TIDMLEX
RNS Number : 9922O
Lexington Gold Limited
06 February 2023
6 February 2023
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Operational Update
Lexington Gold (AIM: LEX), the gold exploration and development
company with projects in North and South Carolina, USA, is pleased
to provide an operational update in respect of its Jennings-Pioneer
and Argo gold projects in the USA.
Operational Highlights :
Jennings-Pioneer Project ( "Jennings-Pioneer"):
-- A soil and surface sampling programme has now been completed
at Jennings-Pioneer targeting gold, silver and base metals through
multi-element assaying to verify and supplement historical sampling
conducted on the deposit
-- 505 soil samples were collected on a 30m by 123m grid spacing
with a tighter 15m x 123m grid spacing on the Barite Hill Trend
-- 17 surface samples were also collected concurrent with the surface mapping campaign
-- A total of 522 samples were therefore submitted to ALS
Geochemistry in Nevada during December 2022 with the results
expected to be received during the first quarter of 2023
Argo Project ( "Argo"):
-- A surface trenching and sampling campaign at Argo has now also been completed
-- A total of 13 trench lines with a total combined length of
approximately 844m have been dug by an excavator and 409 composite
channel samples of 2m each have been collected
-- An additional 30 rock samples were taken at surface and as point samples in trenches
-- A total of 439 samples have therefore also been shipped to ALS in Nevada for assaying
Bernard Olivier, Lexington Gold's CEO, commented :
"I would like to thank our team for working tirelessly over the
festive season and into the New Year in order to complete the
sampling campaign at JenningsPioneer as well as the trenching and
sampling campaign at Argo.
"We look forward to receiving and reporting on the assay results
in due course. These sampling and mapping campaigns at both
Jennings-Pioneer and Argo will enable us to design the next phase
of work including generating drill targets, especially at
Jennings-Pioneer which remains a very exciting project for the
Company."
For further information, please contact :
Lexington Gold Ltd 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
Matthew Chandler / James Bellman / Abigail T: +44 207 409 3494
Wennington
WH Ireland Limited (Joint Broker) www.w hirelandplc.com
Katy Mitchell / Ben Good / Enzo Aliaj T: +44 207 220 1666
Peterhouse Capital Limited (Joint Broker) www.peterhousecap.com
Duncan Vasey / Lucy Williams (Broking) T: +44 207 469 0930
Eran Zucker (Corporate Finance)
Yellow Jersey PR Limited (Financial Public www.yellowjerseypr.com
Relations) T: +44 7948 758 681
Tom Randell / Annabelle Wills
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.
Additional Information
Jennings-Pioneer Project
The Jennings-Pioneer Project forms part of the Barite Hill Gold
district in South Carolina where several old mines and prospects
are located within a 25km(2) area. The Jennings-Pioneer Project
lies within the late Proterozoic (554-566 Ma) Persimmon Fork
Formation, a volcanic unit comprised primarily of felsic tuffs with
subordinate sedimentary clastic rocks. The Persimmon Fork Formation
has been metamorphosed to greenschist facies. The Jennings-Pioneer
Project area has several greenfield exploration prospects with
well-defined and potentially continuous zones of gold and base
metal mineralisation already identified from historic mines and
surface workings. There is potential to define volcanic hosted
massive sulphide ("VHMS") style mineralisation and discover
additional feeder veins and alteration.
Multiple foliated gossans exist at the Jennings-Pioneer Project
with the best defined and expansive outcropping of gossans located
on Red Hill, which is situated along the north-east strike
extension of the Barite Hill ore zone. Third party surface gold
mining at Barite Hill took place for several years in the 1990s.
Additional gossans occur on the historically mined Jennings Trend
to the north of the Barite Hill Trend.
These gossans are interpreted to be base metal VHMS
mineralisation with quartz-pyrite-barite-gold veins cross cutting
some gossans which is interpreted to be epithermal gold
mineralisation overprinting the VHMS system. This geological
process is known as telescoping as hydrothermal fluids pressure,
temperature and chemistry evolve through time. Both styles of
mineralisation are associated with pervasive silicification that
manifests itself as topographic highs on the property. As a result,
local foliation and ore zones dip steeply to the north-west.
Additional deformation includes NW-SE trending faults that result
in an "en echelon" array of steeply dipping ore bodies.
The versatile time domain electromagnetics ("VTEM") helicopter
borne magnetic survey conducted by Lexington Gold in early 2021
successfully defined the structural trends and lithology contrasts
as described above.
A detailed soil sampling programme has now been completed at
Jennings-Pioneer targeting gold, silver and base metals through
multi-element assaying. 505 soil samples were collected on a 30m by
123m grid spacing as well as 17 surface samples. The soil and
surface sampling, as well as concurrent surface mapping, aims to
verify and supplement historical sampling conducted at the deposit.
The soil sampling with multi-element geochemistry in conjunction
with field mapping will add resolution and confidence to our
understanding of the mineralisation at the Jennings-Pioneer
Project. All of the samples have been submitted to ALS in Nevada
with the multi-element assay results expected to be received during
Q1 2023.
The sampling programme in conjunction with the existing database
and helicopter borne VTEM conducted by the Company in 2021 will be
utilised to generate drill targets and to design a Phase I drill
campaign for the project.
The soil and surface sample locations overlain on the LiDAR and
aerial magnetics data for Jennings-Pioneers are shown in Figure
1.
Figure 1 : LiDAR and Aerial Magnetics map for Jennings-Pioneer
showing the location of the soil and surface sampling.
Argo Project
The Argo Project is situated in the northwest corner of Nash
County, 16km north of Nashville, North Carolina. The historic
workings are easily identified by the detailed LiDAR topographic
data and form three clusters of hard rock surface and underground
historic workings. The largest zone of workings extends over 500m,
striking to the northeast, with some cross-strike trenching
presumably dug to identify the mineralised zone. Significant placer
mining has also occurred on the property. Gold is hosted in thin
but numerous 0.3m thick sucrose quartz lenses that are
interlaminated within chlorite schist country rock. 27
reconnaissance rock samples from such historic workings have
yielded 13 samples with assays above 1 g/t Au. 5 of those 13
samples assayed above 5 g/t Au with the highest assay result being
12.65 g/t Au.
Multi-element analysis indicates a very strong correlation
coefficient between tellurium and gold suggesting that gold
tellurides are present at Argo. Gold telluride minerals are present
at several world class gold deposits including the Kalgoorlie
deposit in Western Australia and at the Cripple Creek deposit,
Colorado, United States.
The latest surface trenching, sampling and mapping campaign at
Argo commenced in December 2022, and has now been completed. The
work programme comprised 13 trench lines with a total combined
length of approximately 844m. The trenches were dug by an excavator
and 409 composite channel samples were collected at continuous 2m
intervals and submitted for assaying (see Figures 2, 3 and 4). An
additional 30 rock samples were collected at surface and as point
samples in perspective portions of trenches. All the samples have
been submitted to ALS in Nevada and the multi-element assay results
are expected to be received during Q1 2023.
The trenching, sampling and mapping campaign is aimed at better
defining the grade distribution, lithology and structure of the
mineralised zones and thereby facilitate the design of a Phase I
drilling campaign for the project.
Figure 2 : Excavator digging a trench at Argo
Figure 3 . Argo trench with sampling
Figure 4 : Final trenching positions at Argo
- -
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 with a JORC (2012) Total Inferred Resource of
6,976,000t @ 0.94 g/t Au for 210,800 oz of contained gold. The
projects are situated in the highly prospective Carolina Super
Terrane ("CST"), which has seen significant historic gold
production and is host to a number of multi-million-ounce mines
operated by majors. It was also the site of the first US gold rush
in the early 1800s, before gold was discovered in California.
Further information is available on the Company's website:
www.lexingtongold.co.uk . 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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