March 21, 2012
Lexam VG Gold: Drilling Continues to Expand Gold Mineralization at Buffalo Ankerite Including 18.42 Grams Per Tonne Gold Over 2.6 Metres
Resource Estimate Underway
TORONTO, ONTARIO--(Marketwire - March 21, 2012) - Lexam VG Gold Inc. (TSX:LEX)(FRANKFURT:VN3A) (OTCQX:LEXVF) is pleased to announce positive exploration results from 13 new holes at the Buffalo Ankerite Project, located in Timmins, Canada. Drill highlights include 4.24 grams per tonne (gpt) gold over 16.6 metres (m) including 18.42 gpt gold (Au) over 2.6 m. This hole was drilled 100 m above an earlier hole that intersected 9.31 gpt Au over 1.5 m. The results confirmed the continuity of the mineralized zone both along strike and down dip.
The holes contained in this release were focused on expanding the Buffalo Ankerite mineralization where it remains open and filling gaps in potential resource blocks. The results continue to follow up on the positive North Zone results that were released on November 15, 2011 and July 28, 2011.
Drill Assay Highlights (see Tables 1 and 2 for complete assay results)
--------------------------------------------------------------------------Hole # Assay From (m) Assay Intercept Gold Grade(gpt) Width (m) --------------------------------------------------------------------------North Zone --------------------------------------------------------------------------VBA-12-194 315.3 45.5 1.49 --------------------------------------------------------------------------incl 2.4 5.89 --------------------------------------------------------------------------363.0 16.6 4.24 --------------------------------------------------------------------------incl 2.6 18.42 --------------------------------------------------------------------------
--------------------------------------------------------------------------VBA-11-187 406.5 24.4 1.2 --------------------------------------------------------------------------485.1 8.5 4.25 --------------------------------------------------------------------------incl 0.9 11.1 --------------------------------------------------------------------------
--------------------------------------------------------------------------VBA-11-188 262.8 5.2 4.83 --------------------------------------------------------------------------310.5 1.2 7.00 --------------------------------------------------------------------------
--------------------------------------------------------------------------VGP-11-124 629.5 3.0 7.75 --------------------------------------------------------------------------
--------------------------------------------------------------------------VBA-11-192 636 2.2 7.52 --------------------------------------------------------------------------South Zone --------------------------------------------------------------------------VBA-11-190 508.0 11.2 3.41 --------------------------------------------------------------------------incl 6.3 4.18 --------------------------------------------------------------------------
--------------------------------------------------------------------------VGA-11-09 417.7 4.7 5.42 --------------------------------------------------------------------------Intervals reported here are core lengths. True widths are not known at this time. All depth reported as down hole. Results for all the holes drilled are shown at the end of this press release in Table 1. Legend: m = metres; gpt = grams per tonne; incl = including
North Zone Resource Expanded Along Strike and to Depth