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Lexington Gold makes progress with drilling at JKL Project
22nd Dec 2021 13:21
(Sharecast News) - Carolinas-focussed exploration and development company Lexington Gold updated the market on its latest ongoing 5,000 metre reverse circulation drilling programme on Wednesday, reporting that 39 holes had been completed for a total of 3,275 metres drilled to date.
The AIM-traded firm said drilling was underway at the Loflin side of the Jones-Keystone-Loflin Project, with seven holes for a total of 645 metres completed to date.
It said "significant" sulphide mineralisation of over 25 metres was intersected on the southern side, and outside of the current known Loflin resource.
Drilling activities would pause during the Christmas and New Year period, the company said, with drilling scheduled to restart on 4 January.
Due to a current backlog reported by SGS Canada, the company said it was not expecting the first assay results to be returned during December.
Lexington added that it had successfully extended an existing 4.05 acre mining lease with an option to purchase agreement on the south-western side of JKL, for an additional six year period to 17 December 2027.
The company retained its 51% interest in all four of its projects, it said, by meeting year one minimum expenditure requirements.
"We continue to be pleased with the progress made in the ongoing 5,000 metre drilling programme, with drilling now underway at the Loflin side of the JKL Project, following the completion of drilling at the Carolina Belle Project, as announced on 1 December," said chief executive officer Bernard Olivier.
"The initial drilling of a previously untested, potential southern extension of the Loflin project returned sulphide intersections of over 25 metres."
Olivier said the drilling at Loflin was aimed at expanding the initial maiden resource estimate, which reported an inferred resource of 2,064,000 tonnes 0.99 grams of gold per tonne, for 65,056 ounces of contained gold.
"Our other goal for this drilling programme is to establish a maiden resource for the Jones-Keystone side of the JKL project.
"The company is awaiting the receipt of assay results from already completed drilling, and we look forward to updating the market once these are received.
"I would like to take this opportunity to thank the team on the ground for their diligent work and good progress made on the drilling programme, and also thank shareholders for their continued support this year."
At 1211 GMT, shares in Lexington Gold were up 3.46% at 2.9p.
The AIM-traded firm said drilling was underway at the Loflin side of the Jones-Keystone-Loflin Project, with seven holes for a total of 645 metres completed to date.
It said "significant" sulphide mineralisation of over 25 metres was intersected on the southern side, and outside of the current known Loflin resource.
Drilling activities would pause during the Christmas and New Year period, the company said, with drilling scheduled to restart on 4 January.
Due to a current backlog reported by SGS Canada, the company said it was not expecting the first assay results to be returned during December.
Lexington added that it had successfully extended an existing 4.05 acre mining lease with an option to purchase agreement on the south-western side of JKL, for an additional six year period to 17 December 2027.
The company retained its 51% interest in all four of its projects, it said, by meeting year one minimum expenditure requirements.
"We continue to be pleased with the progress made in the ongoing 5,000 metre drilling programme, with drilling now underway at the Loflin side of the JKL Project, following the completion of drilling at the Carolina Belle Project, as announced on 1 December," said chief executive officer Bernard Olivier.
"The initial drilling of a previously untested, potential southern extension of the Loflin project returned sulphide intersections of over 25 metres."
Olivier said the drilling at Loflin was aimed at expanding the initial maiden resource estimate, which reported an inferred resource of 2,064,000 tonnes 0.99 grams of gold per tonne, for 65,056 ounces of contained gold.
"Our other goal for this drilling programme is to establish a maiden resource for the Jones-Keystone side of the JKL project.
"The company is awaiting the receipt of assay results from already completed drilling, and we look forward to updating the market once these are received.
"I would like to take this opportunity to thank the team on the ground for their diligent work and good progress made on the drilling programme, and also thank shareholders for their continued support this year."
At 1211 GMT, shares in Lexington Gold were up 3.46% at 2.9p.