Lexington’s South African subsidiary granted new prospecting right
Gold exploration and development company Lexington Gold’s South African subsidiary Reef Exploration has been granted a new consolidated prospecting right for the group’s Bothaville project in the Free State.
The new right was granted by the South African Department of Mineral and Petroleum Resources (DMPR) for a period of five years and is valid until May 7, 2030, after which it is renewable for another three years.
This new right consolidates and supersedes the previous Bothaville licences formerly held by White Rivers Exploration, which Lexington says streamlines its tenure and permitting structure.
A maiden Joint Ore Reserves Committee- (Jorc-) compliant exploration target was established this year over the licence area concerned, comprising 16-million tonnes to 30-million tonnes at a grade of 3.26 g/t to 6.03 g/t gold, representing a potential 1.68-million to 5.82-million ounces of contained gold.
The new consolidated right covers an area of 18 627.2 ha, encompassing the same acreage previously held under the two separate Bothaville licences and is situated within the prolific gold-producing Witwatersrand Basin region.
“We are pleased to confirm this formal grant of a new consolidated prospecting right for the Bothaville project to our South African subsidiary, Reef Exploration.
“This represents an important milestone in retaining and advancing this high-potential gold exploration asset which has an existing Jorc-compliant exploration target of up to 5.82-million ounces as established in early 2025,” says CEO Dr Bernard Olivier.
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