REG - Lexington Gold Ltd - New Prospecting Right Granted at Kroonstad

Lexington GoldAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250811:nRSK6848Ua&default-theme=true

RNS Number : 6848U  Lexington Gold Limited  11 August 2025

11 August 2025

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

New Prospecting Right Granted in respect of the Kroonstad Project, South
Africa

 

Lexington Gold (AIM: LEX; OTCQB: LEXLF), the gold exploration and development
company with projects in South Africa and the USA, is pleased to announce that
its South African subsidiary, White Rivers Exploration (Pty) Ltd ("WRE"), has
been granted a new Prospecting Right over the New Kroonstad North Extension,
located in the Free State Province of South Africa.

Highlights:

 

·    The new Prospecting Right (Ref: FS 30/5/1/1/2/10696 PR) was granted
to WRE by the South African Department of Mineral and Petroleum Resources
("DMPR") for approximately five years, being valid until 30 June 2030, and is
renewable for a further three years thereafter.

·    The right covers a total area of approximately 18,340.5 hectares,
spanning multiple farms in the Kroonstad district.

·    The Prospecting Right covers a broad suite of minerals, including
gold, rare earth elements, silver, platinum group metals, diamonds (alluvial),
uranium, copper, zinc, lead, sulphur, coal, iron, manganese, cobalt, nickel,
molybdenum, and tungsten.

·    This licence award is the result of a new standalone application and
is not part of the historical WRE licence portfolio acquired in September 2023
as detailed in the Company's announcements of 15 May 2023 and 7 September
2023.

·    WRE's combined Kroonstad Project area has an independently estimated
non-code compliant gold exploration target of between 6.06 million ounces and
62.41 million ounces, at grades ranging from 4.96 g/t and 11.54 g/t and
potentially constitutes a new goldfield within the Witwatersrand region.

The new licence is directly adjacent and to the north of Lexington Gold's
existing and historical Kroonstad licences held by WRE, of which Kroonstad
(Ref: FS 30/5/1/1/2/889 (10637) PR) is pending renewal, the renewal of
Kroonstad (FS 30/5/1/1/2/10520 PR) is under appeal and Kroonstad (Ref: FS
30/5/1/1/2/10519 PR) was previously renewed for three years, ending 29 May
2027.

 

Dr Bernard Olivier, CEO of Lexington Gold, commented:

"The granting of this New Kroonstad North Extension Prospecting Right is an
exciting development that expands our presence across one of South Africa's
most prospective gold-bearing regions. This new licence increases our
strategic footprint in, and directly complements, our adjacent Kroonstad
licences, in respect of which an independent non-code compliant exploration
target of up to approximately 62 million ounces of gold was previously
estimated.

"Based on geological continuity, adjacent drilling results and favourable
structural interpretations, we believe that this area could host extensions of
the mineralised Kimberley Reef and has considerable potential for new
discoveries."

 

Additional Information

 

Geological Context and Prospectivity

 

The New Kroonstad North Extension is located in the northern extent of the
Witwatersrand Basin, globally recognised as the largest known repository of
gold. The licence area is underlain by the Central Rand Group, part of the
Witwatersrand Supergroup, which hosts the majority of South Africa's
historical gold production.

 

As previously announced, WRE's Kroonstad Project has an independently
estimated non-code compliant gold exploration target of between 6.06 million
ounces and 62.41 million ounces with a gold grade of between 4.96 g/t and
11.54 g/t and potentially constitutes a new Witwatersrand goldfield.

 

Geological mapping indicates that the Kimberley Formation conglomerates, the
primary gold-bearing horizons in the region, extend into the Kroonstad North
Extension area. In addition, the licence area also includes overlying
Ventersdorp volcanic units, which show potential for rare earth elements and
polymetallic mineralisation.

 

Historical Work and Exploration Potential

 

While the New Kroonstad North Extension project remains largely underexplored
in modern times, historical records indicate that the broader Kroonstad area
was the subject of significant exploration by Anglo American plc ("Anglo") in
the mid-20th century. Anglo undertook several regional-scale mapping and
reconnaissance programmes across the Free State goldfields, including early
reconnaissance over the farms now included in the Kroonstad North licence.
While no compliant resource was declared at the time, these historic
activities confirmed the presence of Witwatersrand Supergroup stratigraphy and
Kimberley Formation conglomerates at depth.

 

Gold intersections from historical drillholes completed by Anglo are
interpreted to lie within the Kimberley Formation conglomerates, the primary
host of gold mineralisation in the region. Given the stratigraphic continuity
and proximity, Lexington Gold believes that these mineralised zones likely
extend northward into the newly granted licence area.

 

Furthermore, analysis conducted by Shango Solutions as part of an
Environmental Authorisation application highlighted that the Karoo Supergroup
thickness across the project area is relatively uniform at 400 to 450 metres.
This geological control provides a potential upper limit for the top of the
underlying Ventersdorp and Witwatersrand Supergroups, suggesting that the
Kimberley Formation potentially sub-outcrops at relatively shallow depths
within the licence area. This contrasts favourably with other parts of the
basin where overburden can exceed 1,000 metres, indicating a potential cost
and development advantage.

 

The uniform thickness of cover, coupled with favourable structural
interpretations - including anticlinal features and possible channel
geometries - adds confidence in the area's potential to host laterally
continuous and economically viable gold reefs.

 

In addition to gold, the licence area's geology includes Ventersdorp lavas and
Archaean basement structures, which may also be prospective for rare earth
elements and polymetallic mineralisation, presenting a potential
multi-commodity upside.

 

Figure 1: New Kroonstad North Extension tenement locality map.

 

 

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.

 

 

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

 Optiva Securities Limited (Joint Broker)                www.optivasecurities.com (http://www.optivasecurities.com)
 Bartu Ciftci / Christian Dennis                         T: +44 203 981 4178

 Peterhouse Capital Limited (Joint 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

 

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 by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

Note to Editors:

 

Lexington Gold (AIM: LEX; OTCQB: LEXLF) 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) . 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPMFTMTAMBTA