Aim-listed gold exploration and development company Lexington Gold has established a maiden Joint Ore Reserve Committee (Jorc) exploration target for the group's Bothaville project, in South Africa’s Free State province.

The company says the exploration target estimation is based on recent drilling results, historical data and advanced geological modelling and was produced by consultancy firm Shango Solutions.

The company notes that the project is strategically located within the Witwatersrand basin, a region that has historically produced about 40% of gold mined globally to date.

Highlights for the maiden Jorc exploration target include a total independently estimated Jorc exploration target of about 16-million to 30-million tonnes for the combined A and B Reefs with an average grade range of about 3.26 g/t gold to 6.03 g/t gold, equivalent to 1.7-million to 5.8-million ounces of gold.

The A Reef is between 11-million tonnes and 20-million tonnes grading 3.2 g/t to 5.9 g/t gold, equivalent to 1.1-million to 3.8-million ounces of gold, respectively, while the B Reef is between five-million tonnes and 10-million tonnes grading 3.4 g/t to 6.3 g/t gold, equivalent to 500 000 oz to two-million ounces of gold.

Lexington says the maiden exploration target complies with the Jorc Code and underscores the project's significant gold potential.

"This maiden Jorc exploration target at the Bothaville project represents a significant step forward in unlocking the potential of one of South Africa's premier gold exploration regions. With potentially up to 5.8-million ounces of gold contained in our exploration target, it serves to validate and reaffirm Lexington Gold's strategic focus on high-quality, scalable projects in the Witwatersrand basin.

"The exceptional work by our team and Shango provides a solid foundation for the next phase of exploration and we look forward to advancing the Bothaville project alongside our other world-class portfolio assets,” says Lexington nonexecutive chairperson Ed Nealon.

CEO Dr Bernard Olivier further notes that the establishment of this maiden Jorc-compliant exploration target, combined with the existing Jorc-compliant mineral resources of over six-million ounces across the company’s joint venture with Harmony Gold and the Jorc mineral resource established at the company’s US projects, firmly positions Lexington Gold as a substantial international gold exploration company.

He notes that, in addition, ongoing discussions with Gold One Africa regarding potential collaboration on the Ventersburg project further highlights the quality of the company’s assets and commitment to leveraging potential synergies.

NEXT STEPS

Lexington says it aims to build on this maiden exploration target by conducting additional drilling and geological analysis, in due course, to potentially upgrade the exploration target to a Jorc-compliant mineral resource estimate.

Planned activities include further drilling to enhance data density and geological confidence; advanced structural and grade modelling to better delineate high-grade zones; and ongoing environmental and regulatory compliance to support the project's long-term development.

“Lexington Gold is uniquely placed with an impressive portfolio of gold exploration assets across two world-class mining jurisdictions and I look forward to further progressing our projects to deliver value to our shareholders,” says Olivier.