REG - Lexington Gold Ltd - Operational Update

Lexington GoldAnnouncement

25/01/2022 07:05

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RNS Number : 4505Z  Lexington Gold Limited  25 January 2022

25 January 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Operational Update

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to provide an
operational update which includes information with respect to its latest
ongoing 5,000m Reverse Circulation ("RC") drilling programme.

Highlights

·    Drilling operations have been delayed for over two weeks due to a
breakdown of the drill rig. The required replacement part could not be sourced
in the USA or Canada, but has now been secured and arrived from Europe and is
currently being fitted.

·    SGS Canada ("SGS") is still reporting delays in the processing of the
Company's assay results due to a backlog at its Vancouver laboratory, however
the Company is hopeful that initial assay results will be received from SGS in
early February 2022.

·    Due to the significant sulphide mineralisation intersected on the
southern side and outside of the current known Loflin resource ("Loflin
South"), two additional RC drill holes will be drilled in the newly identified
area once drilling re-commences.

·    Detailed logging and sampling of the initial 7 holes drilled on the
Loflin South anomaly has been completed and multiple intersections of sulphide
mineralisation and alteration zones of over 25m were identified.

·    Due to the delays reported by SGS, the Company has decided to
dispatch its latest batch of samples to American Assay Labs ("AAL") in Nevada,
as AAL have confirmed that they are not currently experiencing any significant
delays in processing samples.

·    The latest batch dispatched to AAL for analysis comprised 194 samples
of 4-metre composites, including duplicates, standards and blanks, all of
which are from the Loflin South area.

 

 

Bernard Olivier, Lexington Gold's CEO, commented:

"We eagerly await the initial assay results for Carolina Belle from SGS. We
are also very excited about the significant sulphide and alteration zones
intersections at Loflin South to date and its potential for a significant
southern extension to Loflin, such that we will be adding two additional holes
to the programme. Due to SGS's backlog in processing assays we have decided to
use AAL for the current Loflin South samples. AAL have confirmed that they are
not currently experiencing any significant delays in their standard processing
times and, like SGS, are a fully accredited laboratory. We look forward to
providing further updates in due course."

 

 

 

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 / Matthew McHale                           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 (as amended).

 

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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