Business
Proposed Acquisition of White Rivers Exploration
Proposed Acquisition of White Rivers Exploration.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n15 May 2023\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nProposed Acquisition of White Rivers Exploration (Pty) Ltd\n \nLexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce that, on 13 May 2023, it entered into, via its wholly owned recently incorporated subsidiary, conditional share subscription and loan agreements to acquire 76 per cent. of White Rivers Exploration Proprietary Limited (\"WRE\") an exploration and development company with significant gold assets in South Africa.\n \nHighlights:\nSummary information on WRE\n· WRE is a major tenement holder in the Witwatersrand gold fields of South Africa, with tenement interests covering approximately 89,499 hectares.\n· WRE's current tenement interests have been estimated by WRE's management to contain potential resources of over 37 million ounces of gold (non-JORC/non-SAMREC nor other international standard compliant estimate). WRE has focussed its exploration efforts in particular on shallow (200 to 1,200m depth) deposits close to well established infrastructure (refer to Table 1 below for further details).\n· WRE's tenement interests comprise 10 prospecting rights (six granted licences and four renewal applications) which are grouped into five projects.\n· WRE has an incorporated Joint Venture (\"JV\") arrangement with Avgold Limited a subsidiary of Harmony Gold Mining Company Limited (JSE:HMY) (\"Harmony Gold\"), the largest gold producer by volume in South Africa. Such JV project, referred to as the Jelani Resources JV, has a non-code compliant independently estimated resource of 6.02 million ounces of gold at an average grade of 6.47 g/t.\n· The Witwatersrand gold fields area was historically the largest single gold producing district in the world. Total historical gold production over a century of mining activity was 2 billion ounces. It is estimated that a further 1.2 billion ounces of gold resource still remains in the Witwatersrand.\n· WRE's Kroonstad project, has an independently estimated non-code compliant gold exploration resource target of between 6.06 million ounces and 62.41 million...