Lexington Gold makes progress in US, South Africa

25th Mar 2024 15:41

(Sharecast News) - Lexington Gold updated the market on its ongoing drill programmes at the Jennings-Pioneer project in the US and the Bothaville project in South Africa on Monday.

The AIM-traded firm said that in the US, diamond drilling activities had started at Jennings-Pioneer, with an estimated completion time of about one month.

It said the focus of the drill programme was on targeting gold mineralisation adjacent to the historic Barite Hill Main open pit, using both modern and historical exploration data.

Three distinct gold ore zones along the contact between the Lower Pyroclastic Unit and Upper Pyroclastic Unit of the Persimmon formation were being targeted.

Historic assay results suggested the potential for copper, silver, and possibly tellurium byproducts.

Results from the current programme would be used to update and expand Lexington Gold's grade shell model for the Barite Hill Trend, while geologic logging of the drill core would contribute to updating the company's geologic model for the area.

Meanwhile, in South Africa, drilling activities at the Bothaville project have been completed, totaling 2,355 metres across four mother holes and five deflections.

Initial observations indicated the potential presence of mineralisation in three of the mother holes.

However, the fourth mother hole was terminated before intersecting the targeted Kimberley Reef horizon due to a geological structure displacing the A-reef to greater depths.

Core samples from the final two holes were currently undergoing logging, cutting, and sampling in preparation for assay analysis by SGS Laboratory Services.

"The commencement of drilling at our Jennings-Pioneer project in the US and the successful completion of drilling at our Bothaville project in South Africa represent significant milestones in our strategic gold exploration initiatives," said chairman Ed Nealon.

"These developments not only underscore our commitment to advancing our exploration efforts but also highlight the potential of our diversified project portfolio.

"We look forward to receiving the assay results in due course and updating the market on our findings."

At 1027 GMT, shares in Lexington Gold were up 0.73% at 3.88p.

Reporting by Josh White for Sharecast.com.