TIDMLEX
RNS Number : 5376A
Lexington Gold Limited
26 September 2022
26 September 2022
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Jones-Keystone Project 1m sample re-splits verify
high-grade,
shallow intercepts of up to 7.5 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 the results for the 1m re-splits taken from the reverse
circulation ("RC") drill hole 4m composite samples across its
Jones-Keystone 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 JKRC-002: 50m @ 1.09 g/t Au from 72m to 122m including:
o 27m @ 1.52 g/t Au from 72m to 99m
o 9m @ 2.71 g/t Au from 90m to 99m
o 1m @ 5.77 g/t Au from 93m to 94m
-- Hole JKRC-003: 28m @ 1.15 g/t Au from 66m to 94m including:
o 6m @ 2.67 g/t Au from 66m to 72m
o 1m @ 5.17 g/t Au from 67m to 68m
-- Hole JKRC-004: 31m @ 1.38 g/t Au from 28m to 59m including:
o 16m @ 2.15 g/t Au from 28m to 44m
o 1m @ 7.52 g/t Au from 32m to 33m
-- The 1m re-sampling of the 4m composites has confirmed shallow, high-grade intercepts of up to approximately 7.5g/t Au
-- The 1m re-splits assay results will now be incorporated into
the Company's existing geological model
-- The results will facilitate the establishment of an
independent maiden JORC Resource estimate for Jones-Keystone which
will be added to the existing JORC Resource for Loflin, to form a
combined JORC Resource for the JKL Project
-- The Jones-Keystone deposit remains open along strike and down dip
Bernard Olivier, Lexington Gold's CEO, commented :
"The 1m re-splits assay results for Jones-Keystone confirm and
expand upon the exceptional results announced previously. The
deposit exhibits significant shallow mineralisation with grades of
up to approximately 7.5g/t gold achieved as well as multiple
intersections of 20m+ widths at mineable grades, including 27m at
an average grade of 1.52 g/t gold. The Directors believe these
results will faclitate the establishment of a significant maiden
JORC Resource estimate for Jones-Keystone of potentially up to
100,000 ounces, which will serve to significantly increase the
existing JORC Resource estimate for our overall combined JKL
Project."
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 approximately 7.5g/t Au. The results will be incorporated
into the Company's existing geological model to add further detail
to the distribution of gold at Jones-Keystone.
Table 1 : 1m re-splits assay results for Jones-Keystone
Hole Dip Azimuth Final From To Interval g/t Au
No . (degrees) (degrees) depth
(m)
JKRC-001 -50 155 80m 78m 80m 2m 1.32
----------- ----------- ------- ----- ----- --------- -------
JKRC-002 -60 152 150m 72m 122m 50m 1.09
----------- ----------- ------- ----- ----- --------- -------
including 72m 99m 27m 1.52
----- ----- --------- -------
including 90m 99m 9m 2.71
----- ----- --------- -------
including 93m 94m 1m 5.77
----- ----- --------- -------
JKRC-003 -51 150 140m 66m 94m 28m 1.15
----------- ----------- ------- ----- ----- --------- -------
Including 66m 72m 6m 2.67
----- ----- --------- -------
Including 67m 68m 1m 5.17
----- ----- --------- -------
Including 82m 93m 11m 1.09
----- ----- --------- -------
JKRC-003 -51 150 140m 117m 118m 1m 2.05
----------- ----------- ------- ----- ----- --------- -------
JKRC-004 -49 147 90m 28m 59m 31m 1.38
----------- ----------- ------- ----- ----- --------- -------
Including 28m 44m 16m 2.15
----- ----- --------- -------
Including 32m 33m 1m 7.52
----- ----- --------- -------
JKRC-004 -49 147 90m 70m 71m 1m 1.39
----------- ----------- ------- ----- ----- --------- -------
JKRC-005 -50 152 120m 17m 18m 1m 2.1
----------- ----------- ------- ----- ----- --------- -------
JKRC-005 -50 152 120m 76m 78m 2m 0.98
----------- ----------- ------- ----- ----- --------- -------
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 50(o) and the mineralisation will therefore
be at shallower depths than the down-hole depths reported in Table
1.
Figure 1 : Jones-Keystone Project Section Lines
Figure 2 : Cross Section Line AB with drill hole
intersections
Figure 3 : Cross Section Line CD with drill hole
intersections
Figure 4 : Long Section Line EF with greater than 0.2 g/t Au
shaded in red
Figure 5 : Long Section Line EF with drill hole
intersections
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 / Abigail T: +44 207 409 3494
Wennington
WH Ireland Limited (Joint Broker) www.whirelandplc.com
Katy Mitchell / Ben Good / Enzo Aliaj T: +44 207 220 1666
Peterhouse Capital Limited (Joint 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;
"JORC" Joint Ore Reserve Committee;
"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. It 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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