TIDMLEX
RNS Number : 2197G
Lexington Gold Limited
14 November 2022
14 November 2022
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Maiden Independent JORC Mineral Resource Estimate for
Jones-Keystone
Total JORC Resource estimate for JKL Project up 155% to 210,800
Au oz
Lexington Gold (AIM: LEX), the gold exploration and development
company with projects in North and South Carolina, USA, is pleased
to announce the receipt of a maiden independent JORC (2012) Mineral
Resource Estimate for the Jones-Keystone side of the
Jones-Keystone-Loflin ("JKL") Project prepared by Pivot Mining
Consultants Pty Ltd ("Pivot") .
Highlights :
-- 155% increase in contained gold for the combined JKL Project comprising:
o Total Inferred Resource of 6,976,000t @ 0.94 g/t Au for
210,800 oz of contained gold
-- Maiden independent JORC (2012) Mineral Resource Estimate for the Jones-Keystone deposit:
o Total Inferred Resource of 4,380,000t @ 0.91 g/t Au for
128,000 oz of contained gold
-- Potential for mineralisation at Jones-Keystone remains open down-dip, to the north-east as well as to
thesouth-west
-- Potential for further increase in resources at Jones-Keystone as well as Loflin and Loflin South through
additional drilling
-- 3D Geological modelling and drilling delineated a NE-SW shallow plunging fold structure that probably controls
gold mineralisation
Bernard Olivier, CEO of Lexington Gold, commented :
"We are pleased to announce that this maiden JORC resource
estimation of 128,000 gold ounces for Jones-Keystone, which forms
part of our JKL Project, has surpassed our expectations. When
combined with the existing JORC resource for Loflin, it takes the
total JORC mineral resource estimate for the JKL Project to over
210,000 gold ounces, which is a significant achievement for
Lexington Gold.
"As previously reported, the JKL Project exhibits significant
shallow mineralisation with grades of up to approximately 10g/t
gold achieved as well as multiple intersections of 20m+ mineable
widths, including 34m at an average grade of 1.75 g/t gold. The
mineralisation at both Jones-Keystone and Loflin remains open
down-dip and along strike with the potential to further increase
the resources via additional drilling".
Pivot Mining Consultants (Pty) Ltd
Pivot was requested by Lexington Gold to provide a maiden
Mineral Resource Estimate (with an effective date of 10 November
2022) for the Jones-Keystone deposit that forms part of the
Company's JKL Project, located in North Carolina, USA, utilising
the results of the additional drilling completed by Lexington Gold
in 2022.
The Mineral Resources have been reported in accordance with the
guidelines of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (2012 Edition)" (JORC
Code).
The Mineral Resource Estimate was undertaken by Ken Lomberg, who
is a Competent Person with the requisite professional experience,
as set out in the JORC Code. Mr Lomberg is the Director of Geology
and Resources at Pivot.
Pivot is an independent technical consulting group, with no
direct or indirect interests in Lexington Gold. Neither Pivot, nor
the key personnel responsible for its work, have any material
interest in Lexington Gold, the companies associated with this
project, their subsidiaries or their mineral properties.
Mineral Resources
The maiden Mineral Resource statement for the Jones-Keystone
deposit that forms part of the larger JKL Project, as at 10
November 2022, is presented in Table 1 below. The estimate is in
respect of in situ material.
Table 1 : Maiden JORC Mineral Resource Estimate for
Jones-Keystone. Discrepancies may occur due to rounding.
Inferred Mineral Resource Declaration as at 10 November 2022
Declared in terms of the JORC Code (2012)
Cut-off Grade 0.5 g/t
Tonnage (t) Grade - Au (g/t) Content (oz)
------------- ------------------ -------------
Jones-Keystone 4,380,000 0.91 128,000
------------- ------------------ -------------
Estimation Methodology
The Mineral Resource estimation for the Jones-Keystone deposit
was completed using ordinary kriging of drill hole data within each
geological model and a 0.5 g/t Au cut-off grade was applied.
The database was checked and validated prior to the commencement
of the estimate.
The Jones-Keystone Project's deposit was modelled using the 3D
software packages Datamine(TM) Studio RM Version 1.3.41.2 and
Micromine(TM) Version 11. A three-dimensional (3D) model was
created based on the known geology and structural
interpretation.
A visual and statistical review and analysis was completed on
the estimate prior to accepting the model. The drilling data was
reviewed and validated prior to the resource evaluation
studies.
The classification of the Mineral Resources was undertaken in
accordance with the guidelines of the JORC Code (2012). The
Competent Person (CP) responsible for the Mineral Resource
estimation and classification is Mr Ken Lomberg Pr.Sci.Nat.
Consideration of the "Reasonable Prospects for Eventual Economic
Extraction" (RPEEE) was undertaken using a simple financial
assessment, assuming an open pit extraction with a satellite
processing facility that would source material from a number of
similar sized mines.
Figure 1 : Isometric view of the Jones-Keystone deposit's Block
Model
The classification of the Mineral Resource was based on the
robustness of the various data sources available, confidence in the
geological interpretation, variography and various estimation
service variables (e.g. distance to data, number of data, maximum
search radii etc).
Total JKL Project Mineral Resource
Pivot previously completed a maiden Mineral Resource estimate
for Loflin in September 2021 (please refer to the 23 September 2021
announcement) and an updated Mineral Resource for Loflin in August
2022 (please refer to the 8 August 2022 announcement). All the
estimates were reported at a 0.5 g/t Au cut-off for all mineralised
material. The combined Mineral Resource estimation for the JKL
Project is shown in Table 2 below.
Table 2 : Total Mineral Resource Estimation for the JKL Project.
Discrepancies may occur due to rounding.
Total Inferred Mineral Resource Declaration as at 10 November
2022
Declared in terms of the JORC Code (2012)
Cut-off Grade 0.5 g/t
Tonnage (Mt) Grade - Au (g/t) Content (oz)
Loflin Isocline 2.355 0.97 73,700
------------- ----------------- -------------
Loflin South Satellite
1 0.095 1.27 3,900
------------- ----------------- -------------
Loflin South Satellite
2 0.146 1.10 5,200
------------- ----------------- -------------
Jones-Keystone 4.38 0.91 128,000
------------- ----------------- -------------
Total 6.976 0.94 210,800
------------- ----------------- -------------
Geology and Geological Interpretation
Similar to the Loflin deposit the main geologic units at the
Jones-Keystone deposit are extensively interbedded mafic flows,
volcanoclastics, tuffs and metasediments with reasonably distinct
lithological contacts. The younger NE-trending dolerite dykes that
are present at the Loflin deposit are not observed at the
Jones-Keystone deposit. At surface there are large felsic
intrusions, but these have not been intersected at depth with
diamond drilling. The entire deposit is also weathered with 5 to
25m of saprolite observed from drilling.
Gold mineralisation at both Loflin and Jones-Keystone is
typically confined to the volcanoclastics (as above) but can occur
in the mafic flows and to a lesser extent in the argillites. The
saprolite may contain gold in areas where it overlies the tuff,
where it is interpreted to represent an oxidised version of the
fresh unit at depth. The typical sulphide assemblage is pyrite
(py)/pyrrhotite (po) +/- arsenopyrite (asp). In the gold-bearing
intervals, pyrite occurs as stringers, fine disseminations and
dendrites. The pyrrhotite is typically disseminated to blebby.
Arsenopyrite occurs as small 2-3mm blebs where the
pyrite/pyrrhotite concentrations are high and 22m euhedral
arsenopyrite has been observed in the core. Pyrite tends to be
dominate in areas with gold mineralisation. The gold mineralisation
will typically contain greater than 3% sulphide (with py>po) and
be strongly foliated with more intense quartz-sericite alteration
than the surrounding rocks. Occasionally, the mineralisation will
be accompanied by millimetre-scale quartz stringers running
parallel to the foliation. Based on drill core observation the ore
zones tend to be more deformed than country rock containing strong
deformation textures including brecciation and very strong
foliations whilst the country rock is moderately foliated to
massive. The ore zone colour is sooty sulphide black to bright
sericite white, but is commonly a bright grey with sulphides
subordinate to sericite.
The drill programmes have defined reasonably coherent broad
zones of low to high grade gold mineralisation along a complexly
sheared, folded and strongly altered sequence of
quartz-sericite-sulphide associated with volcanoclastic and
tuffaceous units at Jones-Keystone and Loflin. The prospects show
kilometre scale alteration, mineralogy and grade-range similarities
to that of the third party Russell gold deposit in Northern
Carolina.
The IP inversions and ground magnetic surveys completed by
Orford Mining Corporation across the Jones-Keystone property have
been useful in clarifying the overall geologic setting and
structural trends. At the Jones-Keystone property, strong
chargeability anomalies not only coincide with historically drilled
mineralisation but also extend at depth and along strike beyond
known mineralisation. In the eastern portion of the deposit,
orientation of the IP chargeability anomaly suggests that the
mineralised zone may dip to the south but the mineralisation
appears open to the northeast as well. Furthermore, Lexington's
airborne radiometric data has been successful in finding areas that
are enriched in potassium. Multi element assay data has identified
high potassium levels in the ore zones, which is believed to be a
proxy for strong sericite alteration. Also, extremely high magnetic
signatures are interpreted to represent pyrrhotite pods.
There is clear evidence of folding from the mapped geology. The
alternating mudstone and andesite is interpreted as evidence of
open folding and probably represents a syncline. Other mapping has
interpreted two fold axes but without a clear indication of whether
this is a syncline or anticline. The locus of mineralised drill
hole intersections suggests that the mineralisation host is
fracturing within the fold structure, with the conduit of the
mineralising fluid being fractures or foliation likely to be
parallel to the axial plane cleavage.
A pervasive weak chlorite overprint is associated with upright
folding and a region-wide penetrative NE-trending axial planar
cleavage and greenschist facies metamorphism that occurred between
the Late Ordovician to Silurian (457 to 425Ma). The plunge of the
NE trending folds is between 10deg and 12deg to the southwest. An
older, less obvious folding episode is oriented east-west and, at
Loflin, fold interference patterns occur where the two fold axes
intersect.
Competent Person's Statement
The information contained in this announcement relates to a
Mineral Resource Estimate report prepared by Mr Ken Lomberg ( BSc
(Hons) (Geology), BCom, MEng (Mining Engineering ) at Pivot Mining
Consultants (Pty) Limited. Mr Lomberg is a qualified geologist,
registered with the South African Council for Natural Resources and
is a Competent Person as defined by the JORC Code. Mr Lomberg has
sufficient experience 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 Lomberg has reviewed and approved the information in this
announcement.
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
Glossary of technical terms :
"asp" arsenopyrite;
"Au" gold;
"g" grammes;
"g/t" grammes per tonne;
"Inferred Resource" that part of a Mineral Resource for which quantity
and grade (or quality) are estimated on the basis
of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify
geological and grade (or quality) continuity. It
is based on exploration, sampling and testing information
gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and
drill holes;
" IP " I nduced Polarisation, a method used to detect
disseminated minerals often associated with minerals
with economic value;
"JORC" the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, as
published by the Joint Ore Reserves Committee of
The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals
Council of Australia;
"JORC (2012)" the 2012 edition of the JORC code;
"m" metre;
"Mineral Resource" a concentration or occurrence of material of economic
interest in or on the earth's crust in such form
and quantity that there are reasonable and realistic
prospects for eventual economic extraction. The
location, quantity, grade, continuity, and other
geological characteristics of a Mineral Resource
are known, estimated from specific geological evidence
and knowledge, or interpreted from a well-constrained
and portrayed geological model;
"po" pyrrhotite;
"py" pyrite;
"t" tonnes; and
"oz" troy ounce.
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 a gold exploration and
development company currently with 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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