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Lexington Gold secures additional exploration rights for JKL

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Global Mining Review,

Lexington Gold, a gold exploration and development company with projects in North and South Carolina, USA, has announced that it has expanded its mineral exploration rights at the Jones-Keystone-Loflin (JKL) Project.

Lexington Gold has entered into additional mining lease with option to purchase agreements on the south-western (Loflin) side of the JKL Project with the following key points:

  • Three additional lease with option to purchase agreements have been signed with certain landowners for an additional 129 acres of mineral exploration rights and a further 22 acres of surface rights.
  • Mineral exploration rights at Loflin increased from 50.66 acres to 179.66 acres, taking the group’s total project acreage to approximately 1675 acres.
  • The agreements are each valid for a period of 6 years.

Mineral rights in North and South Carolina are owned by the title holder of the relevant land. The terms and conditions of the three additional lease with option to purchase agreements are similar to those for the existing four lease with option to purchase agreements already in place in respect of Loflin, as set out in the company’s re-admission document published on 30 October 2020. The company is required to pay certain annual rentals and can elect to purchase the surface and mineral rights at any stage during the 6 year period for exercise prices calculated by reference to a pre-determined pricing mechanism and payment in perpetuity of a net smelter royalty of 2%. in respect of any future minerals (including gold) extracted from the properties concerned.

Bernard Olivier, Lexington Gold’s CEO, commented: “The company’s phase one drilling campaign at Loflin is progressing well and we are very encouraged by the visible observations, including sulfide rich zones, that are present in the core samples to date. Accordingly, we are delighted to have secured significant additional ground adjacent to our current mineral exploration rights, thereby enhancing our existing land package at Loflin.

“The continued positive economic environment for gold is also encouraging as it continues to trade at near 5-year highs. Given the effect that the COVID-19 pandemic has had on global economies we believe that the gold market will remain strong for some time as it continues to appeal to investors as a store of value and hedge against inflation.

“We look forward to providing further updates in due course as we progress with our drill campaign at Loflin as well as work on our other exciting gold projects in the Carolinas.”

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