Land Holding At Loflin Increased From 50.66 To 179.66 Acres
Lexington Gold (AIM: LEX), has expanded its mineral exploration rights at the Jones-Keystone-Loflin (JKL) Project in South Carolina, USA.
The company has entered into additional mining lease with option to purchase agreements on the south-western (Loflin) side of the JKL Project.
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
CEO, Bernard Olivier, said mineral exploration rights at Loflin have been increased from 50.66 acres to 179.66 acres, taking the Group’s total project acreage to approximately 1,675 acres
“The company’s phase one drilling campaign at Loflin is progressing well and we are very encouraged by the visible observations, including sulphide rich zones, that are present in the core samples to date,” Mr Olivier said.
“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 five-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.”
