Lexington Gold (LEX ) said its Phase 1 drill programme at the Jones-Keystone-Loflin Project, which it has now successfully completed, has intersected visible sulphide mineralisation. 

The JKL Project was selected as the first project for drilling due to its geological similarities with the third-party Haile Mine and its promising historical drill hole intersections. 

The Company told investors that the Phase 1 drill programme is ‘seeking to confirm and expand on the historical third-party drilling performed at Loflin, as well as assisting in defining the 3-dimensional shape, continuity and orientation of the mineralisation.’ 

All six drill holes were completed and the saprolite zone (weathered rock) of the drill hole denoted as LFDD-044 was redrilled from surface to 97ft (29.5m) to improve core recovery. 

All six holes intersected the drill programme at JKL, which was completed within budget, showed visible sulphide mineralisation, ‘an encouraging indicator’ for the presence of gold. 

Gold at JKL has a known association with sulphide mineralisation, such that visible sulphides in the core is believed to be an encouraging indicator as to the presence of gold, it noted.  

Shares in Lexington Gold have increased by nearly 30% in value since the beginning of 2021. The stock was trading 11.11% higher this morning at 3.25p following the announcement.  

Four of the completed drill holes (LFDD-044, LFDD-046, LFDD-047 and LFDD-048) in addition to the redrilled section of LFDD-044, namely, LFDD-045, have now been logged, sampled and submitted for assaying to SGS'  laboratory in Vancouver for gold analysis.  

Core logging, geophysical measurements and sampling of the final two drill holes at JKL is currently being completed and samples will be submitted to SGS for assay in due course.  

"With the completion of the Phase 1 drill programme at JKL, we continue to work towards establishing an initial maiden resource estimate for JKL,” said CEO, Bernard Olivier. 

He added, “We are very encouraged by the amount and visible nature of the sulphides encountered, which are historically associated with gold mineralisation at JKL, and furthermore by the fact that sulphides were intersected in all of the core samples taken.  

We look forward to reporting the results of the assay analysis once they are received and collated and will incorporate all of the drilling and assay data into our 3-D model to assist with the design of our planned Phase 2 drilling campaign at JKL." 

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