Lexington Gold (LSE:LEX) shares gained 9.7% to 3.74p after announcing that Jelani's Mining Right application was formally accepted for processing by the Department of Mineral and Petroleum in South Africa.
The application was lodged on 21 April, formally accepted on 7 May, with notification received on 18 May, and because it was filed before Jelani's Prospecting Right expired on 29 May, it preserves the project’s tenure and enables progression to statutory review and environmental authorisation, the company said.
The Jelani JV is an incorporated venture between Lexington’s subsidiary White Rivers Exploration Proprietary (WRE) and Harmony subsidiaries Lorraine Gold Mines and Avgold, with Jelani shareholders recorded as Lorraine and Avgold (the Harmony Group) holding 35% and WRE holding 65%.
WRE is held indirectly 74% by Lexington Gold (South Africa) (Pty) with the remaining 26% held by Masana Exploration (Pty), a BBBEE subsidiary of Letsema Family Holdings (Pty) Ltd.
The JV hosts a JORC (2012) Mineral Resource Estimate of about 6.02 Moz gold (1.14 Moz in the JV area and 4.88 Moz in the Buffer Zone currently covered by Harmony’s existing Mining Right).
The company says the application includes a proposed mine‑works programme referencing potential use of Harmony’s adjacent Target mine infrastructure, plus environmental, social and labour plans, and that any mining right, if granted, may run for up to 30 years.
The application will now proceed through public participation, scoping and environmental impact assessments and any further project advancement remains subject to internal approvals by the JV parties.
