Lexington Gold pleased with recent drilling at Bothaville

26th Feb 2024 14:12

(Sharecast News) - Lexington Gold updated the market on its 2023-2024 drilling programme at the Bothaville Project in the Witwatersrand Gold Basin of South Africa on Monday, where it started drilling in early December, reporting significant milestones.

The AIM-traded firm said the drilling programme had seen the successful completion of the first two diamond drill holes along with four associated deflections.

It said the drill holes and deflections effectively intersected the targeted Kimberley Formation, including the A-Reef, in line with the project's objectives.

Preliminary visual inspection of the core extracted from the drill holes had indicated signs of mineralisation, suggesting the potential presence of gold.

The core samples were currently undergoing logging, splitting, and preparation for submission to SGS Laboratory Services for comprehensive gold and uranium assay analysis.

"These latest developments from our Bothaville Project drilling campaign are highly encouraging," said chairman Ed Nealon.

"The completion of two diamond drill holes intersecting the A-Reef and showcasing signs of mineralisation, brings us closer to realising the potential of this project."

Nealon said the preliminary findings also served to validate the firm's strategic approach to exploring the Kimberley Formation, and highlighted the untapped opportunities within its South African portfolio.

"We remain committed to advancing our exploration efforts and look forward to providing further updates as our ongoing programme progresses."

At 1304 GMT, shares in Lexington Gold were up 7.69% at 4.2p.

Reporting by Josh White for Sharecast.com.