LONDON (ShareCast) - (Sharecast News) - Carolinas-focussed gold exploration and development company Lexington Gold updated the market on its ongoing operational activities on Tuesday, reporting that it had signed a contract with an experienced local drilling company for an initial minimum 610 metre diamond core drill programme at the Jones-Keystone-Loflin (JKL) project.
The AIM-traded firm said all requisite environmental approvals for the preparation of the drill sites and drilling programme had been received, adding that the initial drilling campaign would focus on the south western, or Loflin, side of the project.

Six holes were planned by way of infill drilling in order to expand on and confirm the findings of historical third-party drilling undertaken on the Loflin property..

The company said it had incorporated historical third-party drilling information from JKL into a 3D model that was used to plan the current drilling campaign.

Drilling is planned to begin later in the month once the operating crew for the diamond drill rig becomes available from other third-party projects they were working on.

Lexington added that Geotech Airborne Geophysical Surveys had completed the processing of the VTEM survey geophysical data captured in December, adding that it was currently undertaking the interpretation and modelling of that data.

A fixed-wing airborne geophysical survey had started over the JKL, Carolina Belle and Argo projects in North Carolina, the board added.

"I am pleased to announce the progress that has been made on the ground since our re-admission, notwithstanding the typical delays associated with the festive season as well as some unforeseen delays, particularly with regards to the commencement of drilling, that we have experienced as a result of the Covid-19 pandemic," said chief executive officer Bernard Olivier.

"We believe the Loflin area of the JKL project presents excellent potential and is an exciting starting point for our first drilling campaign, especially given the historical drill intersections at Loflin, including 48.8 metres at 1.12 grams of gold per tonne from surface.

"We anticipate commencing the drilling campaign within the next few weeks and look forward to reporting the drilling results as well as making further updates regarding the geophysical surveys in due course."

At 1532 GMT, shares in Lexington Gold were unchanged at 3.25p.

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