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REG - Lexington Gold Ltd - Assay results from Jennings-Pioneer Project

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RNS Number : 5775S  Lexington Gold Limited  17 June 2024

17 June 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Assays from drill core confirm extension of the Barite Hill Trend gold
mineralisation onto the Jennings-Pioneer Project, 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 assay results
from the recent gold exploration drill programme at its Jennings-Pioneer
Project, located in South Carolina, USA.

 

Highlights:

 

·    Assay results from 495m of drill core from three drill holes confirm
the along strike and down plunge continuation of the Barite Hill Trend gold
mineralisation onto the Jennings-Pioneer Project.

·    All three target 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.

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

·    Significant intercepts from drill core gold (Au) and Tellurium (Te)
assays include:

o  Hole JP24-2: 23m at 1.14 g/t Au from 127m to 150m including:

§ 10m at 2.11 g/t Au from 127m to 137m

§ 2m at 5.66 g/t Au from 133m to 135m

o  Hole JP24-3: 39m at 0.80 g/t Au and 60.49 ppm (60.49 g/t) Te from 14m to
53m including:

§ 11m at 1.03 g/t Au and 79.54 ppm (79.54 g/t) Te from 42m to 53m

·    Potential by-product intercepts from drill core Ag, Cu, and Zn assays
include:

o  Hole JP24-1: 10m at 1.33% Zn, 22.17 g/t Ag and 0.11 g/t Au

o  Hole JP24-2: 6m at 0.52% Cu, 13.16 g/t Ag and 0.35 g/t Au

·    Multi-element assays, geologic logs and core photos from the drill
programme have been used to update and expand the Company's explicit geologic
model for the Barite Hill Trend.

·    Au assays have been used to update the Company's implicit grade shell
target model for the Barite Hill Trend.

 

Ed Nealon, Lexington Gold's Non-Executive Chairman, commented:

"I am pleased to report that the assay results from our recent drill programme
at the Jennings-Pioneer Project in South Carolina show promising extensions of
the Barite Hill Trend gold mineralisation. These results validate our
geological models and reaffirm the potential of our regional exploration
strategy. The results from the three drill holes have confirmed significant
gold and tellurium mineralisation along strike and down plunge of the Barite
Hill Trend onto our project area. These findings indicate the presence of
substantial gold mineralisation as well as tellurium mineralisation and the
potential for further discoveries.

"Our multi-element assays have also revealed significant by-product
mineralisation, including zinc, silver and copper, which could enhance the
overall economic viability of the project. The presence of broad zones of
silica-sericite alteration and intervals of massive to semi-massive sulphides
associated with quartz veining and breccia further support the high potential
of this exploration area.

"These positive results reinforce our commitment to advancing the
Jennings-Pioneer Project and our broader USA exploration portfolio alongside
our South African projects. We will continue to build on this momentum,
leveraging our updated geological models to guide future drill programmes and
exploration activities."

 

Additional Information

 

Assays from the 495 metres of diamond core recently drilled at
Jennings-Pioneer indicate that the Barite Hill Trend gold mineralisation
continues along strike to the northeast of the historic Barite Hill Main open
pit gold-silver mine (see Figure 1). Three ore lenses comprise the Barite Hill
Trend: the Red Hill Zone, the Middle Zone and the Foot Wall Zone. These zones
lie marginal to the contact between the Upper Pyroclastic Unit of the
Persimmon Fork Formation and the Lower Pyroclastic Unit of the Persimmon Fork
Formation. Ore zones at Barite Hill dip to the northwest between -75 and -55
degrees. Table 1 and Table 2 below detail drill intercepts and drill collar
information for this recent drill programme.

 

All three holes from the recent drill programme contain broad zones of
silica-sericite alteration with numerous intervals of massive to semi-massive
sulphides which are associated with quartz veining and breccia. These broad
alteration-mineralisation zones are between 31.0m to 61.2m thick along drill
traces, and the numerous intervals of semi-massive sulphides and massive
sulphides within these alteration zones are between 0.5m to 5.0m thick.

 

Hole JP24-1 intercepted sulphides associated with the Footwall Zone from 207m
to 228m (see Figure 2 and Figure 3) with a true thickness for this body
estimated at between 10.8m to 16.3m. The true vertical depth from surface of
this intercept is from 200m to 220m. These sulphides are rich in Zn, Ag and
Cu, but are relatively poor in Au. The relative lack of Au in this portion of
the Footwall Zone is attributed to polymetallic zonation, which is common in
both volcanic hosted massive sulphide systems and epithermal systems.

 

Hole JP24-2 intercepted ore grade gold mineralisation and sulphides of the
Middle Zone from 127m to 150m (see Figure 2 and Figure 4) with a true
thickness for this body estimated at between 17.1m to 21.3m. The true vertical
depth from surface of this intercept is from 107m to 128m. The gold
mineralisation in this intercept is associated with elevated tellurium values.
Portions of this ore zone have been cross-cut and replaced by two late mafic
dikes. These dikes have reduced the ore grade and thickness in this intercept.
This ore zone has the potential to be both thicker and have greater grade
where the planes of the dikes and the ore zone diverge.

 

Hole JP24-3 intercepted near surface ore grade gold-tellurium mineralisation
and sulphides of the Red Hill Zone from 14m to 53m (see Figure 5) with a true
thickness for this body estimated at between 6.8m to 19.5m. The true vertical
depth from surface of this intercept is from 8m to 26m. This zone can also be
found at surface as evidenced by the Company's 2023 surface sampling
programme. Due to site constraints of an adjacent creek, this hole was drilled
obliquely to the mineralised zone. This intercept had the highest tellurium
value for the drill programme (11m at 79.54 g/t Te). The near surface location
and lack of known dikes near this ore zone make this a prospective target for
future follow-up work.

 

 Core Hole ID  Coordinates NAD 1983 UTM Zone 17N         Collar Orientation in degrees     Total Depth in metres  Target Zones

               X             Y             Z             Azimuth          Dip
 JP24-1        380492.3      3749323.5     136.6         135              -80              239.0                  Footwall
 JP24-2        380388.0      3749380.7     131.9         128              -60              155.0                  Red Hill and Middle
 JP24-3        380475.5      3749410.8     140.1         321              -45              98.0                   Red Hill

Table 1: Jennings-Pioneer Spring 2024 core drill programme collar information.

 

 

 Drill Core Hole ID  Intercept Down Hole Depth in Metres     Intercept Width Along Drill Trace in Metres  Au g/t  Ag g/t  Cu %  Te ppm  Zn %  Zone

                     From                To
 JP24-1              207                 218                 11                                           0.24    6.50    0.25  6.03    0.18  Footwall
                     Including
                     207                 210                 3                                            0.46    10.13   0.47  15.97   0.07  Footwall

                     218                 228                 10                                           0.11    22.17   0.12  0.74    1.33  Footwall

 JP24-2              17                  23                  6                                            0.35    13.16   0.52  13.12   0.01  Red Hill

                     127                 150                 23                                           1.14    4.68    0.07  24.99   0.09  Middle
                     Including
                     127                 137                 10                                           2.11    9.04    0.11  45.24   0.16  Middle
                     Including
                     133                 135                 2                                            5.66    13.32   0.18  76.9    0.14  Middle

 JP24-3              14                  53                  39                                           0.80    5.02    0.11  60.49   0.00  Red Hill
                     Including
                     42                  53                  11                                           1.03    3.40    0.12  79.54   0.00  Red Hill

                     67                  72                  5                                            0.05    1.73    0.07  2.10    0.79  Red Hill

Table 2: Jennings-Pioneer Spring 2024 drill core intercepts table.

 

Figure 1: Plan map of Jennings-Pioneer Spring 2024 drill core programme with
cross section locations on LiDAR.

 

Figure 2: Geology cross section with hole JP24-1 and JP24-2 drill traces
coloured by gold assay grade. Grid in metres.

 

Figure 3: 0.18m segment of polished half NQ core from hole JP24-1 207.82m to
208.00m displaying Footwall Zone sulphides and veining.

 

Figure 4: 0.14m segment of polished half NQ core from hole JP24-2 132.40m to
132.54m displaying Middle Zone sulphides and veining.

 

Figure 5: 0.15m segment of polished half core specimen from hole JP24-3 50.00m
to 50.15m displaying Red Hill Zone sulphides.

 

 

 

 

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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