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Started: BurtonD, 17 Jun 2024 07:28
Last post: rosetintedspecs, 17 Jun 2024 07:37
Why this stock is not getting the attention it deserves is beyond me except to say that small miners globally are having a hard time!!
1. The South Africa government formation is the best outcome one could dream of. The anti business ex elements of the ANC are excluded and the hopeless ANC rump has done a deal with the most business friendly parties, the Democratic Alliance and Inkatha Freedom.
2. Excellent results today from the drilling at Jennings Pioneer with near to surface gold.
3. Huge potential from the multiple other properties in South Africa to play for
4. Awaiting an announcement from LEX and Harmony gold about the Jelani Joint Venture which appears to contain 6mn oz of gold, with the LEX share at about 2.95mn oz.
And yet this stock has a market cap of 16mn pounds.... Unreal. I am still filling my boots, this is a no brainer.....
Started: BurtonD, 14 Jun 2024 14:32
Last post: BurtonD, 14 Jun 2024 14:32
Started: rosetintedspecs, 10 Jun 2024 10:17
Last post: rosetintedspecs, 10 Jun 2024 10:17
Seems to me about time we are nearing the Ready By date for the drilling results at Jennings Pioneer at lex's USA properties. Hopefully we'll see a continuation of the Next door Barite Hill structure into our property.
And then, it'll be interesting to know what's going on with the potential of a JORC at the Jelani JV. I still can't believe that we are trading with a market cap of 16mn quid and have a 2.95mn oz share of gold in a JV with the largest gold miner in the world. Just goes to prove how imperfect markets can be .
Started: BurtonD, 23 May 2024 08:21
Last post: rosetintedspecs, 28 May 2024 08:25
Not so good agreed.. but this is a 180km2 concession.. They are looking for channels. There were 18 historical holes drilled on this concession before, we have 4 More concessions too and the Jelani JV.
Looking on the positive side, the precious RNS about raising capital was not really about raising capital. It was about the revival of the Jelani JV with Harmony which point blank talked about the existence of 2.95mn oz reserve of gold. The market seems to have completely ignored this which was buried deep in the text and focused on the issue of more shares.
Markets sometimes get it wrong.. we've got some great assets in south Africa... I think the Jelani JV will be the first to come home, there has to be more to that announcement if both LEX and Harmony are acknowledging the existence of potentially 2.95mn oz. That's worth 6bn dollars
our market cap is 17mn. Looks a bit cheap to me. Bring it on..
It's a shame the results were disappointing as a good set of results would have made it much easier for the company to raise funds for further drilling.
Disappointing grades
Highlights:
· A total of four drillholes were completed, amounting to 2,355m of drilling. This comprised 1,433m of percussion drilling through the overburden and 922m of core drilling.
· Three of the four holes were completed successfully with a total of eight intersections of the A-Reef from three motherholes and five deflections. Due to the presence of an unexpected geological structure the fourth hole was abandoned before it could intersect the A-Reef.
· The drilling was undertaken to test for a gold-bearing channel at shallow depth in the target A-Reef horizon at Bothaville, as postulated by the drilling of two historic holes which returned 7.1 g/t Au over 71 cm and 5.53 g/t over 77 cm, respectively.
· The latest drilling has proven the concept of A-Reef channels occuring at Bothaville, and has provided significantly more information on the presence and orientation of one such channel first intersected by historic third party drilling.
· The three new successful drillholes intersected gold mineralisation approximately 250m towards the NW, NE and SE of the historical drillholes, thereby significantly expanding the potential area of mineralisation and indicating a possible significant gold system.
· Key intercepts include 1.2 g/t Au and 111 cmg/t over 92.7 cm from 275.89 m (Hole CD03D2) and 0.76 g/t and 160 cmg/t over 209 cm from 442.68 m (Hole CD02AD1).
· The recent drillholes only tested a localised portion of the entire Bothaville Project site which covers an area of over 180km2. Historical drilling identified other areas with significant gold mineralisation such that the overall project represents a sizeable gold exploration opportunity.
https://www.londonstockexchange.com/news-article/LEX/bothaville-ne-project-drilling-results/16483878
Started: BurtonD, 14 May 2024 10:50
Last post: rosetintedspecs, 21 May 2024 10:25
Have to say, the analyst at WHI must be smoking something that I would not wish to partake of. Maybe it's killjoy weed.. So we see an announcement confirming that, after a few hoops to pass though, Lex has a 2.95mn oz share in a gold mine that already has ALL the infrastructure in place, shafts etc etc..
There has to be more to it than this. Apparently White Rivers announced an 11.25mn oz reserve in the Jelani JV a few years ago. This has been pared down to 6.05mn oz . We have no idea if it is supported by a JORC compliant reserve though the fact that LEX is in a JV with Harmony and Harmony is a public company, indicates that Harmony must know about the announcement and therefore is complicit in approving a 6.05mn oz reserve. It simply has to know what is going on. Where there's smoke there's fire. If these ounces were a figment of LEX imagination, this announcement would never have been made in the first place
The real mystery is why the price of this stock is still 5p. And the house broker has not upped it's target price.. quite surreal. But markets are not perfect, and hence the opportunity to pick up a stock that has just announced a 13 fold increase in it's reserves at the same price as before the announcement..
Lexington Gold (LEX) – Corporate – Renewal of Jelani Resources Prospecting
Right
Market Cap £19.4m Share Price 5.2p
Lexington announced yesterday the renewal of the Jelani Resources Prospecting
Right until 29 May 2026. In accordance with Lexington’s acquisition of White
Rivers Exploration (WRE), the renewal of the Jelani Resources Prospecting Right
is a milestone for the issue of 25,806,451 deferred consideration shares.
The Jelani Resource Prospecting Right is adjacent to Harmony Gold’s Target 1
Mine and is the basis for the Jelani JV (joint venture) between Lexington and
Harmony Gold. Extensive and deep underground workings at the Target Mine are
a potential launch point to exploit the 2.38M oz of gold contained in the
Measured and Indicated Jelani JV resource.
WHI View: The Prospecting Right contains significant gold resources and is a key
part of Lexington’s portfolio. The successful renewal of the Prospecting Right
ensures that Lexington can continue to pursue a tribute mining arrangement with
Harmony Gold. We still see fair value at 15.3p.
The fact that the shareholders of the JV have decided to renew the prospecting rights surely indicates that Harmony are very interested in the 6.02 million ounces that are down there. They wouldn’t have done it otherwise!
Started: JMAnder, 3 May 2024 15:10
Last post: Sjh1, 13 May 2024 12:48
Will be 398,969,609 shares after Creasy gets this next trench total shares.
What’s the total number of shares in issue for Lexington? Before and after todays extra 25 million?
Topped up this afternoon but it’s showing as a sell.
This was on the Trade Smith report this evening .
Could well see some movement in the next few days?
LEX-L
LEXINGTON GOLD
E
Early Entry Signal triggered on
05/01/2024
£0.05
Latest Close
Started: rosetintedspecs, 16 Apr 2024 07:28
Last post: Troajan, 19 Apr 2024 15:49
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.
Last post: rosetintedspecs, 9 Apr 2024 01:20
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
Started: rosetintedspecs, 25 Mar 2024 07:36
Last post: rosetintedspecs, 25 Mar 2024 07:36
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.
Started: BurtonD, 26 Feb 2024 07:14
Last post: Sjh1, 11 Mar 2024 18:31
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.
July 10th - will have check the burn rate
What makes you think that? We raised 2.5m not too long ago
Started: lptuf93, 1 Mar 2024 15:10
Last post: lptuf93, 1 Mar 2024 15:10
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.
Started: BurtonD, 5 Feb 2024 08:43
Last post: BURTOMJ, 24 Feb 2024 09:00
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!!!
Why this stock trades where it is now is beyond me. Potential for 37mn oz or more worth 80bn dollars and we are talking about a market cap of 14 million pounds.. Anyone with half a brain would be able to put 2 and 2 together and say that LEX is one hell of an attractive punt!? We should see pre news, on the SA drilling program soon, and who knows, maybe an update on the Harmony JV..
“…With a headline figure of 37 million ounces of gold the acquisition certainly has transformative potential…”
https://total-market-solutions.com/2024/02/lexington-gold-ltd-7/
Last post: mytwocents, 30 Jan 2024 09:54
Today?...looks like the bottom..imo....lets see
Don't look a gift horse in the mouth..
Sorry that should read " bored "
I've had a few 🍷🍷🍷
Lack of volume of posts on a BB, also indicates lacklustre performance, although at least Lex BB doesn't have incessant bickering like other BB.
SORRY TWOT**TS like you and others just a bit frustrated
GOOD LUCK anyway 👍
Pertinent 🤣🤣🤣.
Most of my siblings went to grammar school too, so big posh words don't phase me.
No Liverpool chants in my last message.
Here's my two pence worth for what its worth, why more sells than buys??.
Some probably have taken some profits or broke even. Some may have got board as its definitely a slow burner for now, and moved on to other investments.
Others may just need the money, not everyone was born with a silver 🥄 in there gob.
Definitely needs the volume to increase before any progress in SP.
Me, I'm here for the duration.
GOOD LUCK ALL
ALWAYS BELIEVE
YNWA
🍷🍷
Twot**ts, the mining process takes decade's, did you not know that. May I suggest you trade in other stocks if you want a quick return.
Started: BurtonD, 29 Dec 2023 07:02
Last post: BurtonD, 29 Dec 2023 07:02
Started: HermanusInclusus, 17 Dec 2023 03:03
Last post: Sjh1, 21 Dec 2023 17:50
3p that would be a fantastic gift to buy more. I've been nibbling away all the through this period and will continue to. Risk vs reward play here is so favourable at this price even at double this price IMO.
The only sells I have seen go through were flippers and likely small bored paper handed retail traders and I thank them for their donation.
Started: yellow_jerseypr, 8 Dec 2023 09:50
Last post: Jimzi, 15 Dec 2023 10:56
Yep, decimal place in the wrong place!
They must have expired as we would have had a warrant conversion RNS if exercised.
Jimzi, it's actually 4.2mn warrants with profit of around 1p per warrant, that's 42k not 420k. But the point remains, there maybe a short lurking out there, and that could be dynamite. I have not checked, but I'm told there's something on the LEX website that says the warrants expired unexercised...
Excellent summary rose , its very compelling at this price. It may, I stress may, not be a dead letter though.
In addition to being a cracking entry price, there maybe a short term market catalyst - the 4.5m sells that dropped us to here. If they were pure sells, there's no catalyst but if they were forward sold and delivery was to be by warrant exercised shares issued, then its fun. We know the warrants expired so either way Peterhouse fooked up and lost an opportunity profit of 400k - no Christmas party this year. Comes down to coincidence - 4.5m sells day before expiry of 4.5m warrants.
Here's the rub, if warrant related they will 100% have been sold T20 - to cover the time of sale to the issuance of shares - last day is Dec 22..
Could be a coincidence but this in itself makes the price doubly attractive and someone in Peterhouse is worried.
No sympathy - v poor managing of the business with at best losing out on £400k and at worse...........lets see. Exciting next week either way!!
So we now have 1) The start of our SA drilling program in an area with SHALLOW GOLD!! 2) We have Australia's most successful private prospector as major shareholder 3) We have a JV in SA with that country's largest gold miner (Harmony) with potentially 2.9mn oz 4) we have a JORC in the USA of 220K oz and potential for over 30mn oz in SA and the stock price over the last 3 months or so is OFF by 40%?
Well, at least 5) LEX is cashed up and has the resources available to do lots of drilling at its prospects, and 6) as per the last announcement, we can expect drilling results in March next year. Only 3 months forward. 6) one would expect that things are going on in the background re the Jelani JV with Harmony and that negotiation to get that moving will be underway soon. Interestingly, the gold in the WRE JV with Harmony grades at nearly 6.5g/tonne as opposed to what they are mining now at Target Mine which is less than 4g. Its way more profitable.
Anyway, 2023 is almost a dead letter now. Buy a few for 2024!!! Cheers all you LEXERS...
Lexington Gold, this morning, announces the commencement of its South African Drilling Programme
https://www.londonstockexchange.com/news-article/LEX/commencement-of-south-african-drilling-programme/16243665
https://twitter.com/LexGoldLtd/status/1733047849930182840
Started: rosetintedspecs, 15 Dec 2023 00:31
Last post: rosetintedspecs, 15 Dec 2023 00:31
See below report on linked in by Paul Ensor. Well known natural resources analyst and investor fm the UK. Excellent read. About time someone took this stock seriously.. Even more so than W. H. Ireland, the company's supposed broker. Hahaha!!
https://www.linkedin.com/pulse/contrarian-bet-african-gold-chairman-nealon-who-built-paul-ensor-vnsee
Started: BURTOMJ, 8 Dec 2023 14:01
Last post: BURTOMJ, 8 Dec 2023 14:01
Nice to see an update today.
Started: Troajan, 3 Dec 2023 15:49
Last post: BURTOMJ, 7 Dec 2023 08:55
Correction…Bothaville update acknowledged but this has made no difference to the SP.
Two cents. Thanks.
I think it is fair to say that many investors/shareholders have been incredibly patient in the grand scheme of things but there is simply nothing happening or reported to be happening of late. Yes we have had some updates but all the SP has done is dwindle ever lower.
The market wants to see progress being made IMO and we are simply not being told . Surely the JV with Harmony must be in discussion or not? Is it the case that nothing has happened since all this Witwatersrand project was acquired? I believe not but we need updates from the company (good or bad) and not just given the silent treatment. All IMO.
Next week?....should be the bottom at 3.70..imo
lets see
Started: wakeyinvestor, 30 Nov 2023 12:41
Last post: wakeyinvestor, 30 Nov 2023 12:41
Was expecting this to break 4p this week, but no, it issues an RNS to drill in SA, then 2/3 days later SP drops. I sometimes wonder how this bloody market works. Still I’ve come in as a new investor (last Friday) at 3.87p and was encouraged by watching the TMT Solutions interviews. Patience needed, will top up if this drops below 3p, though his knows why it would do that. I assume no more 2.75p warrants on the horizon
Started: rosetintedspecs, 27 Nov 2023 07:48
Last post: mytwocents, 27 Nov 2023 09:55
Mental that this is still trading around 4p
Should be multiples higher and likely will be soon
Haha!! Light at the end of the tunnel? So not only do we have a potentially multi million share short, we also have a 2000m drilling campaign in South Africa at one of LEX's new South African prospects, NE Bothaville. And its shallow. The previous operator hit gold at around 250m. For the Witwatersrand, that is a walk in the park. We are drilling around that hole. For those who don't know what "wedging" is, its a bit like directional drilling in the oil industry. Get to your chosen depth, or just above it and fan out, more bang for the buck in the same hole.
Temperature is rising, pressure is building. Should be an interesting week.....Hoping the Gamestop mob arrives on time....
Started: BurtonD, 27 Nov 2023 07:44
Last post: BurtonD, 27 Nov 2023 07:44
Not only last weeks fun and games but seen todays RNS?? Drilling to start mid-December!
https://www.londonstockexchange.com/news-article/LEX/south-african-gold-drilling-contract-and-timetable/16224843