REG - Lexington Gold Ltd - Update re: Jennings-Pioneer Drill Programme

Lexington GoldAnnouncement

16/04/2024 07:00

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RNS Number : 6981K  Lexington Gold Limited  16 April 2024

16 April 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Update re: Jennings-Pioneer Drill Programme, South Carolina, USA

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in South Africa and the USA, is pleased to announce that the gold,
silver and copper exploration drill programme at its Jennings-Pioneer Project
in South Carolina, USA ("Jennings-Pioneer") has now been completed.

Highlights:

 

·    Drilling activities at Jennings-Pioneer have been successfully
concluded for a total of 495m comprising three diamond core holes.

 

·    Visual observations of massive sulphides, semi-massive sulphides, and
associated quartz barite veins were found in all three holes.

 

·    Initial indications suggest that all target mineralised zones of the
Barite Hill trend were successfully intersected, namely the Middle Ore Zone,
the Foot Wall Ore Zone and the Red Hill Ore Zone targets of the Barite Hill.

 

·    Chalcopyrite was observed in massive sulphide zones and in quartz
barite veins indicating the presence of copper mineralisation at
Jennings-Pioneer.

 

·    The drill core is currently undergoing cutting and sampling during
the remainder of April 2024 for submission to the ALS Laboratory in Reno
Nevada, USA with assay results currently expected to be returned by June 2024.

 

 

Ed Nealon, Lexington Gold's Chairman, commented:

 

"These are very promising initial findings from our Jennings-Pioneer
exploration drilling programme. With such positive indications and
observations, we continue to press ahead with our activities and expect to
have the drill core cut and sampled by month end. With the subsequent assay
results expected to be received in June 2024, we look forward to providing
further updates to shareholders in due course."

 

 

Additional Information

 

Preliminary geologic observations on the 495m of diamond core obtained from
Jennings-Pioneer indicate that the Barite Hill Trend gold-silver-copper
mineralisation continues along strike to the northeast of the historic Barite
Hill Main open pit gold-silver mine. Figure 1 Illustrates drilling along this
trend. These observations validate the Company's target model that was created
using historic mining and exploration data in conjunction with more recent
surface exploration and aerial geophysics data. As indicated by this model,
there are three ore zones that comprise the Barite Hill Trend, namely the
Footwall Ore Zone, the Middle Ore Zone and the Red Hill Ore Zone (see Figure
2).

 

All three holes from the recently completed drill programme contain broad
zones of silica-sericite alteration containing numerous intervals of massive
to semi-massive sulphides in each zone. These broad alteration-mineralisation
zones are between 31.00m to 61.20m thick in the drill core and the numerous
intervals of semi-massive sulphides and massive sulphides within such
alteration zones are between 0.50m to 5.00m thick. Ore textures include
sulphides with quartz and barite as matrix material in a breccia (see Figure
3), massive sulphides parallel to foliation (see Figure 4), and sulphides
along the margins of quartz barite veins (see Figure 5). Pyrite is the
dominant sulphide followed by chalcopyrite. Minor sphalerite and galena are
also present in the drill core.

 

 

Figure 1: Logan Drilling USA completing the final hole of the spring 2024
drill programme on the Barite Hill Trend at Jennings-Pioneer.

 

Figure 2: Barite Hill Trend explicit geologic block model and implicit
modelled ore zone grade shells with 2024 diamond core drill traces. Red
portions of the drill traces are zones of alteration and mineralisation as
indicated by geologic logging.

 

 

Figure 3: Core segment from recent drilling displaying sulphides with quartz
and barite as matrix material in a breccia.

 

 

Figure 4: Core segment from recent drilling displaying massive pyrite parallel
to foliation planes.

 

 

Figure 5: Core segment from recent drilling displaying a white quartz barite
vein with sulphides along its margins.

 

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.

 

 

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.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell                                           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)

 Charles Goodwin / Annabelle Wills                       T: +44 7747 788 221

 

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.

 

 

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 and in five
gold projects covering approximately 89,505 hectares in South Africa.

 

Further information is available on the Company's
website: www.lexingtongold.co.uk (http://www.lexingtongold.co.uk)  or follow
us through our social media channel:

X (formerly known as Twitter): @LexGoldLtd

 

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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