(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 10, 2024 - Lexston Mining Corporation (the “Company” )(CSE:LEXT) (OTC:LEXTF) announces that further to its news releasedated November 27, 2023, the Company has issued 1,000,000 commonshares and made a $90,000 payment pursuant to the Project 176 andProject Itza Option Agreement dated November 27, 2023 (the “Agreement” ). The common shares issued pursuant to the Agreement aresubject to a four month and one day statutory hold period.
Jag Bal, President, and CEO of Lexston states, “This acquisition in the ThelonBasin represents a good opportunity in a uranium rich basin that hassimilar potential to the Athabasca Basin. Historical data shows thepotential for high-grade uranium deposits in the region and hastriggered a staking rush at the basin, with other companies includingAtha Energy (TSXV: SASK)active in the region.”
Project 176 – 1708Ha / 17km2
Located in the Northeasternportion of the Thelon Basin - 176 is within the most prospectiveregion of the Thelon Basin that contains the highest-grade uraniumsample – 380,000ppm uranium.
Project 176 was previously owned and explored by NexGenEnergy who purchased the project from Mega Uranium in 2012.
Project Itza – 3955ha / 39.6km2
Located in the Northeastern portion of the Thelon Basin- Itza was identified before the staking rush took place and is withinthe most prospective region of the Thelon Basin that contains thehigh-grade uranium oxide samples .
At least 3 radioactive boulder trains are located, andthe source is yet to be tested. Project Itza sits at the mappedunconformity between the Thelon Formation and the underlying Amer LakeMetasediments . It contains reactivated faults identified in 2013 - not identified whenthe properties were last explored (2012) . The intersection of reactivated faults andunconformities is highly prospective for uranium deposits. e.g. CigarLake, Key Lake . Multipleradioactive boulders were measured, including a 10,400ppm Uranium /1.27% uranium oxide.
The Company is a Canadian mineral exploration company,focused on the acquisition and development of mineral projects, withthe objective to enhance value to all its stakeholders. The Companyhas a mineral exploration project in British Columbia, Canada.
The technical information contained in this newsrelease has been reviewed by Mr. Richard Walker, a director of theCompany and a Certified Professional Geologist with the AmericanInstitute of Professional Geologists and a member of the GeologicalSociety of Nevada, a Qualified Person for the Company as defined inNational Instrument 43-101.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal Chief Executive Officer
Telephone: (604) 928-8913
The Canadian Securities Exchange hasnot reviewed and does not accept responsibility for the adequacy oraccuracy of the content of this news release.
Forward-lookingstatements:
This news release contains"forward-looking information" under applicable Canadiansecurities legislation. Such forward-looking information reflectsmanagement's current beliefs and are based on a number of estimatesand/or assumptions made by and information currently available to theCompany that, while considered reasonable, are subject to known andunknown risks, uncertainties, and other factors that may cause theactual results and future events to differ materially from thoseexpressed or implied by such forward-looking information. Readers arecautioned that such forward-looking information are neither promisesnor guarantees and are subject to known and unknown risks anduncertainties including, but not limited to, general business,economic, competitive, political and social uncertainties, uncertainand volatile equity and capital markets, lack of available capital,actual results of exploration activities, environmental risks, futureprices of base and other metals, operating risks, accidents, labourissues, delays in obtaining governmental approvals and permits, andother risks in the mining industry. These statements include but arenot limited to possible acquisitions and exploration of uranium orother properties, liquidity of the common shares of the Company andfuture financings of the Company. These statements reflectmanagement's current estimates, beliefs, intentions, and expectations.They are not guarantees of future performance. The Company cautionsthat all forward-looking statements are inherently uncertain and thatactual performance may be affected by many material factors, many ofwhich are beyond the Company’s control. Such factors include, amongother things: risks and uncertainties relating to the acquisition ofnew properties, liquidity of the common shares of the Company,financings, the market valuing the Company in a manner not anticipatedby 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 theforward-looking information. Except as required under applicablesecurities legislation, the Company does not undertake to publiclyupdate or revise forward-looking information. The Company is presentlyan exploration stage company. Exploration is highly speculative innature, involves many risks, requires substantial expenditures, andmay not result in the discovery of mineral deposits that can be minedprofitably. Furthermore, the Company currently has no reserves on itsproperties. As a result, there can be no assurance that suchforward-looking statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements.
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