Lexington Gold granted five-year right over New Kroonstad North
By Josh White
Date: Monday 11 Aug 2025
(Sharecast News) - Lexington Gold announced on Monday that it has been granted a new five-year prospecting right over the New Kroonstad North Extension in South Africa's Free State Province, expanding its footprint in one of the country's most prospective gold-bearing regions.
The AIM-traded firm said the licence, which covers 18,340 hectares and is renewable for a further three years, included rights to explore for gold, rare earth elements, platinum group metals, uranium and several other minerals.
It said the new licence lay directly north of Lexington's existing Kroonstad holdings, which together had an independently estimated non-code compliant gold exploration target of between 6.06 million and 62.41 million ounces at grades of 4.96 to 11.54 grams per tonne, potentially constituting a new goldfield within the Witwatersrand Basin.
"The granting of this New Kroonstad North Extension Prospecting Right is an exciting development that expands our presence across one of South Africa's most prospective gold-bearing regions," said chief executive Dr Bernard Olivier.
"Based on geological continuity, adjacent drilling results and favourable structural interpretations, we believe that this area could host extensions of the mineralised Kimberley Reef and has considerable potential for new discoveries."
The Witwatersrand Basin is the world's largest known gold repository, with the Kimberley Formation conglomerates hosting most of South Africa's historical production.
Geological mapping indicated the formations extended into the new licence area, which also contains Ventersdorp volcanic units with potential for rare earth and polymetallic mineralisation.
Historical exploration by Anglo American in the mid-20th century confirmed the presence of Witwatersrand stratigraphy and gold-bearing conglomerates at depth.
Lexington said the area's relatively shallow cover of 400 to 450 metres, compared with over 1,000 metres in parts of the basin, could offer cost advantages for future development.
At 0839 BST, shares in Lexington Gold were up 2.61% at 3.9p.
Reporting by Josh White for Sharecast.com.
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