TIDMLEX
RNS Number : 0766W
Lexington Gold Limited
21 April 2021
21 April 2021
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Completion of Phase 1 Drill Programme
Lexington Gold (AIM: LEX), the gold exploration and development
company with four projects in North and South Carolina, USA, is
pleased to announce the completion of its Phase 1 drill programme
at the Jones-Keystone-Loflin Project.
The JKL Project was selected as the first project for drilling
due to its geological similarities with the third party Haile Mine
and its promising historical drill hole intersections.
Lexington Gold's four-project portfolio covers a combined area
of approximately 1,675 acres in the highly prospective Carolina
Super Terrane ("CST") located in North and South Carolina, USA. The
CST has seen significant historic gold production and is host to a
number of multi-million-ounce mines operated by large-scale
companies, including the Haile Mine operated by OceanaGold
Corporation (ASX/TSX:OGC).
Highlights :
-- Successful completion of the Phase 1 drill programme at the JKL Project
-- All six holes intersected visible sulphide mineralisation,
which is an encouraging indicator of the presence of gold
-- Drilling programme completed within budget
-- Samples from the first four drill holes have been submitted
to SGS Minerals Services Geochemical Laboratory ("SGS") in
Vancouver for gold analysis
-- Assay results are expected to be received in batches over the
coming weeks and will be reported once they have been collated and
interpreted
-- Core logging, geophysical measurements and sampling of the
final two drill holes in the campaign is currently being
completed
-- Drill site rehabilitation has been completed in respect of
the first four holes and is currently underway at the final two
drill hole locations
Bernard Olivier, Lexington Gold's CEO, commented :
"With the completion of the Phase 1 drill programme at JKL, we
continue to work towards establishing an initial maiden resource
estimate for JKL. We are very encouraged by the amount and visible
nature of the sulphides encountered, which are historically
associated with gold mineralisation at JKL, and furthermore by the
fact that sulphides were intersected in all of the core samples
taken. We look forward to reporting the results of the assay
analysis once they are received and collated, and will incorporate
all of the drilling and assay data into our 3-D model to assist
with the design of our planned Phase 2 drilling campaign at
JKL."
Additional Drilling and Assaying information
The Phase 1 drill programme 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. All six drill holes have now
been completed and the saprolite zone (weathered rock) of the drill
hole denoted as LFDD-044 was redrilled from surface to 97ft (29.5m)
to improve the core recovery.
Four completed drill holes (LFDD-044, LFDD-046, LFDD-047 and
LFDD-048) plus the redrilled section of LFDD-044, namely, LFDD-045,
have been logged, sampled and submitted for assaying to SGS'
laboratory in Vancouver. Core logging, geophysical measurements and
sampling of the final two drill holes in the campaign is currently
being completed and samples will be submitted to SGS for assay in
due course. Sulphide mineralisation was observed in all six drill
holes. Gold at JKL has a known association with sulphide
mineralisation, such that visible sulphides in the core is believed
to be an encouraging indicator as to the presence of gold. The
initial assay results from the first four drill holes are currently
expected to be received in approximately two to three weeks'
time.
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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