Lexston stakes addition minerals claims in Nunavut
929 Mainland Street
Vancouver, BC V6B 1S3
Phone
Website
(604) 928-8913
www.lexston.ca
News Release
Lexston Mining Corporation Arranges Staking of Additional Mineral Claims in Thelon Basin, Nunavut
Vancouver, British Columbia, January 23 , 2024. Lexston Mining Corporation (the “Company” or
“Lexston”) (CSE: LEXT) (OTC: LEXTF) (Frankfurt: W5G) announces that further to its news release s dated
November 27, 2023 and January 10, 2024, the Company has arranged staking of five new mineral claims
for prospective uranium exploration. These five mineral claims are in the Thelon Basin in Nunavut
Territory and occupy an area of 5,688ha. The total land area held for exploration by Lexston through the
new five claims and the previously announced Project 176 and Project Itza Option Agreement in the
Thelon Basin is now 11,350 hectares. These mineral claims will now make project Itza and 176 contiguous
and cover 14 additional radiometric anomalies along the northern unconformity in the Thelon Basin.
Jag Bal, President, and CEO of Lexston states, “We were one of the first movers in the 2023-2024 uranium
staking rush in the Thelon Basin. We look forward to being a part of a very busy exploration season in the
basin and are excited to follow up on the high-grade uranium showings that we have on our property.”
About the Mineral Claims - 5688ha/56.9km²
The five new mineral claims have increased Lexston’s exploration area to a total area of 11,360ha, joining
project Itza and project 176 and making it one contiguous land package hosting a total of 24 radiometric
anomalies as identified by Titan in 2007. The five mineral claims are located along the mapped
unconformity between the Thelon Formation and the underlying Amer Lake Metasediments , which
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contains reactivated faults. The intersection of reactivated faults and unconformities is highly prospective
for uranium deposits. e.g., Cigar Lake, Key Lake.
The five mineral claims are located within the most prospective region of the Thelon Basin and contain
high-grade uranium oxide samples.
The Company identifies the following advantages of newly staked mineral claims:
• 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
Boulders containing high grade uranium anomalies were discovered by previous explorers.
Project 176 is in the Northeastern portion of the Thelon Basin - 176 is within the most prospective region
of the Thelon Basin.
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. Project 176 was previously owned but never explored by Nex Gen Energy.
Proposed Work:
• 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
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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 boulder containing a uranium oxide anomaly 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.
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.
National Instrument 43-101 Disclosure
The technical information contained in this news r elease 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
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of the content of this news release.
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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 anticipated 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.