Lexington Gold reports positive results from Jennings-Pioneer

Carolinas-focussed explorer and developer Lexington Gold has received results for 505 soil samples and 17 rock grab samples taken from the Jennings-Pioneer Project, it announced on Wednesday.

The AIM-traded firm said it was pleased to report positive findings from the exploration project.

It said the analysis of soil assays, in conjunction with field mapping, identified 13 gossans within three separate mineralisation trends - the Barite Hill Trend, the Jennings Trend, and the Self Trend.

The Barite Hill Trend, which represented the northeast extension of the historic Barite Hill Mine, continued 600 metres along strike onto Lexington’s tenured property.

It said the sampling programme also identified a 350-metre surface extent of the Red Hill mineralisation, extending from the historic Barite Hill pit.

“These assay results have reaffirmed the high potential of the Jennings-Pioneer Project, particularly the mineralised extension from the historical Barite Hill pit onto our property, which is certainly an area of focus with our surface sampling returning up to 1.735 grams of gold per tonne,” said chief executive officer Bernard Olivier.

“Samples from the Jennings Trend have indicated elevated gold values as well as significant base metal assays.

“This area has not previously been tested and these early findings warrant further exploration.”

Olivier said that additionally, the presence of barite and tellurium also presented further potential value for the project, given their diverse industrial applications and demand in the US to increase their supply.

“We look forward to undertaking further exploration work in due course at Jennings-Pioneer.”

At 1029 BST, shares in Lexington Gold were down 4% at 4.8p.

Reporting by Josh White for Sharecast.com.