling has extended the north-eastern boundary of the
known Loflin JORC resource with selected assays including:

 

·    Hole LFRC-008: 12m @ 1.26 g/t Au from 16m to 28m including:

o  4m @ 1.78 g/t Au from 20m to 24m

 

·    Assay results returned Silver (Ag) values of up to 3.5 g/t Ag
associated with gold mineralisation and zones of high sulphide alteration.

 

Bernard Olivier, Lexington Gold's CEO, commented:

"These are excellent results and confirm the discovery, as recently identified
from RC drill chips, of a significant new area of mineralisation, which has
been named Loflin South. Assay results from Loflin South  returned multiple
wide, high-grade intersections close to surface, including 36m @ 1.67 g/t Au
and 1.89 g/t Ag from 20m below surface. Furthermore, drilling outside of the
north-eastern boundary of the main Loflin resource has now extended the known
boundary. We believe these initial results could contribute significantly to
a potential upgrade of the maiden JORC resource estimate of approximately
65,000 oz Au established via our phase 1 drilling in 2021. We are further
excited by the additional presence of silver associated with the gold
mineralisation."

 

Additional Drilling and Assaying informationJones-Keystone-Loflin ("JKL")
Project

The Company's Phase 1 drill campaign at the JKL project in 2021, intersected
significant gold mineralisation, with the assay results showing a good
correlation with the historical drilling results at Loflin. The Phase 1
campaign enabled the establishment of a maiden resource estimate for the
Loflin side of the JKL project of 2Mt @ 1 g/t Au for 65k oz of contained gold
to JORC standards.

The Phase 2 drill campaign was designed to upgrade the initial maiden JORC
resource estimate, as announced on 23 September 2021 and includes 8 drill
holes to investigate the potential southern extension of Lofin.

 

The majority of the first batch of results from the Loflin side of the JKL
project received from American Assay Labs ("AAL") are from holes drilled to
investigate the geophysical anomaly and historical works from Loflin South.

Table 1: Selected drill results from Loflin South and Loflin (main)

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

           (degrees)   (degrees)                                            (gold)   (silver)
 LFRC-002  -60         325         80m              16m      36m  20m       1.52     1.67
 Including                                          32m      36m  4m        3.01     2.45
 LFRC-003  -70         145         130m             80m      88m  8m        1.32     0.28
 including                                          80m      84m  4m        1.45     0.39
 LFRC-006  -60         145         80m              surface  4m   4m        0.56     -
 LFRC-006  -60         145         80m              20m      56m  36m       1.67     1.89
 including                                          28m      40m  12m       3.27     2.9
 including                                          32m      36m  4m        5.63     3.5
 LFRC-008  -60         325         80m              16m      28m  12m       1.26     0.98
 including                                          20m      24m  4m        1.78     1.31

 

All of the intersection information in Table 1 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 Table 1.

Positioning of the drill holes for the maiden drilling at Loflin South were
defined by historical workings and data as well as through the Company's 2021
geophysics survey. The target is located to the south and south-east of the
known main Loflin resource. Two separate zones of mineralisation have been
identified at Loflin South. Hole LFRC-002 intersected a 20m wide zone of
mineralisation with values of 1.52 g/t Au between 16m and 36m. Hole LFRC-003
potentially intersected the same zone of mineralisation at greater depth with
1.32 g/t Au over 8m from 80m to 88m.  Hole LFRC-006 intersected separate
zones of gold mineralisation with the most significant intersection returning
values of 1.67 g/t Au over 36m intersected between 20m and 56m.

Hole LFRC-008 tested and successfully extended the north-eastern boundary of
the known Loflin resource with an average gold grade of 1.26 g/t Au over 12m
between 16m and 28m.

 

Assaying

Two batches of assay results remain pending comprising of one batch from
Loflin containing 10 holes and one batch Jones-Keystone containing 6 holes.
The pending results will be announced as soon as they are received from AAL.
Two additional holes drilled at Loflin South will be included in the next
batch of Loflin results expected in late-April 2022 from AAL.

 

 

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, as amended.

 

 

Glossary of technical terms:

 

 "Au"             gold;

 "Ag"             silver;

 "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;

 "Mt"             million tonnes;

 "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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