Commencement of Drilling

1 March 2021

Lexington Gold Ltd

("Lexington Gold" or the "Company") 

Commencement of Drilling

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce that drilling operations have commenced at its Jones-Keystone-Loflin Project ("JKL").

As announced on 2 February 2021, the initial drilling programme will consist of six diamond drill holes for an initial minimum of 610m and will focus on the south-western ("Loflin") side of the JKL Project (the "Phase One Drilling Campaign").

The objective of the Phase One Drilling Campaign is to conduct predominantly infill drilling and to confirm and expand on the results of historical third-party drilling performed at Loflin. The drill programme will therefore seek to follow up on historical third-party drill intersections such as hole LOC90-01's 48.8m interval @ 1.12g/t Au from surface including 18.3m @ 1.57g/t Au.

Bernard Olivier, Lexington Gold's CEO, commented:

"We are delighted to announce the commencement of drilling at our JKL Project being the first drill campaign for Lexington Gold since re-listing on AIM a few months ago. This represents an important milestone for the Company and is the first key step in implementing our strategy as we seek to swiftly explore and progress the four excellent gold projects in which we hold majority interests in the Carolinas region of the USA.

"Depending on the results of the Phase One Drilling Campaign and the verification of the historical drill results, we intend establishing an initial maiden resource estimate for JKL as soon as practicable with the aim of potentially expanding and increasing such resource through additional future drilling.

"We are excited to get underway and look forward to providing further updates as the campaign progresses."

Enquiries:

Competent Person's Statement

The information in this announcement that relates to exploration activities is based upon information compiled by Edward Nealon, Chairman of Lexington Gold Ltd. Mr Nealon is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Nealon consents to the inclusion in this announcement of the matters based upon the information in the form and context in which it appears.

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.

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 1,550 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.