Lexington Gold reports drilling progress at Bothaville

30th Jan 2024 16:20

(Sharecast News) - Lexington Gold updated the market on its 2023-2024 drilling programme at the Bothaville Project in South Africa's Witwatersrand Gold Basin on Tuesday.

The AIM-traded firm said drilling started in early December, and had achieved several significant milestones.

It said the percussion drilling phase at the Bothaville Project had been successfully completed - a phase it said was crucial for cost-effective penetration of the overlying Karoo sediments.

Currently, the upper section of the Karoo sediments was being sampled to assess the potential presence of heavy minerals reported in the area previously.

Diamond drilling, a critical component of the exploration effort, had now started below the Karoo sediments.

Specifically, drilling had commenced on two out of the four planned mother holes, with wedging to follow.

The drilling programme was progressing according to the outlined schedule, and was expected to finish by the end of February.

Lexington said the primary focus of the exploration campaign was on the gold-bearing conglomerates of the Kimberley Formation, including the A-Reef, which subcrops beneath the Karoo cover starting at a depth of 250 metres.

Diamond drilling was being used to access those potential gold-rich formations.

"We are pleased to announce progress made in respect of our ongoing 2023-2024 drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin," said chairman Ed Nealon.

"This strategic initiative involves more than 2,000 metres of planned drilling aimed at validating and expanding the known gold mineralisation at Bothaville, within the Kimberley Formation.

"In the coming months, we look forward to providing further updates and are committed to generating value for our shareholders and wider stakeholders."

At 1553 GMT, shares in Lexington Gold were up 1.28% at 3.95p.

Reporting by Josh White for Sharecast.com.