REG - Lexington Gold Ltd - Initial Phase 1 Drill Results for JKL

Lexington GoldAnnouncement

26/05/2021 07:00

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RNS Number : 7981Z  Lexington Gold Limited  26 May 2021

26 May 2021

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Initial Phase 1 Drill Results for JKL

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce the assay
results received in respect of the first three drill holes from the Company's
recently completed six-hole Phase 1 drilling campaign at the
Jones-Keystone-Loflin ("JKL") Project.  Results for the remaining three
drillholes will be announced following their receipt from the SGS laboratory
in Vancouver in due course.

 

Lexington Gold's four-project portfolio covers a combined area of
approximately 1,675 acres in the highly prospective Carolina Super Terrane
("CST") located in North and South Carolina, USA. The CST has seen significant
historic gold production and is host to a number of multi-million-ounce mines
operated by large-scale companies, including the Haile Mine operated by
OceanaGold Corporation (ASX/TSX: OGC).

 

 

Highlights:

·    Initial assay results for 3 of the 6 diamond drill holes from the
recent JKL Project campaign reveal intersections of significant gold
mineralisation above 100m depth

·    Selected assay highlights include:

·    35.7m @ 1.15 g/t Au from surface to 35.7m including:

o  18.9m @ 1.57 g/t Au from surface to 18.9m

 

·    32m @ 0.97 g/t Au from 53.9m to 85.9m including:

o  6.1m @ 3.36 g/t Au from 79.9m to 86m

o  1.5m @ 9.5 g/t Au from 79.9m to 81.4m

 

·    Drilling indicates continuation of broad zones of shallow gold
mineralisation

·    JKL was selected as the first project for drilling due to its
promising historical drill hole intersections and geological similarities with
the third-party Haile Mine which has a mineral resource grade of 1.67 g/t Au

·    The initial drill results show a good correlation to the historical
drilling

·    Results to be incorporated into the Company's 3D model which will
become part of the current project database with the aim of working towards
the establishment of a maiden Mineral Resource Estimate for the project

·    In light of the promising results achieved so far at the JKL Project
additional drilling will be conducted in due course as a Phase 2 drilling
campaign

·    Assay results for the remaining three holes remain pending, two of
which holes were positioned to test the eastern down-dip and eastern extent of
the known mineralisation

 

 

Bernard Olivier, Lexington Gold's CEO, commented:

"We are very pleased with the initial results from the first half of our
six-hole Phase 1 drill programme at the JKL Project. These results add to our
understanding of the project's mineralisation and not only confirm the
presence of broad zones of over 30m intersections of significant gold
mineralisation but, importantly, all the zones are located close to surface
and at surface. Furthermore, high-grade gold intersections of up to 9.5 g/t Au
have been encountered."

 

"The remaining results are expected in the coming weeks and will provide the
Company with an even greater understanding of the project's potential and
support our ongoing planning for the Phase 2 drill programme at JKL."

 

 

Additional Drilling and Assaying information

The Phase 1 drilling campaign comprised six diamond drill holes for a total of
562m at the JKL Project. The campaign is seeking to confirm and expand on the
historical third-party drilling performed at Loflin as well as assisting in
defining the 3-dimensional shape, continuity and orientation of the
mineralisation.

 

The campaign has intersected significant gold mineralisation with the initial
assay results showing a good correlation with the historical drilling results
at the JKL Project. The results will now be incorporated into the Company's 3D
model which will become part of the current project database.

Assay results for the first 3 drill holes returned multiple broad gold
intercepts above 100m depth with the key selected results set out in Table 1
below.

Table 1: Selected drill results for holes LFDD-044, LFDD-046 and LFDD-048

 Hole No.  Easting  Northing  Elevation  From   To     Interval  g/t Au
 LFDD044   586478   3953708   241m       53.9m  85.9m  32m       0.97
 including                               79.9m  86m    6.1m      3.36
 including                               79.9m  81.4m  1.5m      9.5
 LFDD044   586478   3953708   241m       98.1m  99.6m  1.5m      3.1
 LFDD046   586450   3953680   245m       81.4m  85.9m  4.5m      1.2
 LFDD048   586450   3953737   246.5m     0m     35.7m  35.7m     1.15
 including                               0m     18.9m  18.9m     1.57
 including                               17.5m  19.0m  1.5m      4.2

The mineralisation at the Loflin side of the JKL Project forms a northeast
trending corridor, occupying a current area of approximately 400m length and
up to 130m width extending from surface to a current known depth of 99m. The
target currently lies open in several directions:

1.    to the north and east, both shallow and at depth;

2.    to the south and west at depth; and

3.    at depth below the current area of drill testing.

In light of the promising results achieved so far at the JKL Project
additional drilling will be conducted in due course as a Phase 2 drilling
campaign.

 

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 (https://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)

 Joe Burgess / Charles Goodwin                          T: +44 7769 325 254

 

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.

 

 

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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