REG - Lexington Gold Ltd - Remaining Drill Results for Loflin

Lexington GoldAnnouncement

09/05/2022 07:00

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RNS Number : 7029K  Lexington Gold Limited  09 May 2022

9 May 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Remaining Drill Results for Loflin

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce that it has
received the remaining assay results with respect to Loflin further to the
Company's recently completed 5,000m reverse circulation ("RC") drilling
programme.

 

Highlights:

Final assay results from the drilling programme at Loflin included shallow
level infill drilling and testing of the North-Eastern, South-Western and
Southern boundaries and extensions, with the following selected results:

 

·   Hole LFRC-018: 24m @ 1.07 g/t Au and 2.76 g/t Ag from 4m to 28m
including:

o  4m @ 2.34 g/t Au and 6.41 g/t Ag from 24m to 28m

 

·   Hole LFRC-009: 16m @ 1.27 g/t Au and 3.79 g/t Ag from 16m to 32m
including:

o  8m @ 1.76 g/t Au and 6.48 g/t Ag from 20m to 28m; and

o  4m @ 1.93 g/t Au and 6.11 g/t Ag from 24m to 28m

 

·   Hole LFRC-010: 4m @ 0.58 g/t Au from 48m to 52m

 

·   Hole LFRC-016: 4m @ 0.73 g/t Au from 4m to 8m

 

·    Hole LFRC-011 intersected a cavity created by historic underground
workings between 10m and 20m below surface. A 2m intersection immediately
above the cavity returned grades of 0.42 g/t Au from 8m to 10m.

 

·    Drilling has extended the known north-eastern deposit boundary and
confirmed that the deposit remains open to the north-east towards the
direction of Jones-Keystone.

 

·    Loflin deposit appears to pinch off in a South-Westerly direction,
but the drilling results also indicate that the deposit opens towards the
south and south-east and potentially links in with the Loflin South deposit,
with intersections including 36m @1.67 g/t Au between 20m to 56m as recently
announced.

 

·    Assay results returned Silver (Ag) values of up to 6.9 g/t Ag
associated with gold mineralisation and zones of high sulphide alteration.

 

 

Bernard Olivier, Lexington Gold's CEO, commented:

"The drilling results for Loflin continue to return signficant shallow level
intersections including intersections outside of the known north-eastern
boundary of the main Loflin resource. The main Loflin deposit remains open to
the north-east and also to the south and south-east and potentially links up
with Loflin South."

 

Additional Drilling and Assaying information for the Jones-Keystone-Loflin
("JKL") Project

The Company's Phase 1 drill campaign at the JKL Project in 2021, intersected
significant gold mineralisation, with the assay results showing a good
correlation with the historical drilling results at Loflin. This campaign
enabled the establishment of a maiden resource estimate for the Loflin side of
the JKL project of 2Mt @ 1 g/t Au for 65k oz of contained gold to JORC
standards.

The Phase 2 drill campaign was designed to investigate the extension of the
deposit in all directions, conduct infill drilling, especially close to
surface, and potentially achieve an upgrade of the initial maiden JORC
resource estimate.

Table 1: Combined selected drill results from both Loflin and Loflin South:

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

           (degrees)   (degrees)                                             (gold)   (silver)
 LFRC-002  -60         325         80m              16m      36m   20m       1.52     1.67
 including                                          32m      36m   4m        3.01     2.45
 LFRC-003  -70         145         130m             80m      88m   8m        1.32     0.28
 including                                          80m      84m   4m        1.45     0.39
 LFRC-006  -60         145         80m              surface  4m    4m        0.56     -
 LFRC-006  -60         145         80m              20m      56m   36m       1.67     1.89
 including                                          28m      40m   12m       3.27     2.9
 including                                          28m      36m   8m        4.34     3.49
 LFRC-008  -60         325         80m              16m      28m   12m       1.26     0.98
 including                                          20m      24m   4m        1.78     1.31
 LFRC-009                                           16m      32m   16m       1.27     3.79
 including                                          20m      28m   8m        1.76     6.48
 including                                          24m      28m   4m        1.93     6.11
 LFRC-010                                           48m      52m   4m        0.58     0.17
 LFRC-011                                           8m       10m   2m        0.42     0.29
 LFRC-013                                           100m     104m  4m        0.99     0.22
 LFRC-014                                           24m      28m   4m        0.46     0.81
 LFRC-016                                           4m       8m    4m        0.73     0.17
 LFRC-018                                           4m       28m   24m       1.07     2.76
 including                                          24m      28m   4m        2.34     6.41

 

All of the intersection information in Table 1 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.

Holes LFRC-008, LFRC-009 and LFRC-010 tested and successfully extended the
north-eastern boundary of the known Loflin resource, with significant
intersections close to surface including 12m at a grade of 1.26 g/t Au between
16m and 28m and 16m at a grade of 1.27 g/t Au from 16m to 32m. The Loflin
deposit remains open to the north-east towards the direction of
Jones-Keystone.

 

Holes LFRC-018 and LFRC-016 are both resource infill drilling holes aimed at
testing and intersecting shallow areas of mineralisation. Both holes
intersected mineralisation from 4m below surface with LFRC-018 intersecting
24m at a grade of 1.07 g/t Au and 2.76 g/t Ag from 4m to 28m, including 4m
at  2.34 g/t Au and 6.41 g/t Ag from 24m to 28m. LFRC-016 intersected 4m at
0.73 g/t Au from 4m to 8m below surface.

 

Lower grade intersections on the South Western-side suggest that the deposit
is potentially pinching off in a south westernly direction but appears to open
in a southern and south-eastern direction towards Loflin South as announced on
29 March 2022 with intersections of 36m at a grade of 1.67 g/t Au between 20m
to 56m. Hole LFRC-011 was drilled in Loflin South and intersected a 10m wide
cavity between 10m and 20m attributed to historical underground mine workings.
A 2m intersection immediately above and on the Hangingwall of the cavity
returned grades of 0.42 g/t Au over 2m from 8m to 10m. The intersection of the
mine workings appears to be an extension of the 8m wide high-grade zone
intersected in hole LFRC-006 with a grade of 4.34 g/t Au intersected between
28 and 36m.

 

Outstanding assays

All of the assay results from the Jones-Keystone project remain pending and
will be announced as soon as they are received from American Assay Labs
("AAL").

 

 

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;

 "Ag"             silver;

 "Footwall"

                  the rock on the underside of a vein or ore structure;
 "g"              grammes;
 "g/t"            grammes per tonne;
 "Hangingwall"    the rock on the upper side of a vein or ore deposit;

 "m"              metre;

 "Mt"             million tonnes;

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

 "t"              tonnes; and
 "oz"             troy ounce.

 

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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