LONDON (ShareCast) - (Sharecast News) - Lexington Gold said on Monday that the conceptual study for its Jelani Resources joint venture in South Africa would take longer than originally anticipated, after the scope of work was expanded to provide a more detailed assessment of the project.
The AIM-traded company said Bara Consulting was now carrying out a broader evaluation that included validation of the proposed mining approach, a refined preliminary mine design and scheduling, and deeper capex and opex modelling with cash flow analysis.

Lexington added that the enhanced scope was expected to deliver a more comprehensive and value-enhancing blueprint for the project's development.

The study woud be presented to the Jelani Resources board, which includes joint venture partner Harmony Gold Mining, once completed.

Lexington said the board would then determine whether to proceed with a mining licence application.

Meanwhile, at the Jennings-Pioneer project in the US, Lexington said assay results from its recently completed 600-metre diamond drilling programme were now expected by early September.

Six holes were drilled across the Barite Hill and Jennings trends, with more than 200 metres of core from all holes showing alteration and mineralisation features consistent with epithermal gold-silver and base-metal systems.

Lexington said the assays were currently being processed following completion of core cutting and sampling.

At 1213 BST, shares in Lexington God were down 6.49% at 3.6p.

Reporting by Josh White for Sharecast.com.

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