Lancaster Resources Expands Exploration in Quebec’s James Bay with Lac Iris Polymetallic Project Acquisition
globenewswire.com
June 12, 2025 08:00 ET | Source: Lancaster Resources Inc.
VANCOUVER, British Columbia, June 12, 2025 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF) (FRA:6UF) (“Lancaster”), is pleased to announce the acquisition of a 100% interest in the Lac Iris Polymetallic Project in the James Bay region of Quebec. The Property lies just 5 km south of the significant Nisk and Lion discoveries by Power Metallic Inc. and adjacent to the Li-FT Power Ltd. Rupert Lithium Project. The Lac Iris acquisition expands Lancaster’s land position in the James Bay region and complements its option on the Trans-Taiga Project, which is also located in James Bay.
“Lancaster is extremely pleased to acquire these mineral claims. The properties bolster our exploration opportunities in Quebec, and the proximity to major discoveries supports the opportunity to make a discovery. This acquisition builds on the momentum from our Lake Cargelligo acquisition, continuing to unlock shareholder value,” said Andrew Watson, President and CEO of Lancaster Resources.
The proximity of the Lac Iris Property to adjacent or nearby mineral properties, including the NISK Project and the Whabouchi Mine, is not necessarily indicative of the mineralization on the Lac Iris Property. There is no certainty that exploration on the Lac Iris Property will result in similar discoveries or resource estimates.
Acquisition Highlights
Lac Iris Polymetallic Project. The property spans ~1,443 hectares across three packages. The properties are all immediately adjacent to Li-FT claims. Located along the same geological trend as the Whabouchi Lithium pegmatite deposit and the NISK polymetallic high-grade nickel-copper sulphide deposit, the properties are highly prospective for lithium and polymetallic exploration. Lac Iris is situated along the sub-province boundary between La Grande and Opatica Subprovinces. Subprovince boundaries are often delineated by deep-rooted crustal features filled by late-stage intrusives, including pegmatites and polymetallic mineralization.
The Polymetallic and Lithium District in James Bay. Situated in Quebec, one of Canada's provinces, James Bay is emerging as one of Canada’s districts for polymetallic and lithium exploration. The Whabouchi mine, operated by Nemaska Lithium, is located just 11 km north of the Lac Iris Project.
Strategic Acquisition Diversifies Position. With the acquisition of the Lac Iris Polymetallic Project, Lancaster continues to build its exploration project portfolio. The Lac Iris acquisition builds on Lancaster's existing Trans-Taiga Project in James Bay, as well as its uranium and gold exploration in Saskatchewan's Athabasca region, and the recently announced gold acquisition at Lake Cargelligo in New South Wales, Australia.
Planned Work Program. Lancaster plans to embark on an exploration campaign on the Property with a goal to identify polymetallic and lithium-rich areas, construct detailed geological maps, and evaluate the high-value metals content through sampling.
Property Access. Year-round access by road via Route du Nord Road, which transects the Lac Iris 1 Property. The Property is located approximately 43 km east of the airport and village of Nemiscau, QC. Hydroelectric transmission lines transect the Property.
Andrew Watson, P.Eng., President & CEO and a Director of the Company, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Watson has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is the President and CEO of Lancaster and is not independent of the Company.
About Lancaster Resources Inc.
Lancaster Resources Inc. is a Canadian exploration company focused on advancing a diversified portfolio of critical mineral and precious metal assets. The Company holds a 100% interest in the Lac Iris Polymetallic Project in Quebec and the Piney Lake Gold Project in Saskatchewan, and maintains additional uranium exploration projects at Catley Lake and Centennial East in the Athabasca Basin, Saskatchewan. It also has an option to acquire 100% of the Trans-Taiga Project in the James Bay region of Quebec. Lancaster has also signed a definitive agreement to acquire the Lake Cargelligo Gold Project in New South Wales, Australia.
Andrew Watson, President & Chief Executive Officer, Lancaster Resources Inc.
Andrew@lancasterlithium.com
Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster’s future performance. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”, ”estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, ability to complete the acquisition of the Lake Cargelligo Gold Project, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
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