Lexington intersects first gold from drilling at Carolina Belle

The AIM-traded firm said the results intersected the first gold mineralisation identified from drilling, and had identified and confirmed the down-dip extension of the main historical ore-zone mined during the historical third party Iola and Uwarra gold operations.

It said the confirmed down-dip extension intersection was four metres at 2.1 grams of gold per tonne, from 64 to 68 metres, in hole CRBC-24.

Significant gold mineralisation was intersected in the footwall and hangingwall of the main ore-zone of the historical Iola and Uwarra gold mining operations, it added, at 11 metres at 1.01 grams of gold per tonne from 68 to 79 metres in hole CRBC-22.

That included a footwall intersection of four metres at 1.62 grams of gold per tonne from 72 to 76 metres, a hangingwall intersection of four metres at 0.7 grams per tonne from 68 to 72 metres, and the intersection of the main historical ore-zone between 72.2 and 73.2 metres.

A potential second gold mineralised zone was intersected about 25 metres above the main historical Iola and Uwarra ore-zone, with four metres at 1.53 grams of gold per tonne from 48 to 52 metres in hole CRBC-22.

Four of the holes intersected the historical mine workings of Iola and Uwarra, the board said, adding that assay results for the remaining 21 holes were pending, and would be announced as soon as they were received from the laboratory and collated.

“We are delighted to have received the first assay results from our maiden drilling campaign at Carolina Belle,” said chief executive officer Bernard Olivier.

“It is an excellent initial result to intersect multiple mineralised zones of significant width so close to the surface.

“The first set of results are predominantly from the historic Iola and Uwarra gold mining operations.”

Olivier said the results identified “significant” gold mineralisation in the footwall and hangingwall of the historical mining operations, as well as confirming the down-dip extension of the main historical ore-zone.

“Four of the holes also intersected the historical mine workings providing valuable information on the dip and strike directions of the main mineralised zone as well as the extent of the historical mining operations.

“This will facilitate modelling and extrapolation of the mineralised zones for the next phase of drilling at Carolina Belle.

“These initial results give us great confidence regarding the prospectivity and potential of the Carolina Belle deposit and we look forward to receiving and reporting the results from the remaining 21 holes in the coming weeks.”

At 1340 GMT, shares in Lexington Gold were up 10.77% at 3.6p.