REG - Lexington Gold Ltd - Bothaville NE Project Drilling Results

Lexington GoldAnnouncement

23/05/2024 07:00

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RNS Number : 5268P  Lexington Gold Limited  23 May 2024

23 May 2024

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Potential significant Gold System at the Bothaville NE Project, South Africa

 confirmed by Drilling Results

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in South Africa and the USA, is pleased to announce results from the
recent drilling programme at its Bothaville NE Project, located in the Free
State Province, South Africa.

 

Highlights:

·     A total of four drillholes were completed, amounting to 2,355m of
drilling. This comprised 1,433m of percussion drilling through the overburden
and 922m of core drilling.

·     Three of the four holes were completed successfully with a total of
eight intersections of the A-Reef from three motherholes and five deflections.
Due to the presence of an unexpected geological structure the fourth hole was
abandoned before it could intersect the A-Reef.

·     The drilling was undertaken to test for a gold-bearing channel at
shallow depth in the target A-Reef horizon at Bothaville, as postulated by the
drilling of two historic holes which returned 7.1 g/t Au over 71 cm and 5.53
g/t over 77 cm, respectively.

·     The latest drilling has proven the concept of A-Reef channels
occuring at Bothaville, and has provided significantly more information on the
presence and orientation of one such channel first intersected by historic
third party drilling.

·     The three new successful drillholes intersected gold mineralisation
approximately 250m towards the NW, NE and SE of the historical drillholes,
thereby significantly expanding the potential area of mineralisation and
indicating a possible significant gold system.

·     Key intercepts include 1.2 g/t Au and 111 cmg/t over 92.7 cm from
275.89 m (Hole CD03D2) and 0.76 g/t and 160 cmg/t over 209 cm from 442.68 m
(Hole CD02AD1).

·     The recent drillholes only tested a localised portion of the entire
Bothaville Project site which covers an area of over 180km(2). Historical
drilling identified other areas with significant gold mineralisation such that
the overall project represents a sizeable gold exploration opportunity.

 

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

"These assay results confirm the presence of a potentially significant gold
system, expanding our understanding of the mineralisation and demonstrating
the potential scale of this part of the larger Bothaville Project site.

"The intersection of gold mineralisation within approximately 250 m, in three
directions, from historical drillholes significantly enhances the project's
prospectivity. Despite some of the new intersections being lower than
historical grades, predominantly due to their position within the channel
system, our improved understanding of the depositional environment, including
potential areas of high gold mineralisation and channel orientation, provides
valuable insights for developing our geological model and target's for future
exploration.

"We are confident that continued exploration will serve to further define and
expand this promising gold system and the larger Bothaville Project."

 

Further information

The Bothaville NE Project area is situated approximately 70 km northeast of
the Welkom Goldfield, which is characterised by the presence of major horst
blocks such as the De Bron Horst. This horst extends into an area south of the
Bothaville NE tenement, leading to the presence of shallow Witwatersrand
rocks. The main exploration targets are gold-bearing conglomerates within the
Aandenk Formation of the Central Rand Group.

 

Stratigraphy:

The Witwatersrand Supergroup rocks in the project area are subdivided into the
Central Rand Group and the West Rand Group. The Central Rand Group, which
exceeds 2,000 m in thickness, includes several sedimentary sequences, each
representing separate fans or reworked products of underlying fans. The
stratigraphy intersected during the drill programme includes the MB1, MBA,
Kimberley Formation, B Reef and the Big Pebble Reef (BPR). The Kimberley
Formation in the Bothaville tenement area may be subdivided into the Spes
Bona, Aandenk and Earls Court members thereby confirminig its similarity with
the Welkom Goldfield stratigraphy.

 

A-Reef and A1 Channel:

The A-Reef is located above a siliceous marker at the top of the BPR Zone and
is developed throughout the Bothaville tenements at approximately 15 m below
the VS5. The A-Reef consists of a pyrite-mineralised medium pebble
conglomerate, developed on an eroded upper surface of the underlying A1
Channel, which trends NW-SE. The A1 Channel itself comprises mature white
quartz-arenites enclosing chaotic coarse pebble beds, suggesting similarity to
the Glassy Marker developed in the Free State Goldfield.

 

Drilling Results and Stratigraphic Insights:

The drill programme has significantly enhanced our understanding of the
geological setting and stratigraphy of the Bothaville NE Project area. The
intersections of the A-Reef and the identification of associated stratigraphic
units provides a detailed understanding of the mineralisation and its
continuity across the project area.

 

Bothaville NE Project 2023/2024 Drilling Results:
 BHID             Coordinates                         Reef Depth Below Collar (m)  Combined (A-Reef, Aandenk and RWBPM)         Selected
                  X           Y             Z         Channel Width (cm)                          Au (g/t)       cmg/t          Channel Width (cm)  Au (g/t)  cmg/t
 CD02A            -13039.075  -3035766.207  1341      442.69                       220.0          0.57           125            118.0               0.86      101
 CD02AD1                                              442.68                       209.0          0.76           160            209.0               0.76      160
 Average                                                                           214.5          0.67           143            163.5               0.8       131

 CD03             -12723.125  -3036149.547  1341.153  275.97                       374.6          0.26           97             27.8                2.24      62
 CD03D1                                               276.21                       380.1          0.30           113            30.6                1.56      48
 CD03D2                                               275.89                       339.3          0.43           146            92.7                1.2       111
 Average                                                                           364.7          0.33           119            50.4                1.7       74

 CD07             -12668.667  -3035841.230  1342.584  364.35                       124.6          0.18           23             11.6                0.63      7
 CD07D1                                               364.68                       124.0          0.12           15             13.5                0.68      9
 CD07D2                                               364.45                       112.8          0.69           78             30.6                1.62      50
 Average                                                                           120.5          0.33           39             18.6                1.0       22

 Overall Average                                                                   235.6          0.4            94.6           66.7                1.2       69

 

Note:

cmg/t - the product of the width (cm) and gold grade (g/t) which is known as
the accumulation value and frequently cited for South African mining projects.

 

Bothaville NE Project Stratigraphic Column:

The A-Reef portion of the stratigraphic column comprises, from the bottom to
the top, of the following units, namely, the Witpan unit, Aandenk quartzite
and the Reworked Big Pebble Marker Zone (RWBPM). The RWBPM consists of a lower
siliceous, light grey, coarse sand to gritty quartzite with large pebble to
very large pebble conglomerate (LP/VLPCs) zones. The overlying Aandenk
quartzite is a khaki-yellow argillaceous quartzite with scattered pebble lags.
This in turn is overlain by the Witpan facies of the A-Reef, which consists of
a well-packed, poorly sorted conglomerate with pyrite mineralisation.

 

Correlation Between Drill Holes:

Stratigraphic correlation between the drill holes indicates a consistent
presence of the A-Reef channel system across the project area. The assay
results from the new boreholes align well with historical data for the greater
Bothaville area, thereby validating previous findings and confirming the
continuity of the mineralisation. This correlation strengthens our confidence
in the geological model and supports the potential for defining a substantial
gold Mineral Resource in due course.

 

Figure 1: A-Reef stratigraphic column and results of all of the A-Reef
intersections from the 2023/24 drill programme

 

Figure 2: Southeast to northwest cross section along the length of the
potential A-Reef channel

 

Potential and Future Exploration

The Bothaville NE Project exhibits considerable potential for substantial gold
mineralisation. The latest drilling results validate the historical data and
indicate the presence of a significant NW-SE orientated A-Reef channel. The
geological model developed from these results will guide future drilling
activity to further define the geological model and exploration target. The
drillholes only tested a small part of the Bothaville Project site which
contains additional areas where historical drilling has identified gold
mineralisation.

 

Summary

The results from our Bothaville NE Project drill programme underscore the
significant potential of this asset. Such drilling has intersected gold
mineralisation approximately 250m towards the NW, NE and SE of historical
drillholes, thereby significantly expanding the potential area of
mineralisation. The drilling has also significantly improved our understanding
of the geological model, gold mineralisation and channel orientation.

 

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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