Drilling Update

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

Highlights:

• Successful completion of the first two diamond drill holes and four associated deflections.
• Both drill holes and their deflections successfully intersected the targeted Kimberley Formation, including the A-Reef, aligning with the programme's objectives.
• Preliminary visual inspection of the core has revealed signs of mineralisation in both holes, indicating the potential presence of gold.
• The drill core is currently being logged, split and prepared for submission to SGS Laboratory Services, for primarily gold and uranium assay analysis.

Ed Nealon, Lexington Gold's Chairman, commented:

"These latest developments from our Bothaville Project drilling campaign are highly encouraging. The completion of two diamond drill holes intersecting the A-Reef and showcasing signs of mineralisation, brings us closer to realising the potential of this project.

"These preliminary findings also serve to validate our strategic approach to exploring the Kimberley Formation and highlight the untapped opportunities within our South African portfolio. We remain committed to advancing our exploration efforts and look forward to providing further updates as our ongoing programme progresses."

Additional Information

The drilling programme comprises a minimum of 2,000m of combined percussion and diamond drilling (including deflections). 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 ongoing programme is seeking to investigate both the downdip-channel and cross-channel gold mineralisation potential at an estimated depth of approximately 250m to 450m below the surface.

Figure 1: Diamond drill core with A-Reef intersection