Drilling Update

10 March 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company") 

RC Drilling Programme Completed on the

Jones-Keystone side of JKL

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce that its maiden drilling programme on the Jones-Keystone side of its Jones-Keystone-Loflin Project ("JKL") has now been completed bringing to a conclusion the Company's planned 5,000m reverse circulation ("RC") drill programme.

Highlights

A total of 6 drill holes for an aggregate of 675m were drilled at Jones-Keystone thereby concluding the 5,000m RC drilling campaign.

· Detailed logging and sampling of the 6 holes drilled is currently being conducted.

· Initial logging identified multiple intersections of alteration zones and sulphides mineralisation and the largest combined intersection identified was over 50m.

· The primary aim of the drilling on the Jones-Keystone side of JKL is to enable the estimation of a maiden JORC compliant resource estimate.

· An additional 190 samples comprising of 4 metre sample composites as well as standards, blanks and duplicates will be dispatched to American Assay Labs ("AAL") in Nevada for gold assaying as well as whole-rock geochemistry analyses.

· The Company is still awaiting the remaining outstanding assay and whole-rock results for its Carolina Belle project from SGS Laboratory in Vancouver as well as the first batch of assay results for Loflin to be returned from AAL.

Bernard Olivier, Lexington Gold's CEO, commented:

"We are pleased to have successfully concluded our 5,000m RC drilling campaign on a high note with the intersection of over 50m of alteration and sulphide mineralisation at Jones-Keystone. We believe the drilling at Jones-Keystone will enable the establishment of an initial maiden JORC resource estimate for Jones-Keystone once the assay results are received in due course. This can then be further expanded through a follow up drill campaign similar to our plan for the Loflin side of JKL.

"We eagerly await receipt of the final results from the initial reconnaissance drilling at Carolina Belle and the initial results from Loflin and Loflin South."

Additional information

Jones-Keystone-Loflin Project

Enquiries:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

Note to Editors:

Lexington Gold Ltd (AIM: LEX) is focused on the exploration and development of its four diverse gold projects, covering a combined area of approximately 1,675 acres in North and South Carolina, USA. The projects are situated in the highly prospective Carolina Super Terrane ("CST"), which has seen significant historic gold production and is host to a number of multi-million-ounce mines operated by majors and was also the site of the first US gold rush in the early 1800s, before gold was discovered in California.

Further information is available on the Company's website: www.lexingtongold.co.uk. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.