(Alliance News) - Lexington Gold Ltd on Monday said that it has signed a contract with Logan Drilling Group to start this year's drilling programme at the Jennings-Pioneer project on the Carolina Slate Belt in the US.
According to the gold exploration and development company, which is focused on South Africa and the US, the drilling contract is for a minimum of 430 meters of diamond drilling. Work is expected to start from next Monday, with all the requisite approvals already in place.
The drill targets are three distinct gold ore zones that lie along and marginal to the contact between the lower pyroclastic unit and the upper pyroclastic unit of the Persimmon Formation, Lexington said.
It expects the programme to take one month, with results to be used to update and expand Lexington Gold's implicit grade shell model for the Barite Hill Trend.
"With the programme expected to take a month to complete, we look forward to updating our shareholders in due course. Furthermore, with current gold prices reflecting a continued robust demand for gold and gold assets, we believe our strategic gold exploration initiatives to expand and validate known gold mineralisation both in the USA and South Africa is more relevant than ever," said Chair Ed Nealon.
Lexington Gold shares were trading 2.6% higher at 4.05 pence each in London on Monday afternoon.
By Holly Beveridge, Alliance News reporter
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Lexington Gold (LEX)