REG - Lexington Gold Ltd - Loflin Project 1m sample results

Lexington GoldAnnouncement

11/07/2022 07:00

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RNS Number : 9302R  Lexington Gold Limited  11 July 2022

11 July 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Loflin Project 1m sample re-splits verify high-grade,

shallow intercepts of up to 10 g/t Au

 

Lexington Gold (AIM: LEX), the gold exploration and development company, with
projects in North and South Carolina, USA, is pleased to announce receipt of
the results for 1m re-splits taken from the reverse circulation ("RC") drill
hole 4m composite samples across its combined Loflin and Loflin South Project.
All of the holes concerned were originally sampled as 4m composites. All
composites which returned a gold grade of more than 200ppb Au were then
subsequently re-sampled in the field and assayed on a 1m basis. Please refer
to Table 1 below for the full set of results.

 

 

Highlights:

·    Significant intercepts recorded from the 1m samples include:

 

·      Hole LFRC-006: 34m @ 1.75 g/t Au from 21m to 55m including:

o 17m @ 2.9 g/t Au from 21m to 38m

o 2m @ 10.09 g/t Au from 31m to 33m

 

·      Hole LFRC-009: 12m @ 1.95 g/t Au from 18m to 30m including:

o 6m @  3.24 g/t Au from 22m to 28m

o 2m @ 5.05 g/t Au from 22m to 24m

 

·      Hole LFRC-002: 23m @ 1.35 g/t Au from 16m to 39m including:

o 5m @ 3.09 g/t Au from 31m to 36m

o 1m @ 6.13 g/t Au from 32m to 33m

 

·      Hole LFRC-018: 26m @ 1.04 g/t Au from 4m to 30m including:

o 3m @ 2.45 g/t Au from 25m to 28m

 

·      Hole LFRC-003: 6m @ 1.6 g/t Au from 82m to 88m including:

o 2m @ 2.93 g/t Au from 82m to 84m

 

·      Hole LFRC-008: 14m @ 1.2 g/t Au from 14m to 28m including:

o 4m @ 1.87 g/t Au from 19m to 23m

 

 

·    The 1m re-sampling of the 4m composites has confirmed shallow,
high-grade intercepts of up to 10g/t Au

·    The 1m re-splits assay results will be incorporated into the
Company's existing geological model

·    JORC Resource estimate for the combined Jones-Keystone-Loflin ("JKL")
Project currently expected to be received by the end of July 2022

 

 

 

 

Bernard Olivier, Lexington Gold's CEO, commented:

"The greater detail and accuracy achieved from the 1m sampling at Loflin
further highlights the success of our recent RC drill campaign and serves to
confirm and support these exceptional results announced previously. The
deposit exhibits significant shallow mineralisation with grades of up to 10g/t
gold achieved as well as multiple Intersections of 20m+ widths at mineable
grades, including 34m at an average grade of 1.75 g/t gold. These results will
be incorporated into our existing geological model and database with the aim
of achieving an upgrade to the current JORC Resource estimate for Loflin."

 

 

Additional drilling and assaying information for the JKL Project

The 1m re-splits assay results are in line with the previously announced 4m
composite results with shallow, high-grade intercepts of up to 10g/t Au. The
results will be incorporated into the Company's existing geological model to
add further detail to the distribution of gold at Loflin.

Table 1: 1m re-splits assay results for Loflin

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

           (degrees)   (degrees)                                          (gold)
 LFRC-001  -60         327         60m              55m   57m   2m        1.36
 LFRC-002  -60         325         80m              16m   39m   23m       1.35
 including                                          31m   36m   5m        3.09
 including                                          32m   33m   1m        6.13
 LFRC-003  -70         145         130m             82m   88m   6m        1.6
 including                                          82m   84m   2m        2.93
 LFRC-006  -60         145         80m              3m    4m    1m        3.49
 LFRC-006  -60         145         80m              21m   55m   34m       1.75
 including                                          21m   38m   17m       2.9
 including                                          31m   33m   2m        10.09
 LRFC-007  -60         326         150m             54m   55m   1m        1.7
 LFRC-008  -60         325         80m              14m   28m   14m       1.2
 including                                          19m   23m   4m        1.87
 LFRC-009  -58         326         100m             18m   30m   12m       1.95
 including                                          22m   28m   6m        3.24
 including                                          22m   24m   2m        5.05
 LFRC-010  -58         332         100m             50m   52m   2m        0.68
 LFRC-011  -60         141         55m              22m   24m   2m        2.39
 LFRC-013  -60         326         151m             100m  104m  4m        1.2
 LFRC-014  -61         323         144m             24m   25m   1m        1.83
 LFRC-016  -59         325         80m              33m   34m   1m        1.76
 LFRC-018  -59         327         60m              4m    30m   26m       1.04
 including                                          25m   28m   3m        2.45

 

All of the intersection information in Table 1 above 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.

Figure 1: Loflin Project Cross-Section S-T showing significant intersections

http://www.rns-pdf.londonstockexchange.com/rns/9302R_1-2022-7-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9302R_1-2022-7-10.pdf)

 

 

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;

 "g"          grammes;
 "g/t"        grammes per tonne;

 "m"          metre;

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

 "ppb"        parts per billion;
 "t"          tonnes;
 "oz"         troy ounce.

 

Note to Editors:

Lexington Gold (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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