Looking for a Gold play in the USA? Then take a closer look at Lexington Gold
“…If we find what we hope to find in the ground, all four projects for Lexington Gold could advance all the way through to mining…”
And if Lexington Gold’s prospects are what the company hopes they are, then the exit strategy is simple. Sell it on to a major once the resource is proven up.
Chief executive Bernard Olivier is a believer in keeping it simple. It’s the KISS (keep it simple stupid) principle, though he’d be the first to kiss the ground at The Carolinas if he could get there, but Covid means he hasn’t set foot on the assets since they were acquired five months ago.
He’s seasoned in prospectivity and remains incredulous that the four assets in The Carolinas, which was once the biggest producers of gold in the USA, were so ‘available’.
He’s incredulous and delighted in equal measure because it’s an area that has historic credibility and recent neighbour success.
TSX-listed Romarco Minerals Inc had similar properties to those owned by Lexington. In the last decade Romarco unlocked 4.8 million ounces of gold and was sold to Australian-Canadian miner OceanaGold Corp for around $856 million.
No wonder Olivier is confident that Lexington can unlock value in an area that for an inexplicable reason has been left unexplored.
Regardless of the past exploration inertia, Lexington is now proving up resources. Helicopter born VTEM surveys have been finished as have fixed wing geophysical surveys over all of the projects and the results of the phase one drilling campaign are awaited with ‘bated breath.’
Crucially, Olivier is clear. “In all the holes we’ve drilled we’ve intersected sulphides.”
He is emphatic because again, quite simply, he trusts his team.
Non-Executive Chairman Edward ‘Ed’ Nealon founded Aquarius Platinum Ltd “which went on to be the fourth largest platinum mine in the world.” Equally strategic is Rhoderick ‘Rod” Grivas, the Australian geologist “with huge successes behind him, who discovered a 5 million plus deposit in Australia.”
That biography should give investors who are fond of the Western Australia gold rush ‘narrative’ some comfort as should the appointment of corporately astute Melissa Sturgess who is a harmonious counterbalance to the three geologists on the board. The combination results in a ‘well grounded’ company.
Listen to Bernard talk to Sarah Lowther about the board personality, the fortuitous post code of the prospects, why he’s “very optimistic that the results from the assaying will be positive” and why the company can do “exploration quicker and cheaper than a lot of the majors.”
Much hs been achieved over the five months since reverse takeover as evidenced in the corporate presentation available here
Watch Dr Bernard Olivier talk To IG TV’s Jeremy Naylor about the future of gold in The Carolinas
Read the reverse takeover prospectus
Follow Lexington Gold on Twitter : @LexGoldLtd
The author was remunerated but does not hold shares in the company
