Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Lexington Gold reports drilling progress at Bothaville

(Sharecast News) - Lexington Gold updated the market on its 2023-2024 drilling programme at the Bothaville Project in South Africa's Witwatersrand Gold Basin on Tuesday.

The AIM-traded firm said drilling started in early December, and had achieved several significant milestones.

It said the percussion drilling phase at the Bothaville Project had been successfully completed - a phase it said was crucial for cost-effective penetration of the overlying Karoo sediments.

Currently, the upper section of the Karoo sediments was being sampled to assess the potential presence of heavy minerals reported in the area previously.

Diamond drilling, a critical component of the exploration effort, had now started below the Karoo sediments.

Specifically, drilling had commenced on two out of the four planned mother holes, with wedging to follow.

The drilling programme was progressing according to the outlined schedule, and was expected to finish by the end of February.

Lexington said the primary focus of the exploration campaign was on the gold-bearing conglomerates of the Kimberley Formation, including the A-Reef, which subcrops beneath the Karoo cover starting at a depth of 250 metres.

Diamond drilling was being used to access those potential gold-rich formations.

"We are pleased to announce progress made in respect of our ongoing 2023-2024 drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin," said chairman Ed Nealon.

"This strategic initiative involves more than 2,000 metres 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."

At 1553 GMT, shares in Lexington Gold were up 1.28% at 3.95p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

AstraZeneca says does not comment on media reports as shares slump
(Sharecast News) - AstraZeneca said on Tuesday that it does not comment on speculative media reports, in response to a sharp drop in its share price.
Melrose Industries rallies as Citi remains 'high conviction' in the buy case
(Sharecast News) - Melrose Industries shot higher on Tuesday as Citi said it remains "high conviction" in the 'buy' case, given the trough multiple and the strong mid-term cash outlook.
Boeing workers agree pay deal, end strike
(Sharecast News) - Boeing's workforce ended a 53-day strike on Tuesday, after voting to accept a new labour agreement that included a 38% pay increase over four years and improved retirement contributions.
NatWest strikes £11bn deal to offload pension payments to Rothesay
(Sharecast News) - NatWest Group has struck what is thought to be the UK's biggest-ever deal to outsource pension payments to a specialist insurance company.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.