Lexington appoints firm for maiden exploration target at Bothaville

28th Oct 2024 14:01

(Sharecast News) - South Africa and US-focussed precious metals explorer and developer Lexington Gold announced on Monday that it has appointed Dunrose Trading 186, trading as Shango Solutions, to establish a maiden JORC 2012 exploration target for its Bothaville Project in South Africa's Free State Province.

The AIM-traded firm said the appointment also included a review and consolidation of historical exploration data for several of Lexington Gold's South African assets.

It said Shango Solutions would use data from its recent drilling activities at Bothaville to model and develop the JORC-compliant exploration target.

Additionally, Shango would review and update the historical exploration data for the company's other South African projects, including Ventersburg, Kroonstad, and Klerksdorp.

Lexington Gold said it had been internally analysing and modelling that data throughout 2024.

The company said it expected the JORC 2012 exploration target report for Bothaville, along with the comprehensive review reports for the other projects, to be completed during the fourth quarter.

"With the gold price now exceeding $2,700 per ounce, Lexington Gold is well-positioned with its gold assets in both South Africa and the US," said chairman Ed Nealon.

"The rising gold price, coupled with a favourable long-term outlook, significantly enhances the economic prospects of our projects."

Nealon said the company was also encouraged by the growing interest in its gold assets from multinational gold mining companies.

"We will keep shareholders updated on the progress made by Shango regarding the JORC 2012 exploration target for the Bothaville Project and other developments."

At 1317 GMT, shares in Lexington Gold were down 5.33% at 3.55p.

Reporting by Josh White for Sharecast.com.