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(Sharecast News) - Carolinas-focussed gold exploration and development company Lexington Gold said on Monday that a helicopter-borne versatile time domain electromagnetics (VTEM) and horizontal magnetic gradiometer geophysical survey over its Jennings-Pioneer project had been completed.
The AIM-traded firm said the survey, which totalled 207.3 line-kilometres, had moved into processing, geophysical modelling and interpretation.
It said that as expected to be completed early in the new year.
The VTEM survey formed part of its strategy of applying modern exploration technology in an area with a long history of gold mining, but limited application of more recent advances in geological exploration techniques.
"The completion of the VTEM and geophysical survey represent the start of our exploration activities in the US following our recent re-admission to AIM," said chief executive officer Bernard Olivier.
"Once the VTEM and geophysics data has been processed, it will be incorporated into our geological database to further identify potential drill targets at the Jennings-Pioneer Project.
"We believe this is the first time that VTEM and horizontal magnetic gradiometer geophysical surveying has been flown in the Barite Hill and Jennings Pioneer area."
Olivier said the company had also started a larger fixed-wing based geophysical survey over its JKL, Carolina Bell and Argo projects.
"We already have drill-ready targets at the Jones Keystone & Loflin (JKL) Project, where we are anticipating commencement of diamond drilling in January 2021, and we look forward to updating the market on this in due course."
At 0935 GMT, shares in Lexington Gold were down 2.91% at 2.67p.
24 Jul 2023 11:55
IN BRIEF: Lexington Gold hails "promising" set of assays at Argo
Lexington Gold Ltd - Gold exploration and development company with projects in the US states of North and South Carolina - Reports assay results from the surface exploration and trenching sampling programme at its Argo project in Nash County, North Carolina. Analysis of multi-element assays and detailed trench mapping data have defined complex mineralised vein arrays, the company says. Trench assay results also confirm gold is present at the surface at the Argo project. Results include: 24 metres at 1.10 grams per tonne of gold from 14 metres to 38 metres, and 8 metres at 0.61 grams per tonnes of gold from 16 metres to 24 metres.
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