TIDMLEX
RNS Number : 3813V
Lexington Gold Limited
05 April 2023
5 April 2023
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Jennings-Pioneer Project assays from soil sample grid and rock
sampling
Multiple Au bearing gossans with distinct alteration halo
geochemistry identified
Lexington Gold (AIM: LEX), the gold exploration and development
company with projects in North and South Carolina, USA, is pleased
to announce receipt of the results for 505 soil samples and 17 rock
grab samples taken from the Jennings-Pioneer Project.
Highlights :
-- Analysis of soil assays in conjunction with field mapping has
identified 13 gossans (targets at surface) within three separate
mineralisation trends: the Barite Hill Trend, the Jennings Trend
and the Self Trend (see Figure 1).
-- The Barite Hill Trend represents the north east extension of
the historic Barite Hill Mine, which continues 600m along strike
onto Lexington Gold's tenured property.
-- Sampling programme identified a 350 metre surface extent of
the Red Hill mineralisation extending from the historic Barite Hill
pit.
-- United States critical mineral by-product potential including barite and tellurium.
Figure 1 : Soil Grid with gold assays highlighting three
separate mineralised trends at the Jennings-Pioneer Project.
A detailed soil and rock chip sampling programme together with a
review of historical exploration activities, a reconnaissance
mapping programme and airborne geophysics (magnetics and
electromagnetics), has provided a clear definition of three highly
prospective mineralised trends.
Barite Hill Trend - walk-up drill target
The Barite Hill Trend represents the north east extension of the
historic Barite Hill Mine, which produced 59,000 oxide ounces in
the early 1990s. The historic Barite Hill pit is truncated by an
historic and current land tenure boundary and the mineralised Red
Hill Prospect is located within the Jennings-Pioneer Project area
where Lexington Gold holds the mineral exploration rights. The
Barite Hill Trend continues 600m along strike onto the Company's
tenured property.
The surface sampling outlined a siliceous alteration halo
extending 600m to the north east and sulphide mineralisation
extending over 350m with gossanous surface rock chips returning up
to 1.735g/t Au. An historic drill hole, CO-08, drilled by Amselco
in the 1980s intersected 11m @ 3.86g/t Au, including 1.5m @
15.09g/t Au from 183m, approximately 30m north east of the pit and
adjacent to Lexington Gold's tenure boundary. The depth and
location of the high-grade mineralisation represents a north east
plunging ore shoot parallel to the other plunging Barite Hill ore
zones and is a high priority drill target located at the
Jennings-Pioneer Project.
Jennings Trend - shallow historic workings
The Jennings Trend is located 500m north west and parallel to
the Barite Hill Trend with similar geology and alteration. Historic
workings are present along a 900m strike of a silica and sulphide
alteration zone with several gossanous rock chip samples returning
grades in excess of 0.5g/t Au (maximum 0.72g/t Au). In addition to
elevated Au values, rock chip samples yielded significant base
metals assaying up to 7.60% Pb, 0.15% Zn, 0.14% Cu and 0.11% Mo.
This mineralised zone has not been drill tested by previous
explorers.
The Jennings Trend warrants follow up exploration work
potentially including detailed trenching along the 900m strike or
shallow drilling.
Self Trend
The Self Trend is located a further 350m north west and parallel
to the Jennings Trend. Soil sampling on the Self Trend located
anomalous copper and zinc with evidence of gossans. Although the
tenor of the surface sampling results is lower the trend warrants
further exploration.
Critical Minerals
The United States' Energy Act of 2020 defines a "critical
mineral" as a non-fuel mineral or mineral material essential to the
economic or national security of the U.S. and which has a supply
chain vulnerable to disruption. The U.S. Infrastructure Investment
and Jobs Act of 2021 and its 2022 Amendment allocated funding and
other incentives to spur the development of domestic supply chains
for 50 critical minerals. Tellurium and barite are two such
critical minerals that have been identified at Jennings-Pioneer in
potentially economic quantities.
Bernard Olivier, Lexington Gold's CEO, commented :
"These assay results have reaffirmed the high potential of the
Jennings-Pioneer Project, particularly the mineralised extension
from the historical Barite Hill pit onto our property, which is
certainly an area of focus with our surface sampling returning up
to 1.735g/t Au. Samples from the Jennings Trend have indicated
elevated gold values as well as significant base metal assays. This
area has not previously been tested and these early findings
warrant further exploration.
"Additionally, the presence of barite and tellurium also
presents further potential value for the project given their
diverse industrial applications and demand in the U.S. to increase
their supply. We look forward to undertaking further exploration
work in due course at Jennings-Pioneer."
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: +44 774 778 8221
Charles Goodwin / 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
Recent field mapping, geochemical soil sampling and analysis of
historic data sets for the Jennings-Pioneer Project have added
resolution to the Company's understanding of the deposit's geology.
In summary, the analysis indicates a high degree of predictability
regarding targeting.
Ore at Jennings-Pioneer is easily identified in the field by
distinct textures and colour, while the unique geochemical
signature further simplifies targeting of ore. In the field, ore
exists in red-brown to black gossans, which are iron oxide and
metal rich rock outcrops. Figure 2 below displays a gossan sample
from the Red Hill ore zone. The gossans also have a distinct
alteration halo characterised by a very hard white granular
siliceous material associated with sericite. The hard nature of
this alteration halo tends to result in topographic highs as seen
on the Jennings Trend, the Barite Hill Trend and Red Hill.
Qualitative visual appraisal of lithologies and ore is possible at
this deposit, which will be of value regarding ore control should
this prospect reach a future production stage.
Secondly, the geochemical signatures of the gossans and
alteration halo are also distinct, which further simplifies
exploration. Ore at Jennings-Pioneer is characterised not only by
elevated gold values, but also a notable multi-element signature
including a polymetallic suite of elements. Pathfinder elements are
Ba, As, Sb, Te, Bi, In as well as localised elevations in S and Fe
in the vicinity of gossans. Gossans have varying ratios of Ag, Cu,
Pb, Zn, Mo, Sn and W suggesting by-product potential for the
project. Gold rich zones tend to be associated with elevated Ag and
Mo, however ore grade Au appears to be present in all gossans. Our
understanding of these multi-element associations in conjunction
with other data has led to the generation of the mineralisation map
set out in Figure 1 above.
Finally, the whole of the Jennings-Pioneer Project is underlain
by the well documented and well-studied Persimmon Fork Formation of
the Carolina Slate Belt. This formation is host to major gold
deposits including the active Haile Gold mine. The gold rich nature
of these rocks has drawn much attention to such formation through
its mining history. Several companies have explored the
Jennings-Pioneer property in the past including Phelps Dodge in the
1970s and Amselco in the 1980s. Mining has also occurred in the
district as recently as the 1990s by Nevada Gold Fields. Historic
exploration and mining information from these companies is in the
Company's possession thereby strengthening our understanding not
only of the ore zones, but also the relationship of mineralisation
to country rock. Such historic data, in conjunction with recent
soil multi-element analysis, field mapping and aerial geophysics
have rendered the map set out in Figure 3.
In summary, field observations, geochemical analysis and
historic data sets have provided Lexington Gold with numerous at
surface target options on the Jennings-Pioneer Project area.
Figure 2 : Gossan sample from the Red Hill ore zone. These are
easily identified in the field and show distinct geochemical
signatures.
Figure 3 : Surface geologic map based on multielement
geochemistry, field mapping, Lexington Gold aerial geophysics and
historic exploration data sets.
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.
- END -
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. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEAKLLELADEFA
(END) Dow Jones Newswires
April 05, 2023 02:00 ET (06:00 GMT)
Lexington Gold (LSE:LEX)
Historical Stock Chart
From Apr 2024 to May 2024
Lexington Gold (LSE:LEX)
Historical Stock Chart
From May 2023 to May 2024