https://www.miningweekly.com
Africa|Exploration|Gold|PROJECT|Resources
Africa|Exploration|Gold|PROJECT|Resources
africa|exploration|gold|project|resources

Lexington announces 500 000 oz share of resource in Jelani project

16th September 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Following the board-level formal authorisation of an independent mineral resource estimate (MRE) for the Jelani Resources project area, in South Africa’s Free State province, Aim-listed Lexington Gold now has a net attributable total resource of 2.7-million tonnes for 500 000 oz of gold in the project.

The net attributable resource has the potential to increase to ten-million tonnes, for 2.24-million ounces of gold, should Lexington and its joint venture (JV) partners proceed to future production on a revised ownership interest and including the buffer zone that is currently held by JSE-listed Harmony Gold.

The Jelani project is held by an incorporated JV between White Rivers Exploration (WRE) with a 65% stake, and two subsidiaries of Harmony Gold – Lorraine Gold Mines and Avgold – which together hold 35%. In turn, WRE is owned 76% by Lexington and 24% by a broad-based black economic empowerment partner. 

“The total combined inferred, indicated and measured Joint Ore Reserves Committee MRE of 6.02-million ounces, at a grade of 6.47 g/t gold in which we have an interest, is a very significant resource and showcases the huge potential of the asset,” says Lexington nonexecutive chairperson Ed Nealon.

BACKGROUND

The MRE comprises 6.02-million ounces of gold, of which about 2.95-million ounces could potentially be attributable to WRE in the event that all of the Jelani Resources project start milestones are ultimately achieved.

These milestones include completion of a prefeasibility study, successful completion of a bankable feasibility study (BFS), a decision to mine being approved by Jelani Resources' shareholders and WRE electing to participate in the funding of future development costs in order to retain a 49% share in Jelani Resources. 

The estimated mineral resource within the buffer zone is currently attributable solely to Harmony. 

Harmony has previously indicated that Jelani Resources will, subject to the successful completion of a BFS, be afforded the opportunity to mine the resource in the buffer zone provided that a decision to mine has been approved by Jelani Resources' shareholders; commercial terms have been agreed between the parties in respect of the buffer zone; and approval from the board of directors of Harmony has been obtained.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Attendees at the latest AMLA workshop
Opinion: Strengthening Africa’s mining future – the crucial role of legal expertise
Updated 2 hours 33 minutes ago

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.084 0.112s - 127pq - 2rq
Subscribe Now