REG - Lexington Gold Ltd - Intention to Co-operate with Gold One Africa

Lexington GoldAnnouncement

14/11/2024 07:00

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RNS Number : 1377M  Lexington Gold Limited  14 November 2024

14 November 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Intention to Co-operate with Gold One Africa in South Africa

 

Lexington Gold (AIM: LEX), a gold exploration and development company with
projects in South Africa and the USA, is pleased to announce that the Company
and its BBBEE partner, Letsema Holdings (Proprietary) Limited ("Letsema"),
have entered into an Intention to Co-operate Agreement (the "Agreement") with
Gold One Africa Limited ("Gold One Africa"). Pursuant to the Agreement, the
parties will seek to explore potential collaboration opportunities to enhance
the financial viability and operation of certain of their respective gold
projects in South Africa.

 

Gold One Africa, a subsidiary of Gold One Group Limited, holds a Mining Right
in Ventersburg, Virginia and Henneman in the Free State Province, South
Africa, covering approximately 13,837 hectares, whilst Lexington Gold, through
its 74% ownership of White Rivers Exploration (Proprietary) Limited, inter
alia, holds prospecting rights adjacent to such mining right, covering a total
area of approximately 19,633 hectares. The planned collaboration will focus on
exploring potential opportunities for shared infrastructure, management
expertise, capital raising and economies of scale, with the aim of ultimately
establishing and developing a world-class gold deposit in the region. Should
discussions progress positively, areas identified for cooperation will be
formalised by way of a definitive agreement(s) in due course.

 

Ed Nealon, Chairman of Lexington Gold, commented:

"This Agreement represents a potentially significant step forward in
progressing our South African gold assets. Gold One Africa, with its proven
track record and expertise in advancing projects from exploration to
production, as exemplified by its success at the Modder East gold mine, is an
ideal partner.

 

"We believe this planned collaboration has the potential to unlock
considerable value for all concerned, leveraging our combined strengths to
seek to create a world-class gold resource in the Ventersburg region. We look
forward to continuing our discussions and exploring the opportunities for
mutual benefit and will provide updates as appropriate in due course."

 

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

 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)

 Charles Goodwin / Annabelle Wills                       T: +44 7747 788 221

 

 

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 six
gold projects covering approximately 114,638 hectares in South Africa.

 

Further information is available on the Company's website:
www.lexingtongold.co.uk (http://www.lexingtongold.co.uk) or follow us through
our social media channel: X: @LexGoldLtd

 

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.

 

Gold One Group Limited is a mining group that is focused on developing and
mining low technical risk, high-margin precious metal resources in diversified
jurisdictions. The company's flagship Modder East gold mine was advanced from
a greenfield exploration project through to production and is the only new
mine to be built in South Africa's historically rich East Rand Goldfield in 30
years. The mine, situated 30 kilometres east of Johannesburg, currently has a
10 year life and comprises a shallow gold mine where the primary targets are
Black Reef and UK9A Kimberley Reef, which are situated between 300 and 500
metres below surface. For more information, please visit their website at:
www.gold1.co.za (http://www.gold1.co.za/) .

 

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