TIDMLEX
RNS Number : 8751G
Lexington Gold Limited
24 July 2023
24 July 2023
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Results of surface sampling programme at Argo Project, USA,
confirm and define surface gold mineralisation of over 10 g/t
Lexington Gold (AIM: LEX), the gold exploration and development
company with projects in North and South Carolina, USA, is pleased
to announce assay results received in respect of the completed
surface exploration and trenching sampling programme at its Argo
Project (the "Argo Project" or "Argo").
The Company has received 440 multi-element assay samples
returned from trench channel and rock sampling at the Argo Project.
Channel samples were taken from 13 trench lines totalling 844m of
combined trench length. 30 additional rock samples were taken in
portions of trenches with prospective geology and were also taken
during field mapping of the property. Analysis of multi-element
assays and detailed trench mapping data have defined complex
mineralised vein arrays.
Highlights :
-- Trench assay results confirm that gold is present at surface at the Argo Project:
-- Trench AT-04: 24m @ 1.10 g/t Au from 14m to 38m including:
o 2m @ 7.50 g/t Au from 14m to 16m
o 2m @ 2.51 g/t Au from 26m to 28m
-- Trench AT-07: 8m @ 0.61 g/t Au from 16m to 24m including:
o 2m @ 1.24 g/t Au from 22m to 24m
-- Trench AT-13: 8m @ 0.34 g/t Au from 24m to 32m
-- Rock samples from trenches and outcrops show local high grade ore shoots:
-- ARRK-016: 12.65 g/t Au from trench wall of AT-07
-- ARRK-017: 2.89 g/t Au from trench wall of AT-07
-- ARRK-011: 2.70 g/t Au from trench wall of AT-06
-- ARRK-014: 1.21 g/t Au from historic waste dump
-- ARRK-024: 43.30 g/t Ag from surface outcrop
Bernard Olivier, Lexington Gold's CEO, commented :
"This is a promising first set of assays from Argo showing
high-grade surface mineralisation at both the Northeast and
Southern workings. With this new data, we will be assessing the
next steps for the project as we build further value in our US
assets.
"We also continue to move closer to completing the acquisition
of White Rivers Exploration Proprietary Limited ("WRE"). Following
the Company's recent fundraising, we are fully funded to embark on
the workstreams required to initiate the conversion of WRE's
current non-code compliant resource estimate into a JORC compliant
Mineral Resource Estimate and to progress the Jelani Resources JV.
We look forward to providing further updates in due course."
Additional Trenching and Assay Information for the Argo
Project
The Company's trenching and surface sampling campaign at the
Argo Project intersected gold mineralisation at surface and defined
three vein systems. Prior to this trenching campaign at Argo, the
Company had commissioned aerial geophysics to supplement the lack
of pre-existing exploration information available for this
property. Aerial geophysics, 27 reconnaissance rock samples, and
historic workings identified from LiDAR images were used to
generate the trench targets at Argo.
Trenches were designed to bisect historic workings in order to
better understand ore grade and the nature of the mineralisation at
Argo. Sampling occurred along continuous channels situated at the
bottom of each trench. All channel sample material was collected in
2m intervals. Figure 1 is a summary map of trench channel sampling
with gold intercepts and annotations. Additional rock samples were
taken in portions of trenches with prospective geology, and were
also taken during field mapping of the property. Figure 2 is a
summary map of rock sample assays from trench walls, historic mine
dumps, outcrops, and float.
Figure 1 : Plan view of trench channel sample gold assays with
geology and LiDAR at the Argo Project.
Figure 2 : Plan view of rock sample gold assays with geology and
LiDAR at the Argo Project.
Argo Project's Geology
The Argo Project is situated in the northwest corner of Nash
County, 16km north of Nashville, North Carolina, USA. This region
is part of the Eastern Carolina Gold Belt. Historic gold mine
workings on the property are easily identified by LiDAR data and
form three clusters of hard rock surface and underground workings.
These working clusters have been labelled Northeast Workings,
Northwest Workings, and Southern Workings. All of the clusters
contain mining pits and numerous exploration trenches. A backfilled
portal was identified in the Northeast Workings along with a linear
82m surface excavation with an azimuth of 045 degrees. The Southern
Workings are the longest zone of workings, extending over 500m
along its 030 degree azimuth. The Northwest Workings extend only
250m and have an azimuth of 060 degrees. Significant historic
placer mining has also occurred on the northern portion of the
property.
Country rock at the Argo Project comprises shallow dipping
metasediments with subordinate chlorite schists and metafelsic
tuffs. Additionally, there are two late diabase dikes that cross
cut the project with azimuths of 165 degrees. These dikes are
easily distinguished from aerial magnetic data. Finally,
approximately 40% of the property is overlain by a relatively thin
layer of coastal plain Tertiary sand and gravels, which may conceal
additional targets particularly along the western margin of the
Northwest Workings and to the south of the Southern Workings. The
alluvial cover was mapped using airborne radiometric data in
conjunction with field mapping.
Gold and silver are hosted in thin but numerous 0.15m - 0.30m
thick sucrose quartz lenses or veins that cross cut and are
interlaminated within metasediment country rock. Veins commonly
exhibit boudin textures and undulate along trench walls. These
sucrose quartz veins were systematically sampled, photographed and
mapped in trenches and in surface outcrops. Some veins had north to
south strikes with relatively shallow dips, while other veins had
southwest to northeast strikes with steep dips. The north to south
striking veins appear to be lower in grade than the southwest to
northeast striking veins; however grade is most likely greatest at
the intersections of structures. This reflects a complex yet
systematic structural control on the ore at Argo. Cross sections
for neighbouring mines in the district suggest vertical feeder
veins with subsidiary veins cross cutting and traveling along
bedding/foliation planes of shallow dipping metasediments.
Additionally, gold can be found in intrusive igneous rocks as
leucocratic phaneritic porphyry with a gold grade of 0.87 g/t Au
(ARRK-018) unearthed in trench AT-07. The wall rock and marginal
veins of this 2m intrusive body were sampled with rock assays
returning 12.65 g/t Au (ARRK-016) and 2.89 g/t Au (ARRK-017) (see
Figure 3). This occurrence in conjunction with multi-element
analysis, suggests that gold is related to an intrusive or porphyry
system that has cross cut the shallow dipping country rock.
The region has been subjected to low grade regional
metamorphism, with the majority of primary sedimentary textures
preserved. However, the metamorphic grade was great enough to
render boudin textures in vein morphologies. Additionally, the
granular or sucrose nature of white quartz veins is interpreted to
be due to recrystallisation during subsequent deformation
episodes.
Figure 3 : Phaneritic leucocratic porphyry rock sample (left)
and sucrose quartz vein rock sample with high grade hanging wall
rock sample (right) from trench AT-04 in the Northeast
Workings.
Northeast Workings' Results
Trenches AT-06, AT-07, AT-08 and AT-09 were designed to
determine the strike length and tenor of surface mineralisation at
the Northeast Working (see Figure 4 with AT-09 indicated in Figure
2). Mineralisation is open to the northeast, but is terminated to
the southwest by a diabase dike as confirmed by trench AT-09.
However, the end of AT-09 did intersect a sucrose quartz vein
accompanied by detectable gold mineralization. This could be the
northern tip of an additional, but separate, gold bearing vein
array. The Northeast deposit is also open to the south as both
AT-07 and AT-06 terminated in low grade mineralisation (0.06 ppm Au
and 0.08 ppm Au). The mineralised vein array most likely also
continues to the north as both trenches AT-07 and AT-06 also began
in low grade mineralisation. In summary, the recent Lexington Gold
trenching programme defined a surface mineralised vein array system
with a strike length of at least 200m with a width of 100m. As
indicated, this vein array is defined by local high grade ore
shoots (ARRK-016 assaying 12.65 g/t Au) with numerous uneconomic
veins. Whilst it is assumed that the best portion of this surface
mineralisation was historically mined out in the 82m linear cut, it
is doubtful that the historic miners were able to follow the
continuation of this complex vein system at depth without the aid
of modern exploration drilling methods.
Figure 4 : Plan view of trench channel sample gold assays with
geology and LiDAR of the Northeast Workings at the Argo
Project.
Southern Workings' Results
The Southern Workings are defined by trenches AT-02, AT-03,
AT-04, and AT-05 (see Figure 5). Trench AT-02, at the northern
portion of the trend, intersected two sucrose quartz veins
accompanied by wall rock mineralisation suggesting that either the
vein array was not offset by the diabase dike, or that a second
vein system exists to the east of the Southern Workings. Trench
AT-04 yielded the greatest trench results of the programme with a
24m intercept @ 1.10 g/t Au from 14m to 38m including a local high
grade intercept of 2m @ 7.50 g/t Au plus 1.18 g/t Ag from 14m to
16m. The system is open both to the northeast and to the southwest.
Trench AT-05 did not intersect significant mineralisation, but did
intersect a north to south trending vein. Additionally, several
vein out crops were mapped in the creek to the southwest of the
Southern Workings thus suggesting that the system does continue to
the southwest under coastal plain alluvium cover.
Figure 5 : Plan view of trench channel sample gold assays with
geology and LiDAR on the Southern Workings at the Argo Project.
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
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 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 7747 788 221
Charles Goodwin / Annabelle Wills / Soraya
Jackson
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. 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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