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Bid:

3.10

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3.30

Spread: 0.20 (6.452%)

Market Cap: £15.16m

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Lexington signs drilling contract for two projects

Wed, 25th Aug 2021 15:28

(Sharecast News) - Carolinas-focussed exploration and development company Lexington Gold updated the market on its recent operations on Wednesday, reporting that a drilling contract had been signed for a 5,000 metre reverse circulation (RC) programme with FTE Drilling.
The AIM-traded firm described FTE as a "highly experienced" international drilling company based in Canada, adding that the drill rig and crew were currently scheduled to arrive on site during the week of 20 September.

Drilling would take place on the Carolina Belle and Jones-Keystone-Loflin (JKL) projects, with all requisite environmental submissions for the preparation of the drill sites and the drill programme currently being prepared, and the environmental approvals expected before the start of drilling.

Core Geophysics in Australia had completed its modelling and interpretation of the geophysical data for both JKL and Carolina Belle, with the drill targets generated for both projects included in the RC drilling programme for testing.

Pivot Mining Consultants, meanwhile, had completed its geological interpretation and data verification for the Loflin deposit.

Lexington said Pivot was currently assisting with planning certain drill locations for incorporation in the second phase RC drilling programme at Loflin.

A maiden resource estimate for the south-western, or 'Loflin', side of the JKL project was expected to be received from Pivot in the coming weeks, once its resource and 3D modelling process was complete.

"The team is encouraged by the potential for both of these projects, and is optimistic about moving them up the value chain as soon as possible," said chief executive officer Bernard Olivier.

"The planned 5,000 metre drill programme signed with FTE Drilling is an excellent marker of our progress.

"The programme will focus on drilling at the Carolina Belle and JKL projects, in order to further our understanding of the highly prospective nature of Carolina Belle and to potentially expand the upcoming maiden resource estimate at JKL."

At 1447 BST, shares in Lexington Gold were up 6.85% at 3.9p.