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Big up tick in volume in the last 2 or three days.. MMs keeping their spreads wide and narrow then wide, they're behaving skittishly... I detect accumulation though I have to say I'm not sure where all this stock is coming from... Good 2 way trade... Buying above 3.00 rather than where we've been for the last month and a half is encouraging.
Charts are turning positive too. All will be revealed.
1m breakdown of JK assays will be interesting. Hopefully get some detailed drilling graphics too so we can visualize the deposit. Different style of mineralogy (sheets) but runs slightly deeper than Loflin.
It seems yesterday's results were for the whole of Loflin.. So what have we got to look forward to announcement wise?
1. 1m breakdown of the Jones Keystone drilling
2. Maiden JORC for Loflin
3. Maiden JORC for JK
That's quite a bit to be looking forward to. Then we've got the next drilling program to step out the resource and infill. Given that there are still some undrilled anomalies also that also throws further spice onto the fire. Also, given that. JK and Loflin are so close to each other, less than 2 miles, they can be jointly developed, reducing costs substantially. It may even turn out that Loflin, Loflin South and JK are actually one formation.
Also this stuff is so close to the surface that the economically mineable grades that can be added to the JORC are lower than they otherwise would be.
The next few weeks should be interesting, to say the least.
My goodness - they've included an info graphic of one of the drill lines. Beautiful to see. Accuracy will only help strengthen upcoming JORC. Good to see we should have an updated Loflin resource by beginning of August. Starting to look interesting here again.
Basically, its about accuracy. LEX's drilling program used Rverse Circulation (RC) drilling. Samples are flushed up as bits of rock as they are hammered out of place rather than drilled in a single piece. They come up in 4m lengths. The first assay was based on these 4m lengths. Now they have broken them down into 1m sample lengths which have been assayed separately.
If you check the results in March and compare them to now, there are are some differences. Take LFC 008 for instance
March July
Length of intersect 12m 14m
Overall Grade 1.26g/tonne 1.2g/tonne
Highest Grade 1.78g/tonne over 4m 1.87g/tonne over 4m
Basic maths will prove that we have a bigger interval gold by a factor of 8% but the ore is around 4% weaker. So we have gained. Its swings and roundabouts, but it will help he reserve estimators pin down the shape of the structure better and dot the i's and cross the t's etc. Grades of up to 10g/tonne over a couple of metres in hole LFR006 is really good news for instance, that's pretty high. Market seems to be reacting accordingly this morning at long last. These results are from the new prospect I think, Loflin South. There is plenty of stepping out to do here and infilling too. Reserve estimates for Loflin out in late July according to RNS.
What's the real benefit of 1m drilling assay vs. 4m please?
https://www.londonstockexchange.com/news-article/LEX/loflin-project-1m-sample-results/15533616
Take a look. These are pretty mazing. Need to inwardly digest before commenting.
…what am I missing!
It's the detailed breakdown metre by metre of the drill results rather than ecer 4 metres that stood out for me…
https://www.londonstockexchange.com/news-article/LEX/loflin-project-1m-sample-results/15533616
Iptuf. I reckon it has a chance to be a bit faster then before given we are now largely post Covid. But only time will tell. Fingers crossed.
Took 3 months from final drill Loflin drill results to receive JORC last year. Considering that was the inaugural resource and this will be an update, with Pivot having a good understanding of the deposit, could we get an increased resource by early August? Total JKL resource by end of September?
The #LEX Phase 2 drill campaign was designed to upgrade the initial maiden JORC resource estimate at Loflin and establish a maiden JORC resource estimate for Jones-Keystone, which should result in an enhanced combined JORC resource estimate for JKL…
londonstockexchange.com/news-article/L…
Interesting call, I just think it was done outside the MMs, hence the funny pricing. They're probably using an e-broker with free commissions thinking they'll be paying less. If this trade had gone through the MMs, the price would have moved up. 1 to. 15 for sure... Nevertheless, nice to see a good trade at these levels..
250k trade outside quote.. cant be much on the offer now
“…Ongoing exploration is funded by a £335,000 unsecured convertible loan secured this April from ‘two significant #LEX shareholders and three directors’. The loan’s conversion price was set at 30.6pc above the prevailing market share price, indicating the investors’ confidence in the company’s future…”
https://total-market-solutions.com/2022/06/lexington-gold-ltd-5/
The AGM is on 11th July, if you can make it to Bermuda!
Items of interest: re-election of BO as a director.
There is also the following, which seems to allow them to issue up to an additional 60% of shares, with agreement.
"Under the Company’s Bye-laws, there is a prohibition on any issue of shares by the Company other
than in accordance with the pre-emption provisions and exemptions set out therein, including the issue
of equity securities to be held under an employee share scheme or employee share option scheme or
an allotment or issue of shares pursuant to the exercise of any share options issued pursuant to a
share option scheme representing up to 10 per cent. of the issued share capital of the Company from
time to time.
The purpose of Resolution 3 is to approve the disapplication of such pre-emption provisions and
thereby provide a standing authority to the Board to issue:
(i) for non-cash consideration, such number of new Common Shares as is equal to 60 per cent. of
the total number of Common Shares in issue from time to time; and
(ii) for cash consideration, such number of new Common Shares as is equal to 60 per cent. of the
total number of Common Shares in issue from time to time,
provided that, unless they are amended by Resolution passed by a three-quarters, 75 per cent. majority
of the members at a General Meeting, such authorities shall expire at the conclusion of the Company’s
next Annual General Meeting.
The Directors believe, in light of the Company not having an income generating business and having
an objective of exploring and developing its Carolina gold projects and other opportunities in the gold
sector, that this Resolution should be approved in order to preserve maximum flexibility for the future."
Don't want to read too much into this but can't help thinking a raise could be on the cards once the cash runs out. It stood at $0.9m as per RNS on 9th June.
~?
The problem with this forum is, it's been hijacked by employees of LEX, spinning a positive message and fill ya boots crap. I really hope to just break even and sell these rubbish shares as soon as the price peaks. Never again will I invest in this type of company.
Hmm. U The BOD iseless? Well OK, this is never going to me Anglo Gold. But what we are seeing now is the potential for LEX to become a Brewer or Mini Haile. It's easy to criticise when stock prices are going down, but they are going down across the board. Also look at what's going on in Crypto today. In the meantime, we have an excellent set of results just come out with assays that pretty much guarantee a new JORC reserve in JK as well as an uprating to the Loflin resource.
Progress maybe slower than we'd like in the real world, but in the real world of today, the assay labs are jammed, Covid and staff shortages, hence the delays, we should have had these results 3 months ago. Now we can move onto the the new resource estimates, and a new drilling program of infill and stepping out at JKL. Remember it's open along strike and at depth at both sides, JK, and L.
Finally, some light at the end of the tunnel... Do I hear onwards and upwards?
Yep, good set of intercepts. I still believe these assays will allow maiden JK resource, in addition to Loflin increase with new area + extension, for a combined 200kOz deposit across JKL. Chunky 500k buy just gone in at 2.4p so maybe some look to be interested...
Looks like good results. "We believe that these results will enable the establishment of a significant maiden JORC Resource estimate for Jones-Keystone of potentially up to 100,000
ounces"
Their other vehicle is URA. Broker not the issue here. They saved the RLD vehicle when they led the placing at 0.05p. Bringing BO back was a dumb move, he was useless in his previous stint, did nothing at Mustang and was useless at BZT years back when this management team were all embedded there. BOD are useless, simple as. As mentioned by another poster, the RNSes lack detail that other explorers provide which shows they’re just lifestyle directors with no actual interest in running a business for the benefit of shareholders.
Maybe Rosetintedspecs can shine some light on why this share is doing so badly....
Very odd price action, considering stated volumes:
Vol. Sold 102,000
Sold Value £1,836.20
Vol. Bought 320,686
Bought Value £6,426.49
There wasn't anything unexpected in the RNS and today's volumes/value are the opposite of the price movement. Anybody know what might have happened?
This rapidly becoming my most disappointing share.
Agree with below comments. An odd situation & obviously disappointed it hasn't played out similarly to last spring/summer considering the strength of our assays. Still awaiting JK & JORCs so we'll see what the next few months bring.
There is nothing wrong with being bullish Rosetintedspecs I know you are a long term holder as am I no one can predict the price action especially when we are in a sector under pressure and a wider market fall you can only estimate an improvement in fundamentals and I think everyone will agree we are better positioned in every way from 12 months ago keep up the good posts my man fill your boots