Drilling Update

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in South Africa and the USA, is pleased to provide an update on its 2023/24 drilling programme at the Bothaville Project in the Witwatersrand Gold Basin, South Africa, which commenced in early December 2023.

Highlights:

• Successful completion of the percussion drilling phase at the Bothaville Project, which is crucial for cost-effective penetration of the overlying Karoo sediments.
• The upper section of the Karoo sediments is currently being sampled to test for the potential presence of heavy minerals which have previously been reported in this area.
• Diamond drilling below the Karoo sediments has now commenced on two of the planned four mother holes and will be followed by wedging.
• The drilling programme is progressing as planned and is currently anticipated to be completed by the end of February 2024.
• 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 is being utilised.

Ed Nealon, Lexington Gold's Chairman, commented:

"We are pleased to announce progress made in respect of our ongoing 2023/24 drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin. This strategic initiative involves 2,000m+ of planned drilling aimed at validating and expanding the known gold mineralisation at Bothaville, within the Kimberley Formation. In the coming months, we look forward to providing further updates and are committed to generating value for our shareholders and wider stakeholders."

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion and diamond drilling (including wedging). This initial drill campaign at Bothaville is aimed, in particular, at investigating the area around a 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 approximately 350m to 450m below the surface.

Figure 1: Diamond drilling underway at the Bothaville Project in the Witwatersrand Gold Basin