Lancaster Granted Exploration License at Lake Cargelligo Gold Project
finance.yahoo.com
Lancaster Resources Inc.
Thu, May 15, 2025 at 11:19 AM PDT 4 min read
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VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR) (OTC:LANRF) (FRA:6UF0) (“Lancaster”), is pleased to announce that the vendor of the Lake Cargelligo Gold Project received final approval from the State of New South Wales for an Exploration License at the Lake Cargelligo Gold Project (the "Project") in the famed Cobar mining district of New South Wales, Australia. The Project encompasses over 28,768 hectares under a single Exploration License (EL 9775) for Group 1 Minerals. The Exploration License is for a four-year term and will expire March 26, 2029.
Lancaster announced its planned acquisition of the Lake Cargelligo Gold Project on April 23, 2025. As part of the approval of the license, Lancaster, as the buyer of the project, will be required to comply with the Work Program as submitted to the State, which has a minimum exploration commitment of AUD $82,500 (approximately $74,000 CAD) over 4 years. Lancaster looks forward to completing the acquisition in June 2025 and launching initial exploration work in Q3 2025 and significantly exceeding the minimum work program.
2025 Q3 Exploration Program:
Lancaster is advancing an exploration program for the Project in Q3 2025. The primary focus will be identifying gold mineralization, re-evaluating and updating detailed geological and geophysical maps, and additional surface geochemical sampling with some drilling.
Project Highlights:
- District-scale opportunity: 28,768 hectares in a single, contiguous claim with over 25 km of prospective strike and three primary target zones.
- High-grade results: Historical sampling includes results up to 204 g/t Au and 273 g/t Ag from rock chips, and up to 16m @ 5.83 g/t Au and 7.20 g/t Ag from channel sampling.1
- Strategic location: Situated 60 km from the producing Mineral Hill Mine in one of Australia’s most prolific gold regions.
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1 Sources include: (1) Carpentaria Exploration Ltd., 2014 Annual Report for EL8095; (2) Aberfoyle Exploration Pty Ltd., First and Final Report for EL1770, June 1982; (3) Lachlan Resources N.L., First Six-Month Progress Report for EL2914; and (4) MinView database from the Geological Survey of NSW ( https://www.resources.nsw.gov.au/geological-survey/minview).
Figure 1
Management Comments
“Lancaster is pleased to have received a timely approval from the State of New South Wales for the Exploration License. This is an important step for us as we build on the momentum to unlock shareholder value and complete our financing for exploration in Q3 2025. We look forward to closing the private placement over the next couple of weeks and advancing all of Lancaster’s precious and critical mineral projects,” said Andrew Watson, President and CEO of Lancaster Resources.
All exploration results are historical in nature and have not been verified by a Qualified Person under NI 43-101. The Company considers these results relevant for exploration purposes but not necessarily indicative of mineralization on the property.
Lancaster intends to close in June 2025 the acquisition of the Lake Cargelligo Gold Project and non-brokered private placement financing as announced on April 23, 2025.
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 not independent of the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 Piney Lake Gold Project in Saskatchewan and maintains additional uranium exploration projects at Catley Lake and Centennial East in the Athabasca basin, Saskatchewan, as well as the Alkali Flat Lithium Project in New Mexico and the Trans Taiga Project in 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.
A photo accompanying this announcement is available at globenewswire.com
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