Commencement of South African Drilling Programme

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in South Africa and the USA, is pleased to announce that its 2023/24 drilling programme at the Bothaville Project in the Witwatersrand Gold Basin, South Africa is now underway.

Highlights:

• The planned 2,000m+ drilling campaign comprises 4 mother holes plus wedging at the Bothaville Project located in the Witwatersrand Gold Basin, South Africa
• The campaign is aimed at confirming and expanding the area of gold mineralisation intersected in historic third party drilling
• Approximately half of the drilling will be percussion drilling to penetrate the Karoo Supergroup ("Karoo cover")
• The main exploration targets are the gold-bearing conglomerates of the Kimberley Formation (including A-Reef) which subcrops beneath the Karoo cover starting at a depth of 250m, where diamond drilling will be utilised
• The drilling programme is expected to take 2 to 3 months to complete in light of a scheduled Christmas shutdown period

Ed Nealon, Lexington Gold's Chairman, commented:

"We are pleased to announce the commencement of our 2023/24 drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin. This strategic initiative involves a planned 2,000m+ drilling campaign aimed at validating and expanding the known gold mineralisation at Bothaville, within the Kimberley Formation. As we embark on this exploration activity, we anticipate providing regular updates on our progress and other concurrent initiatives in the forthcoming months."

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion drilling and diamond drilling (including wedging). The first drill campaign at Bothaville is aimed, in particular, at investigating the area around an historical drill hole (CC2) in which the A-Reef yielded an average gold grade over five intersections of approximately 5.1g/t Au over a corrected interval of 77cm. The programme will seek to investigate both the down-channel and cross-channel gold mineralisation potential at an estimated depth of around 350m to 450m below surface.

Figure 1. Start of drilling at the Bothaville Project in the Witwatersrand Gold Basin