REG - Lexington Gold Ltd - Operational Update

Lexington GoldAnnouncement

06/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230206:nRSF9922Oa&default-theme=true

RNS Number : 9922O  Lexington Gold Limited  06 February 2023

6 February 2023

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 in respect of its Jennings-Pioneer and Argo gold projects
in the USA.

 

Operational Highlights:

Jennings-Pioneer Project ("Jennings-Pioneer"):

 

·     A soil and surface sampling programme has now been completed at
Jennings-Pioneer targeting gold, silver and base metals through multi-element
assaying to verify and supplement historical sampling conducted on the deposit

·     505 soil samples were collected on a 30m by 123m grid spacing with
a tighter 15m x 123m grid spacing on the Barite Hill Trend

·     17 surface samples were also collected concurrent with the surface
mapping campaign

·     A total of 522 samples were therefore submitted to ALS Geochemistry
in Nevada during December 2022 with the results expected to be received during
the first quarter of 2023

 

Argo Project ("Argo"):

 

·     A surface trenching and sampling campaign at Argo has now also been
completed

·     A total of 13 trench lines with a total combined length of
approximately 844m have been dug by an excavator and 409 composite channel
samples of 2m each have been collected

·     An additional 30 rock samples were taken at surface and as point
samples in trenches

·     A total of 439 samples have therefore also been shipped to ALS in
Nevada for assaying

 

 

Bernard Olivier, Lexington Gold's CEO, commented:

"I would like to thank our team for working tirelessly over the festive season
and into the New Year in order to complete the sampling campaign at
JenningsPioneer as well as the trenching and sampling campaign at Argo.

 

"We look forward to receiving and reporting on the assay results in due
course. These sampling and mapping campaigns at both Jennings-Pioneer and Argo
will enable us to design the next phase of work including generating drill
targets, especially at Jennings-Pioneer which remains a very exciting project
for the Company."

 

 

 

 

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.w (http://www.whirelandplc.com) hirelandplc.com
                                                         (http://www.whirelandplc.com)
 Katy Mitchell / Ben Good / Enzo Aliaj                   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)

 Tom Randell / Annabelle Wills                           T: +44 7948 758 681

 

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.

 

 

 

Additional Information

 

Jennings-Pioneer Project

 

The Jennings-Pioneer Project forms part of the Barite Hill Gold district in
South Carolina where several old mines and prospects are located within a
25km(2) area. The Jennings-Pioneer Project lies within the late Proterozoic
(554-566 Ma) Persimmon Fork Formation, a volcanic unit comprised primarily of
felsic tuffs with subordinate sedimentary clastic rocks. The Persimmon Fork
Formation has been metamorphosed to greenschist facies. The Jennings-Pioneer
Project area has several greenfield exploration prospects with well-defined
and potentially continuous zones of gold and base metal mineralisation already
identified from historic mines and surface workings. There is potential to
define volcanic hosted massive sulphide ("VHMS") style mineralisation and
discover additional feeder veins and alteration.

 

Multiple foliated gossans exist at the Jennings-Pioneer Project with the best
defined and expansive outcropping of gossans located on Red Hill, which is
situated along the north-east strike extension of the Barite Hill ore zone.
Third party surface gold mining at Barite Hill took place for several years in
the 1990s. Additional gossans occur on the historically mined Jennings Trend
to the north of the Barite Hill Trend.

 

These gossans are interpreted to be base metal VHMS mineralisation with
quartz-pyrite-barite-gold veins cross cutting some gossans which is
interpreted to be epithermal gold mineralisation overprinting the VHMS system.
This geological process is known as telescoping as hydrothermal fluids
pressure, temperature and chemistry evolve through time. Both styles of
mineralisation are associated with pervasive silicification that manifests
itself as topographic highs on the property. As a result, local foliation and
ore zones dip steeply to the north-west. Additional deformation includes NW-SE
trending faults that result in an "en echelon" array of steeply dipping ore
bodies.

 

The versatile time domain electromagnetics ("VTEM") helicopter borne magnetic
survey conducted by Lexington Gold in early 2021 successfully defined the
structural trends and lithology contrasts as described above.

 

A detailed soil sampling programme has now been completed at Jennings-Pioneer
targeting gold, silver and base metals through multi-element assaying.  505
 soil samples were collected on a 30m by 123m grid spacing as well as 17
surface samples. The soil and surface sampling, as well as concurrent surface
mapping, aims to verify and supplement historical sampling conducted at the
deposit. The soil sampling with multi-element geochemistry in conjunction with
field mapping will add resolution and confidence to our understanding of the
mineralisation at the Jennings-Pioneer Project. All of the samples have been
submitted to ALS in Nevada with the multi-element assay results expected to be
received during Q1 2023.

 

The sampling programme in conjunction with the existing database and
helicopter borne VTEM conducted by the Company in 2021 will be utilised to
generate drill targets and to design a Phase I drill campaign for the project.

 

The soil and surface sample locations overlain on the LiDAR and aerial
magnetics data for Jennings-Pioneers are shown in Figure 1.

 

Figure 1: LiDAR and Aerial Magnetics map for Jennings-Pioneer showing the
location of the soil and surface sampling.

 

 

 

 

 

Argo Project

 

The Argo Project is situated in the northwest corner of Nash County, 16km
north of Nashville, North Carolina. The historic workings are easily
identified by the detailed LiDAR topographic data and form three clusters of
hard rock surface and underground historic workings. The largest zone of
workings extends over 500m, striking to the northeast, with some cross-strike
trenching presumably dug to identify the mineralised zone. Significant placer
mining has also occurred on the property.  Gold is hosted in thin but
numerous 0.3m thick sucrose quartz lenses that are interlaminated within
chlorite schist country rock. 27 reconnaissance rock samples from such
historic workings have yielded 13 samples with assays above 1 g/t Au. 5 of
those 13 samples assayed above 5 g/t Au with the highest assay result being
12.65 g/t Au.

 

Multi-element analysis indicates a very strong correlation coefficient between
tellurium and gold suggesting that gold tellurides are present at Argo. Gold
telluride minerals are present at several world class gold deposits including
the Kalgoorlie deposit in Western Australia and at the Cripple Creek deposit,
Colorado, United States.

 

The latest surface trenching, sampling and mapping campaign at Argo commenced
in December 2022, and has now been completed. The work programme comprised 13
trench lines with a total combined length of approximately 844m. The trenches
were dug by an excavator and 409 composite channel samples were collected at
continuous 2m intervals and submitted for assaying (see Figures 2, 3 and 4).
An additional 30 rock samples were collected at surface and as point samples
in perspective portions of trenches. All the samples have been submitted to
ALS in Nevada and the multi-element assay results are expected to be received
during Q1 2023.

 

The trenching, sampling and mapping campaign is aimed at better defining the
grade distribution, lithology and structure of the mineralised zones and
thereby facilitate the design of a Phase I drilling campaign for the project.

 

Figure 2: Excavator digging a trench at Argo

 

 

Figure 3. Argo trench with sampling

 

 

 

Figure 4: Final trenching positions at Argo

 

 

- END -

 

 

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 with a JORC
(2012) Total Inferred Resource of 6,976,000t @ 0.94 g/t Au for 210,800 oz of
contained gold. 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. It 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.

 

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  DRLGUGDDCDGDGXL