TIDMLEX
RNS Number : 9302R
Lexington Gold Limited
11 July 2022
11 July 2022
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Loflin Project 1m sample re-splits verify high-grade,
shallow intercepts of up to 10 g/t Au
Lexington Gold (AIM: LEX), the gold exploration and development
company, with projects in North and South Carolina, USA, is pleased
to announce receipt of the results for 1m re-splits taken from the
reverse circulation ("RC") drill hole 4m composite samples across
its combined Loflin and Loflin South Project. All of the holes
concerned were originally sampled as 4m composites. All composites
which returned a gold grade of more than 200ppb Au were then
subsequently re-sampled in the field and assayed on a 1m basis.
Please refer to Table 1 below for the full set of results.
Highlights :
-- Significant intercepts recorded from the 1m samples include:
-- Hole LFRC-006: 34m @ 1.75 g/t Au from 21m to 55m including:
o 17m @ 2.9 g/t Au from 21m to 38m
o 2m @ 10.09 g/t Au from 31m to 33m
-- Hole LFRC-009: 12m @ 1.95 g/t Au from 18m to 30m including:
o 6m @ 3.24 g/t Au from 22m to 28m
o 2m @ 5.05 g/t Au from 22m to 24m
-- Hole LFRC-002: 23m @ 1.35 g/t Au from 16m to 39m including:
o 5m @ 3.09 g/t Au from 31m to 36m
o 1m @ 6.13 g/t Au from 32m to 33m
-- Hole LFRC-018: 26m @ 1.04 g/t Au from 4m to 30m including:
o 3m @ 2.45 g/t Au from 25m to 28m
-- Hole LFRC-003: 6m @ 1.6 g/t Au from 82m to 88m including:
o 2m @ 2.93 g/t Au from 82m to 84m
-- Hole LFRC-008: 14m @ 1.2 g/t Au from 14m to 28m including:
o 4m @ 1.87 g/t Au from 19m to 23m
-- The 1m re-sampling of the 4m composites has confirmed
shallow, high-grade intercepts of up to 10g/t Au
-- The 1m re-splits assay results will be incorporated into the
Company's existing geological model
-- JORC Resource estimate for the combined Jones-Keystone-Loflin
("JKL") Project currently expected to be received by the end of
July 2022
Bernard Olivier, Lexington Gold's CEO, commented :
"The greater detail and accuracy achieved from the 1m sampling
at Loflin further highlights the success of our recent RC drill
campaign and serves to confirm and support these exceptional
results announced previously. The deposit exhibits significant
shallow mineralisation with grades of up to 10g/t gold achieved as
well as multiple Intersections of 20m+ widths at mineable grades,
including 34m at an average grade of 1.75 g/t gold. These results
will be incorporated into our existing geological model and
database with the aim of achieving an upgrade to the current JORC
Resource estimate for Loflin."
Additional drilling and assaying information for the JKL
Project
The 1m re-splits assay results are in line with the previously
announced 4m composite results with shallow, high-grade intercepts
of up to 10g/t Au. The results will be incorporated into the
Company's existing geological model to add further detail to the
distribution of gold at Loflin.
Table 1 : 1m re-splits assay results for Loflin
Hole Dip Azimuth Final From To Interval g/t Au
No . (degrees) (degrees) depth (gold)
(m)
LFRC-001 -60 327 60m 55m 57m 2m 1.36
----------- ----------- ------- ----- ----- --------- --------
LFRC-002 -60 325 80m 16m 39m 23m 1.35
----------- ----------- ------- ----- ----- --------- --------
including 31m 36m 5m 3.09
----- ----- --------- --------
including 32m 33m 1m 6.13
----- ----- --------- --------
LFRC-003 -70 145 130m 82m 88m 6m 1.6
----------- ----------- ------- ----- ----- --------- --------
including 82m 84m 2m 2.93
----- ----- --------- --------
LFRC-006 -60 145 80m 3m 4m 1m 3.49
----------- ----------- ------- ----- ----- --------- --------
LFRC-006 -60 145 80m 21m 55m 34m 1.75
----------- ----------- ------- ----- ----- --------- --------
including 21m 38m 17m 2.9
----- ----- --------- --------
including 31m 33m 2m 10.09
----- ----- --------- --------
LRFC-007 -60 326 150m 54m 55m 1m 1.7
----------- ----------- ------- ----- ----- --------- --------
LFRC-008 -60 325 80m 14m 28m 14m 1.2
----------- ----------- ------- ----- ----- --------- --------
including 19m 23m 4m 1.87
----- ----- --------- --------
LFRC-009 -58 326 100m 18m 30m 12m 1.95
----------- ----------- ------- ----- ----- --------- --------
including 22m 28m 6m 3.24
----- ----- --------- --------
including 22m 24m 2m 5.05
----- ----- --------- --------
LFRC-010 -58 332 100m 50m 52m 2m 0.68
----------- ----------- ------- ----- ----- --------- --------
LFRC-011 -60 141 55m 22m 24m 2m 2.39
----------- ----------- ------- ----- ----- --------- --------
LFRC-013 -60 326 151m 100m 104m 4m 1.2
----------- ----------- ------- ----- ----- --------- --------
LFRC-014 -61 323 144m 24m 25m 1m 1.83
----------- ----------- ------- ----- ----- --------- --------
LFRC-016 -59 325 80m 33m 34m 1m 1.76
----------- ----------- ------- ----- ----- --------- --------
LFRC-018 -59 327 60m 4m 30m 26m 1.04
----------- ----------- ------- ----- ----- --------- --------
including 25m 28m 3m 2.45
----- ----- --------- --------
All of the intersection information in Table 1 above 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.
Figure 1 : Loflin Project Cross-Section S-T showing significant
intersections
http://www.rns-pdf.londonstockexchange.com/rns/9302R_1-2022-7-10.pdf
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
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 7948 758 681
Tom Randell / Annabelle Wills +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;
"g" grammes;
"g/t" grammes per tonne;
"m" metre;
"ore-zone" the portion, or length, of a vein or other structure
that carries sufficient valuable minerals to be
extracted profitably;
"ppb" parts per billion;
"t" tonnes;
"oz" troy ounce.
Note to Editors :
Lexington Gold (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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