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Blue
What's the latest cash position? I expect they'll need to raise soon...
Really no rush here. Confident with management, good to see things ticking over positively on US sites. The golden goose is the South African projects. Long hold for gold.
About time too, come on LEX.
Good luck all 👍
5.10 paid there.
Well well, whoever is deciding where to drill at LEX is, doing a pretty decent job.!! so they drilled where they saw potential for extensions of the already existing next door mine, Barite Hill. The holes, three direct hits. OK, three holes isn't going to get us a reserve, but what we do know about the Barite Hill mine is that it had a reserve of 600k oz and 60k were mined in the early 90s.
However, no reason why, after we get back the assay results, that we shouldn't at least have a decent exploration target! The Environmental Protection Agency controls the clean up barite hill. Seems logical that LEX should be investigating taking that on. I'm sure the EPA would be happy to get it off the books. Exciting stuff.
We're still waiting for the results of the NE Bothaville drilling... And hopefully an update about the status of the Jelani JV with, Harmony. How long can it stay at these levels?
Actually just did a DCF on 210mn over 10 years at 10%, NPV is around $73.22mn
Actually just did a DCF on 210mn over 10 years at 10%, NPV is around $73.22mn
Simple open pit mining, maybe 900 to 1k dollars an ounce. 20mn or so to set up simple leaching operation, 1K an ounce gross profit, =210mn bucks, more than 10X Yr money over say 5 to 10 years.. Discount that back @10%, don't have my calculator with me, but nice numbers..
Yes and likely the next round of drilling results due in a bout a month add another lump onto that JORC amount. These US assets look very shallow on the last LEX paper not all that expensive to mine especially with current gold prices.
3m ish ounces on the Joint venture sat next door to Harmonys target one mine.
Estimated 30m+ ounces to prove up on the rest of the plots..
Multi multi bagger potential on this SP is very real possibility. Some of the target numbers you can come up with are huge..
Just a thought but the 210 thousand ounce deposits we have in the USA have a value of close to half a billion dollars at this gold price… appreciate costs involved to mine
Look at the recent acquisitions done by Calibre gold and Yintai mining. Valuations in x. S. of $110 per oz.. If you just take our portion of the Jelani JV with Harmony, 2.95mn oz, that alone values LEX at around $320mn. More than 20x higher than where we are now. And from what I can see from the info released, the reserve in the JV thiight not officially JORC'D yet, is based on historic actual drilling!! Therefor it can be turned into a JORC.
And then we hace all the other stuff with potential up to tens of millions of ounces. It really is painfully silly to see the price of the stock at these levels, but as the old broker saying goes, "Fill yer boots boys and girls"!! It'll be alright on the night.
I find it incredible that the price of gold has risen as much as it has over the last year or so and yet junior miners and exploration companies are still overlooked on exchanges around the world. At some stage we are going to see larger gold miners start acquiring their junior counterparts which will probably lead to a feeding frenzy with every junior in the crosshairs. Hang on tight I think we are on the launch pad
OK. So we hit mineralisation in Bothaville in 3 of the 4 holes, likely reason I'm guessing for not hitting the 4th is faulting, but who am 1 to say. We'll know soon enough. So the cores have gone 4 assay. Hopefully no queues at labs in SA, so expect stuff back in 3 to 4 weeks with luck.
Barite Hill, 500 metres away fm our Jennings Pioneer was a producing open pot mine. The only reason it closed was the collapse in the price of gold in the mid 90s and the bankruptcy of its owner at the time. There were some really good trenching and rock chip samples there a year ago. We're looking to see if that trend extends into our Jennings property.. Longer term, if its not sold to fund more drilling in SA, there's every liklihood that the Barite property could be taken over from the Environmental Protection Agency who would love to get shot of this liability.
Hopefully buying pressure will build as we move closer to nearer term assay results announcements!! Keep chewing away at these levels all. Ain't seen nothing yet.
We were using around 800k a year prior to WRE takeover.
These guys are fantastic at putting every $ back into the ground.
One would think these shallow deposits in USA alone are worth today's market cap.. not inc.. 65% of 6m ounces in JV and 30m - 90m ounces in WRE extensive leases..
Market will wake up one day until then load the boat I say.
This was the news release on this in March 2023. It looked pretty good then...
https://markets.ft.com/data/announce/detail?dockey=1323-15905569-7MMDTDVHE32J15FD8QGBCNLUSN
It is still interesting today. Two cents could well be right that they are setting this up to be more attractive to a potential buyer by drilling on an area which looks like a no brainer, proving up something interesting and then moving it on to a buyer, using the funds generated to drill the hell out of South Africa.
Assay results will be pretty quick now with COVID delays out of the way. We should know something about this pretty quickly.
I know interest has pivoted to S.Africa but worth noting an interesting update from Carolina Rush Corp (TSX:RUSH) who owns and are exploring the former Brewer mine.
Just hit a new zone separate south of Brewer in the Tanyard Zone intercepting 62.5m @ 8.5g/t only 110m from surface. Will be keeping an eye on their drill campaign to follow these hits up.
July 10th - will have check the burn rate
What makes you think that? We raised 2.5m not too long ago
Good for you two cents. will do the same shortly. can't wait till drilling results start filtering through. hopefully mega findings ahead.
Well well!! Just what we needed, confirmation that the strategy following acquisition is working, early days yet, but they have hit the A reef, and, it is implied, some other potentially mineral bearing zones. Anyway, these are now going off for testing. My understanding is that labs in South Africa don't have much of a waiting list, but my guess is that we could have some results late next month...... One would have thought it vaguely possible that some buying may even occur in advance of the announcement......, but in this market who knows. However, for anyone with half a brain, this should get the buying juices flowing, its certainly got my juices flowing, not that they have stopped flowing for the last three years or so. Tough ride this has been, but the Bothaville NE pot of gold under the rainbow just got a little closer, and there are lots more pots to shoot for to keep the market excited!!
Https://www.londonstockexchange.com/news-article/LEX/drilling-update/16347680
Ed Nealon, Lexington Gold's Chairman, commented:
"These latest developments from our Bothaville Project drilling campaign are highly encouraging. The completion of two diamond drill holes intersecting the A-Reef and showcasing signs of mineralisation, brings us closer to realising the potential of this project.
"These preliminary findings also serve to validate our strategic approach to exploring the Kimberley Formation and highlight the untapped opportunities within our South African portfolio. We remain committed to advancing our exploration efforts and look forward to providing further updates as our ongoing programme progresses."
CPR - Continuous Price (SP) Recovery (upwards) I hope. This SP has been in the doldrums for too long.
Fingers X'd on that one, hoping we see progress report on SA drilling sooner than that. Be interesting to know if they struck the reefs they were hoping to hit!! A bit of movement today, bit of volume too, maybe the defibrillator man is on his or her way!!!