Lexston Mining Corporation Announces an Option Agreement for URANIUM PROJECT 176 and URANIUM PROJECT ITZA in Nunavut
929 Mainland Street
Vancouver, BC V6B 1S3
Phone
Website
(604) 928-8913
www.lexston.ca
For Immediate Release
Lexston Mining Corporation Announces an Option Agreement for URANIUM PROJECT 176 and
URANIUM PROJECT ITZA in Nunavut
Vancouver, British Columbia, November 27, 2023. Lexston Mining Corporation (the “Company” or
“Lexston”) (CSE: LEXT) (OTC: LEXTF) entered into the Project 176 and Project Itza Option Agreement dated
November 27, 2023 (the “Agreement”) with three optionors (the “Optionors”) to acquire 100% interest
in the uranium mineral property, generally known as "Project 176" (claim 103470) and “Project Itza”
(claim numbers 103463, 103478 and 103465) located in the Thelon Basin in Nunavut and occupying a total
area of 5661.93 hectares (the “Property”).
To exercise the option and earn the 100% interest in the Property, the Company has over a period of two
years to pay a total of $400,000 and issue a total of 6,000,000 shares to the Optionors as follows:
• upon the execution of the Agreement to pay $10,000;
• sixty days from the date of the Agreement to pay $90,000 and issue 1,000,000 shares;
• within one year from the date of the Agreement to pay $100,000 and issue 2,000,000
shares; and
• within two years from the date of the Agreement to pay $200,000 and issue 3,000,000
shares.
The Option is subject to a net smelter return royalty payable by the Company to the Optionors equal to
one percent on the proceeds from production for all minerals derived from the Property. The Company
may elect to purchase from the Optionors at any time one-half of the net smelter return royalty, upon the
payment to the Optionors of $1,000,000.
The Optionors are arm’s length parties to the Company.
The Agreement provides for an investigative period of 60 days. The investigative period locks the Property
for the Company for sixty days in exchange for a payment of $10,000. During the investigative period the
Company plans to perform further investigat ions regarding the Property and can terminate the
Agreement by providing a one day’s written notice to the Optionors without making any additional
payments or issuing any shares. If the Company is satisfied with its investigation, the Company plans to
explore the Property for uranium and to make further payments and issue shares to the Optionors.
Jag Bal, President and CEO of Lexston states, “ We remain steadfast in our commitment to exploration,
drilling, and value creation through advancing our portfolio of properties. This option agreement provides
an opportunity to get a foothold in a data -rich part of the Thelon Basin. High- resolution, modern
geophysics has not been deployed to the project before, providing an advantage for Lexston to leverage
the $2,000,000 in previous uranium exploration in the area.”
Both projects sit at the mapped unconformity between the Thelon Formation and the underlying Amer
Lake Metasediments. Containing reactivated Faults identified in 2013 - not identified when the properties
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were last explored (2012). The intersection of reactivated faults and unconformities is highly prospective
for uranium deposits. e.g., Cigar Lake, Key Lake.
The two projects are within the most prospective region of the Thelon Basin and contain the highest-grade
uranium oxide samples.
Project Opportunity:
• STRONG land position in the up-and-coming Thelon Basin;
• Extensive historical data available to guide exploration planning;
• Historical high-grade uranium occurrences;
• Previous exploration programs terminated without extensive drill testing;
• Thelon Basin is experiencing a staking rush, and these projects cover the historically most
attractive areas; and
• Multiple projects that cover the spectrum from conceptual exploration targets to near-drill ready
targets.
Project 176 – 1708Ha / 17km2
Extremely high -grade boulders discovered: Boulders up to 33% u ranium have been found within the
project and previous explorers never identified the source. A 0.88% uranium oxide boulder sits within the
project and planned drilling in 2007 was never completed.
Project 176 is in the Northeastern portion of the Thelon Basin - 176 is within the most prospective region
of the Thelon Basin that contains the highest-grade uranium sample – 380,000ppm uranium.
Project 176 was previously owned and explored by NexGen Energy who purchased the project from Mega
Uranium in 2012 – following the uranium price collapse, NexGen let the licenses lapse without drill testing
any anomalies defined in 2012 regional work.
The project contains very high-grade boulders with assays up to 38% uranium.
Multiple coincident anomalies:
Magnetic low VLF Electromagnetic
Gravity Low Radiometric
Uranium in Soil Track-etch Anomalies
The combination of the anomalies defined historically provides prime ingredients for discovering a high -
grade uranium deposit within the project area.
Geophysical work in 2012 defined similar fault arrays in the 176 P roject area but market conditions
prevented detailed follow-up.
Proposed Work:
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• Re-process geophysical data and evaluate with the new geological theory proposed by Jefferson
et al (2013).
• Complete high-resolution VTEM to add resolution to the basement conductors and anomalies
identified in 2012.
• Complete high-resolution Gravity surveys.
Project Itza – 3955ha / 39.6 km2
Project Itza is located in the Northeastern portion of the Thelon Basin - Itza was identified before the
staking rush took place and is within the most prospective region of the Thelon Basin that contains the
high-grade uranium oxide samples.
A 0.88% uranium oxide boulder sits within the project and planned drilling in 2007 was never completed.
At least 3 radioactive boulder trains are located, and the source is yet to be tested. Project Itza sits at the
mapped unconformity between the Thelon Formation and the underlying Amer Lake Metasediments. It
contains reactivated Faults identified in 2013 - not identified when the properties were last explored
(2012). The intersection of reactivated faults and unconformities is highly prospective for uranium
deposits. e.g. Cigar Lake, Key Lake. Historical assessment reports show expenditures > $10m in the area,
with at least $2m on the Itza Project. Multiple radioactive boulders were measured, including a
10,400ppm Uranium / 1.27% uranium oxide.
Previous explorers (Titan and Mega) focused only on Amer Lake geology based on data acquired from
previous operators, the potential for Neoarchean Rumble formation to underly part of the licence is high
which presents a high-quality unconformity target.
The project requires evaluation using concepts developed since exploration stopped in 2012.
The project has yet to be explored since the 2007 geophysical surveys or the 2013 revised geological
framework by Jefferson et al. The only drilling on the property was in 1980 and the aim then was to
understand stratigraphy – Not hunting for a deposit. No explorer has tested the Neoarchean rocks that
are projected to underlie the project area - These rocks host the nearby Tatiggaq discovery and Kiggavik
Deposit.
The Company is a Canadian mineral exploration company, focused on the acquisition and development
of mineral projects, with the objective to enhance value to all its stakeholders. The Company has a mineral
exploration project in British Columbia, Canada.
The technical information contained in this n ews release has been reviewed by Mr. Richard Walker, a
director of the Company and a Certified Professional Geologist with the American Institute of Professional
Geologists and a member of the Geological Society of Nevada, a Qualified Person for the Company as
defined in National Instrument 43-101.
On Behalf of the Board of Directors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
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The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of the content of this news release.
Forward-looking statements:
This news release contains "forward-looking information" under applicable Canadian securities legislation.
Such forward-looking information reflects management's current beliefs and are based on a number of
estimates and/or assumptions made by and informat ion currently available to the Company that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may
cause the actual results and future events to differ materially from those expressed or implied by s uch
forward-looking information. Readers are cautioned that such forward- looking information are neither
promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not
limited to, general business, economic, competi tive, political and social uncertainties, uncertain and
volatile equity and capital markets, lack of available capital, actual results of exploration activities,
environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in the mining industry.
These statements include but are not limited to possible acquisitions and exploration of uranium or other
properties, liquidity of the common shares of the Company and future financings of the Company. These
statements reflect management's current estimate s, beliefs, intentions, and expectations. They are not
guarantees of future performance. The Company cautions that all forward- looking statements are
inherently uncertain and that actual performance may be affected by many material factors, many of
which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties
relating to the acquisition of new properties, liquidity of the common shares of the Company, financings,
the market valuing the Company in a manner not anti cipated by management of the Company.
Accordingly, actual and future events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the forward- looking information. Except as
required under applicable securities legislation, the Company does not undertake to publicly update or
revise forward-looking information.
The Company is presently an exploration stage company. Exploration is highly speculative in nature,
involves many risks, requires substantial expenditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, t he Company currently has no reserves on its
properties. As a result, there can be no assurance that such forward- looking statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in such
statements.