REG - Lexington Gold Ltd - Operational Update re: Drilling USA & South Africa

Lexington GoldAnnouncement

25/03/2024 07:00

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RNS Number : 0475I  Lexington Gold Limited  25 March 2024

25 March 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Operational Update re:

Drilling in USA and South Africa

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in South Africa and the USA, is pleased to provide an operational
update on its drill programmes at both the Jennings-Pioneer Project in the USA
and the Bothaville Project in South Africa.

 

Highlights:

 

Jennings-Pioneer Project, USA:

 

·    Diamond drilling activities at Jennings-Pioneer have commenced and
are expected to take approximately a month to complete.

 

·    The drill programme is targeting gold mineralisation adjacent to the
historic Barite Hill Main open pit, leveraging off modern and historical
exploration data.

 

·    The drill targets are three distinct gold ore zones that lie along
and marginal to the contact between the Lower Pyroclastic Unit and the Upper
Pyroclastic Unit of the Persimmon Formation.

 

·    Historic assay results from Barite Hill indicate copper, silver and
possibly tellurium by-product potential.

 

·    Assay results from the current programme will be used to update and
expand Lexington Gold's implicit grade shell model for the Barite Hill Trend.

 

·    Geologic logging of the drill core will be used to update and expand
the Company's explicit geologic model for the Barite Hill Trend.

 

Bothaville Project, South Africa:

 

·    Drilling activities at Bothaville have been successfully completed
for a total of 2,355m comprising a total of four mother holes and five
deflections.

 

·    Initial observations indicate the potential presence of
mineralisation in three of the mother holes.

 

·    The fourth mother hole was terminated without intersecting the
targeted Kimberley Reef horizon due to the presence of a geological structure
that appears to have displaced the A-Reef to greater depths.

 

·    The core from the final two holes are currently undergoing logging,
cutting and sampling in preparation for submission to SGS Laboratory Services
for assay analysis.

 

 

Ed Nealon, Lexington Gold's Chairman, commented:

"The commencement of drilling at our Jennings-Pioneer Project in the USA and
the successful completion of drilling at our Bothaville project in South
Africa represent significant milestones in our strategic gold exploration
initiatives. These developments not only underscore our commitment to
advancing our exploration efforts but also highlight the potential of our
diversified project portfolio. We look forward to receiving the assay results
in due course and updating the market on our findings."

Additional Information

 

Jennings-Pioneer Project

Modelling of data from historic third-party exploration and mining activities
at the Barite Hill Main Pit mine plus recent exploration data generated by the
Company indicates that the gold mineralisation continues from the pit along
strike and down plunge onto the Jennings-Pioneer Project area. Historic data
includes over 12,000 blast hole gold assays, 2,239 exploration drill hole gold
assays from 118 drill hole collars, 442 trench gold assays from 18 surface
trenches and numerous United States Geologic Survey reports. The models also
incorporate recent Lexington Gold exploration data including from an air-borne
geophysical survey, multi-element assays from a soil grid and field mapping.
Such data has been utilised to create an explicit geologic model and an
implicit grade shell model, which have facilitated target generation for the
current drill programme. The drill programme is designed to test the three
zones of mineralisation indicated by the models and to expand our geologic
knowledge of the area to the northeast and down plunge of the Barite Hill Main
Pit.

 

Bothaville Project

The drill programme comprised a total of 2,355m of combined percussion and
diamond drilling (including deflections). This initial drill campaign at
Bothaville is aimed, in particular, at investigating the area around a
historical drill hole (CC2) in which the A-Reef yielded an average gold grade
over five intersections of approximately 5.1g/t Au over a corrected interval
of 77cm. The programme is seeking to investigate both the downdip-channel and
cross-channel gold mineralisation potential at an estimated depth of
approximately 250m to 450m below the surface.

 

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

 WH Ireland Limited (Joint Broker)                       www.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell                                           T: +44 207 220 1666

 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 / Soraya Jackson      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) 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 five
gold projects covering approximately 89,505 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 (formerly known as Twitter): @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.

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