TIDMLEX
RNS Number : 4520U
Lexington Gold Limited
06 April 2021
6 April 2021
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 announce an update on its ongoing operational activities.
Highlights :
-- Phase 1 drilling campaign at the Jones-Keystone-Loflin
("JKL") Project is progressing satisfactorily with more than half
of the drilling completed
-- Core logging and sampling of the first two drill holes in the
campaign, plus a redrilled section of the second drill hole has
also been completed
-- Sulphide mineralisation was intersected below the saprolite zone in all holes drilled to date
-- Gold has a known association with sulphide mineralisation at JKL
-- The samples from the first two holes, plus the redrilled
section, have been dispatched to the assay laboratory for gold
analysis
-- The fixed-wing airborne geophysical survey over the JKL,
Carolina Belle and Argo Projects in North Carolina has also been
completed and interpretation of the resulting data and modelling is
underway
-- Initial high-level overview of the unprocessed data as
received from the geophysical survey has already returned promising
results
-- Interpretation and modelling of the VTEM geophysical survey
over the Jennings-Pioneer Project has been completed
-- VTEM survey has identified two potential anomalies at the
Jennings-Pioneer Project that will be further investigated through
soil sampling, trenching and drilling
Bernard Olivier, Lexington Gold's CEO, commented :
"We are very pleased with the steady progress being made at our
projects in the Carolinas and our observations from our early
exploration activities are very encouraging. The core samples from
our maiden drilling programme show good levels of sulphide
mineralisation, which demonstrates excellent potential for gold
prospectivity. Furthermore, the initial unprocessed data from the
geophysical survey is already showing promising results and we have
also been able to identify two potential targets for exploration
within the Jennings-Pioneer Project.
"With Phase 1 drilling more than halfway completed and
geophysical analysis underway we are excited to push forward with
our exploration plans. Following completion of this exploration
activity we intend to establish an initial maiden resource estimate
for JKL, with the aim of then potentially expanding this through
additional future drilling. We look forward to providing further
updates in due course as to the outcome of our work programme as we
seek to unlock shareholder value from our exciting gold
projects."
Additional Drilling and Assaying information
The Phase 1 drilling campaign is seeking to confirm and expand
on the historical third-party drilling performed at Loflin as well
as assisting in defining the 3-dimensional shape, continuity and
orientation of the mineralisation. Three drill holes have been
completed to date and the saprolite zone (weathered rock) of drill
hole LFDD-044 was redrilled from surface to 97ft (29.5m) to improve
the core recovery. Drilling is currently being completed on the 4th
drill hole (LFDD-048) out of a total of 6 planned drill holes.
Two completed drill holes (LFDD-044 and LFDD-046) plus the
redrilled section of LFDD-044, namely, LFDD-045, have been logged
and sampled. Sulphide mineralisation was observed in both drill
holes below the saprolite zone. Gold at JKL has a known association
with sulphide mineralisation, such that visible sulphides in the
core are encouraging indicators as to the presence of gold.
The samples have been dispatched to SGS Canada's Vancouver based
laboratory. Assay laboratories globally have been especially
impacted by the COVID-19 related workplace restrictions, protocols
and guidelines, resulting in large delays. The Company contacted
various accredited laboratories both in the USA and Internationally
and selected SGS in Vancouver to assay the samples as they have
indicated the shortest estimated turn-around time. The first assay
results are currently expected to be received in approximately 4
weeks' time.
Links to images of the core from the current drilling campaign
at the Jones-Keystone-Loflin Project
can be viewed in the PDF version of this release available on
the Company's website and via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4520U_1-2021-4-5.pdf
Additional Geophysics information
Fixed-wing geophysics survey
Questor Surveys Ltd has completed the 937 line-kilometre
magnetic, radiometric and very-low-frequency ("VLF") fixed-wing
airborne geophysical survey over the JKL, Carolina Belle and Argo
Projects. The survey was intermittently delayed by mechanical
issues and severe weather conditions.
The aim of the survey is to further define and delineate the
known areas of mineralisation over the 3 projects (JKL, Carolina
Belle and Argo) as well as identifying new targets for geological
studies and potential drilling. An initial high-level overview of
the unprocessed data as received from the geophysical survey has
already returned promising results
Helicopter borne VTEM survey
As previously reported, the 207.3 line-kilometre survey was
conducted by Ontario based Geotech Airborne Geophysical Surveys
("Geotech") utilising their helicopter-borne geophysical system
which collects both VTEM and Horizontal Magnetic Gradiometer Survey
data. The aim of the VTEM survey is to identify any conductors
located within and surrounding the Jennings-Pioneer Project area
that could be associated with volcanic massive sulphide ("VMS")
style mineralisation.
The interpretation and modelling of the VTEM geophysical survey
over the Jennings-Pioneer Project has been completed. The VTEM
survey has successfully identified two potential anomalies at
Jennings-Pioneer that will be further investigated through soil
sampling, trenching and drilling..
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 Ltd. 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
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
Matthew Chandler / James Bellman / James T: +44 207 409 3494
Harris
Peterhouse Capital Limited (Broker) www.peterhousecap.com
Duncan Vasey / Lucy Williams (Broking) T: +44 207 469 0930
Eran Zucker (Corporate Finance)
Yellow Jersey PR Limited (Financial Public www.yellowjerseypr.com
Relations) T: +44 7769 325 254
Joe Burgess / Charles Goodwin
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.
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 . 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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END
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