LEXINGTON Gold, a precious metals explorer with interests in South Africa and the United States, has announced plans to establish a maiden exploration target for its Bothaville project in the Free State.
The AIM-listed company revealed on Monday that it had appointed Dunrose Trading 186, operating as Shango Solutions, to drive the initiative.
Shango Solutions will leverage data from Lexington Gold’s recent drilling activities in Bothaville, located in the Free State province, to develop a JORC 2012-compliant exploration target for the site.
This move signals Lexington’s intention to accelerate development of its Free State projects, as the company also noted that Shango would review and consolidate historical exploration data across other South African assets, including sites in Ventersburg, Kroonstad and Klerksdorp.
“With the gold price now exceeding $2,700 per ounce, Lexington Gold is well-positioned with its gold assets in both South Africa and the US,” said Ed Nealon, chairman of Lexington Gold.
“The rising gold price, coupled with a favourable long-term outlook, significantly enhances the economic prospects of our projects.”
This strategic focus on Free State exploration comes amid heightened global demand for gold, as prices continue to soar, drawing strong interest from multinational mining firms.
Lexington Gold’s data review, which has been ongoing throughout 2024, underscores its commitment to unlocking the economic potential of its South African assets.
The company anticipates that the exploration target report for Bothaville, along with comprehensive reports for its other projects, will be completed in the fourth quarter of this year.
As Lexington Gold continues to expand its footprint, Bothaville and other Free State mining towns could see renewed economic activity and job opportunities, further bolstering South Africa’s position in the global mining sector. – Staff Reporter