Drilling Update

RNS Number : 2050C

Lexington Gold Limited

21 February 2022

 

21 February 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")  

RC Drilling Programme Completed on the

Loflin Side of JKL

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA,   is pleased to announce that its Phase 2 reverse circulation ("RC") drilling programme on the Loflin side of its Jones-Keystone-Loflin Project ("JKL") has now been completed, such that the drill rig is now mobilising to the Jones-Keystone side of project. The RC drilling programme at JKL forms part of the Company's larger ongoing 5,000m RC drill programme.

Highlights

A total of 18 drill holes for an aggregate of 1,695m were drilled at Loflin.

· 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 were drilled in the newly identified area.

· Detailed logging and sampling of the 18 holes drilled on the combined Loflin South and main Loflin deposit has now been completed, with multiple intersections of sulphide mineralisation and alteration zones of over 25m identified.

· An additional 278 samples comprising of 4 metre sample composites as well as standards, blanks and duplicates have now been dispatched to American Assay Labs ("AAL") in Nevada for gold assaying as well as whole-rock geochemistry analyses.

· The Company is expecting all of the remaining outstanding assay and whole-rock results for its Carolina Belle project to be received back from SGS by the end of February 2022.

Bernard Olivier, Lexington Gold's CEO, commented :

"We are pleased that drilling is now progressing well following the repairs carried out on the drill rig in January. We continue to be excited about the significant sulphide and alteration zones intersected at both Loflin and the Loflin South extension. We believe that such intersections could potentially contribute significantly to an enhanced JORC mineral resource estimate, originally established and reported following our Phase 1 drilling in 2021, which was one of the key goals for this ongoing drilling programme.

"The completion of the drilling programme on the Loflin side of JKL is an encouraging milestone for Lexington Gold as we progress through the different stages of the planned 5,000m RC drilling programme , and I look forward to providing the results for all of the Loflin samples and the outstanding Carolina Belle assays in due course."

Additional information

Jones-Keystone-Loflin Project ( " JKL " )

The Company's Phase 1 drill campaign at JKL intersected significant gold mineralisation, with the assay results showing a good correlation with the historical drilling results at Loflin. Importantly, all six holes of the initial campaign intersected gold mineralisation of over 1 g/t Au above 100m depth with multiple intersections over 30m width. The ongoing Phase 2 drill campaign will now focus on the Jones-Keystone side of the project with the overall objectives of the current drill programme comprising :

· The potential expansion of the initial maiden resource estimate for Loflin, as announced on 23 September 2021;

· Drill holes positioned to test additional targets that form part of the project area that have been identified from geophysics and historical work, including Loflin South; and

· Drill holes positioned to seek to establish a maiden resource for the Jones-Keystone side of the project.

Table 1 : Lexington Gold - RC Drilling Summary to Date at JKL (Drilling from surface)
Hole ID No .	Project	Dip (degrees)	Azimuth (degrees)	Final depth (m)
LFRC-001	Loflin	-60	325	60
LFRC-002	Loflin	-60	325	80
LFRC-003	Loflin	-70	145	130
LFRC-004	Loflin	-60	325	85
LFRC-005	Loflin	-60	145	60
LFRC-006	Loflin	-60	145	80
LFRC-007	Loflin	-60	325	150
LFRC-008	Loflin	-60	325	80
LFRC-009	Loflin	-60	325	100
LFRC-010	Loflin	-60	325	100
LFRC-011	Loflin	-60	145	55
LFRC-012	Loflin	-60	145	110
LFRC-013	Loflin	-60	325	151
LFRC-014	Loflin	-60	325	144
LFRC-015	Loflin	-60	325	90
LFRC-016	Loflin	-60	325	80
LFRC-017	Loflin	-60	150	80
LFRC-018	Loflin	-60	325	60
Total (metres) :				1,695

Assaying

Four metre composite samples were collected throughout each hole and two batches of 194 and 278 samples from Loflin, including standards, duplicates and blanks have been dispatched to American Assay Labs ("AAL") in Nevada for gold assaying as well as whole rock chemistry XRF analysis. The initial 4m composites will be further refined to 1m composites and submitted for gold assaying for all intersections of gold interest.

Enquiries :

Lexington Gold Ltd Bernard Olivier (Chief Executive Officer) Edward Nealon (Chairman) Mike Allardice (Group Company Secretary)	www.lexingtongold.co.uk via Yellow Jersey
Strand Hanson Limited (Nominated Adviser) Matthew Chandler / James Bellman / James Harris	www.strandhanson.co.uk T: [phone]
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams (Broking) Eran Zucker (Corporate Finance)	www.peterhousecap.com T: [phone]
Yellow Jersey PR Limited (Financial Public Relations) Tom Randell / Annabelle Wills	www.yellowjerseypr.com T: [phone]

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 . 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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