Lithium is essential for producing lithium-ion batteries — and therefore essential to the global electrification goals. Moreover, the battery metal plays a key role in multiple technologies central to sustainability. Analyst expectations indicate that by 2040, we could see lithium demand grow more than 40 times what it is today, especially driven by new legislation intended to increase the supply of critical minerals, such as the Inflation Reduction Act in the United States.
One challenge not often discussed with regard to lithium supply is sustainability. Traditional lithium mining typically requires immense volumes of energy and generates considerable waste. Even lithium brine extraction, typically viewed as the more sustainable option, has the potential to cause environmental harm.
Enter Lancaster Resources (CSE:LCR,OTCQB:LANRF,FSE:6UF0), a dynamic, junior exploration company focused on developing the resources required for the global transition to clean energy and electrification. The company intends to be one of North America's first climate-positive lithium producers. To achieve this, Lancaster plans to implement a number of innovative technologies and practices, including leveraging solar energy in its production and developing a carbon sequestration process for its operations.
Lancaster will also make full use of direct lithium extraction technology, allowing it to recover the majority of lithium from brine deposits with minimal environmental impact.
Lancaster Resources currently has the option to acquire a 100-percent interest in the Alkali Flat lithium project, which will become its flagship. The closed-brine deposit is situated in New Mexico, which many believe is the next frontier for lithium. Notably, Alkali Flat also displays very similar geology to Clayton Valley in Nevada, currently the site of the only producing lithium mine in the country.
In addition to lithium, the company also has two high-impact mineral claims in the world-class Athabasca Basin, targeting high-grade uranium. The Catley Lake and Centennial East properties, spanning 3,036 hectares and 5,081 hectares, respectively, provide significant exploration opportunities. The Athabasca Basin in Saskatchewan, Canada hosts some of the world’s largest and highest-grade uranium deposits and home to some of the biggest mines, including Cameco’s McArthur River and Cigar Lake uranium mines. Lancaster’s assets are adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca Basin.
These promising projects are not the only reason to keep an eye on Lancaster Resources — the company also employs a highly experienced and respected technical team.
Exploration consultant Rodney Blakestad is a geologist with over forty years of experience in mineral exploration, having discovered multiple high-value deposits throughout his career. The esteemed Gary Lohman also sits on the company's advisory board, providing extensive expertise in geological, geochemical and geophysical exploration techniques.
With its new collaborative agreement with KorrAI Technologies, a pioneer in hyper-spectral imaging, Lancaster is also redefining and enhancing the efficiency and accuracy of mineral exploration, particularly for lithium, uranium, rare earth elements and other critical minerals. This cutting edge technology effectively minimizes environmental impact, optimizes resource discovery, and accelerates production.
Lancaster Resources currently plans to acquire a 100-percent interest in Alkali Flat, a lithium brine project that will serve as the company's flagship. Located in the Animas Valley near Lordsburg, the 233-claim property is also transected by Interstate 10. Historic research and geochemical data indicate the presence of anomalous levels of lithium.
Lancaster plans to evaluate potential direct lithium extraction partners once it has taken and assessed brine samples from the site.
Lancaster has an exclusive option to acquire 100 percent of the 3,520-acre Trans-Taiga lithium pegmatite property in Quebec, located between Patriot Battery Metals’ Corvette and Winsome Resources’ Cancet deposits. This underexplored yet highly prospective property has huge upside potential with access to hydroelectric power, providing clean, near-zero-carbon electricity. Lancaster plans to conduct surface exploration and a geophysics program in the spring of 2024.
Acquired by Lancaster in February 2024, Catley Lake and Centennial East cover 3,036 and 5,081 hectares, respectively, offering significant exploration opportunities. The properties are approximately 24 kilometers southwest of Cameco’s prospective Dufferin uranium deposit. Lancaster plans to progress the exploration of these claims using new, modern technologies to identify favorable geology, structures and corridors that could host high concentrations of uranium. These strategic acquisitions reinforce Lancaster’s dedication to discovering critical minerals in support of the energy transition.
Penny White is an accomplished business leader with over 20 years of experience in the capital markets. As the president and CEO of Lancaster Lithium, she brings a wealth of expertise and leadership to the company. White has a diverse background, with experience in sectors such as mining, pharmaceuticals and clean energy. She co-founded a pharmaceutical company that was later acquired for $342 million and was the chairman of Highbury Energy for 10 years, overseeing the development of the company’s gasification technology and registration of a patent to create high-grade synthetic gas from biomass.
White has been recognized in PROFIT Magazine's W100 list of top entrepreneurs and has raised over $50 million for companies she has founded. In addition to her Law Degree, Penny has completed the Oxford Leading Sustainable Corporations Programme and the Oxford Climate Emergency Programme from Saïd Business School, University of Oxford. She is deeply committed to fighting climate change and working towards a more sustainable future.
White believes that by taking care of our planet, we can create a better world for ourselves and future generations.
Andrew Watson brings with him 21 years of rich technical leadership, operations, corporate strategy, and commercialization experience in lithium, hydrogen, and conventional oil and gas production. Watson’s experience includes working at Prism Diversified, as chief operating officer, to lead the technical development of two substantial battery metal critical mineral opportunities. While at Prism Diversified, Watson is spearheading the lithium brine development opportunities on over 850 square miles of highly prospective brine resources. His previous positions include VP engineering and operations at CleanInnoGen Energy, where he led the development of the world’s first-of-a-kind pilot project to capture industrial waste heat to produce on-site, low-cost, near-zero emission hydrogen and oxygen. Prior to this, as the VP of engineering and operations at Hyak Energy, he managed the operations of a 60MMbbl medium crude oil field in SW Saskatchewan, using an Alkali-Surfactant-Polymer chemical enhanced oil recovery scheme, increased production by over 250 percent, and spearheaded corporate sale leading to a successful divestment in January 2020.
Rick Huang has been the CFO of Lancaster Resources for 2 years. He has over 15 years’ experience as a director and officer in public companies. Between 2012 and 2014, he chaired the compensation and corporate governance committee for Great Northern Gold Exploration Corporation. For 11 years, from 2007 to 2018, he was the CFO of Hanwei Energy Services (TSX:HE), managing its finance, banking, and compliance departments. He has overseen accounting for subsidiaries in Canada, China, and Kazakhstan. His roles have encompassed investor relations, AGM preparations, and international joint venture negotiations. His experience also spans roles at companies like Pepsi Bottling Group (Canada) and Coca-Cola China. Huang has been involved with Datable Technology (TSXV:TTM) since May 2015 and previously with Poydras Gaming Finance. (TSXV:PYD). He’s been a designated CPA, CGA since 2005 and has an MBA from the University of Western Ontario in 2001.
Rodney Blakestad is a highly experienced consulting geologist with a successful career spanning over 40 years. Throughout his career, Blakestad has been involved in the discovery of numerous commercial-grade deposits, including the bulk-tonnage potential of the largest operating gold mine in Alaska (Fort Knox, now at 10M ounces), the first leached-cap porphyry systems discovered in Alaska (Taurus-Bluff and others), Cerro Caliche bulk-tonnage gold discovery near Cucurpe, Sonora, Mexico, the Anderson Mountain and Red Mountain VMS deposits in the Alaska range, USA and numerous volcanogenic massive sulfide deposits (VMS) in the Delta District, Alaska, USA. He has also discovered several gold placers in Alaska, USA.
Blakestad's expertise in minerals exploration was developed through his university education at the University of Alaska, where he studied advanced geochemistry, with special topical studies on gold geochemistry, the origin and transport of large gold particles and leached outcrop interpretation. Additionally, he has traveled throughout western Canada, the US and Mexico studying alteration facies and leached cap rocks of porphyry systems and some gold deposits to distinguish between barren deposits and mineralized systems.
In addition to his geological expertise, Blakestad has a Juris Doctor from the University of Denver Law School, where he studied natural resources and environmental law. This background has led him to focus on brine lithium deposits that can be processed with minimal surface degradation, and water consumption, and use alternatives to fossil fuels for the entire recovery process. Blakestad is a certified professional geologist with the American Institute of Professional Geologists and a registered professional geologist in the State of Alaska. He has also been a board of director and/or vice-president of exploration for several publicly traded companies.
Danial Card, P.Geo, RPGeo, a professional Geophysicist, holds a BSc. Hons degree from the University of Manitoba and is currently registered in Canada and Australia. His career started with Xstrata (now Glencore) where he worked his way up to project geophysicist at Raglan Mine in northern Quebec then went on to serve at Xstrata’s Western Australian operations Cosmos and Sinclair in the Leinstern-Wiluna nickel camp, where he played a key role in the discovery and definition of the 9 MT Odysseus nickel sulphide deposit.
Following his tenure at Xstrata, Card went on to work as senior geophysicist for Southern Geoscience Consultants in Perth, WA, where he served as the staff electromagnetics specialist. He also served as the technical lead on many mineral exploration projects. Card continued as a senior technical consultant to Abitibi Geophysics and an expert peer reviewer for the journal “Exploration Geophysics”. He then founded EarthEx, a company specialized in geophysical prospecting, data interpretation, 3D modeling and target definition,
Gary Lohman is one of the founding members of and currently serves as the chief operating officer for both Royal Stewart Resources Corp and Thistle Resources. He also holds the position of vice-president at Nine Mile Metals. With four decades of management experience, Lohman brings a wealth of knowledge in precious and base metal exploration both inside and outside the mining industry.
A graduate of the esteemed geology programme at the University of Toronto in 1981, Lohman’s proficiency spans various geological, geochemical and geophysical exploration techniques. He has applied these skills in numerous geological contexts, including volcanogenic massive sulphides (VMS), porphyry copper/molybdenum and iron oxide copper gold (IOCG) style deposits. His expansive experience extends to conducting evaluations and research on bonanza grade and bulk tonnage gold-silver properties located in Canada, Mexico, California, Ecuador and Chile.
Patrick Cruickshank brings over 20 years of experience from the wealth management sector working for Merrill Lynch, Legg Mason and Citigroup Capital Markets, where he focused on creating and protecting wealth while specializing in funding growth companies. Cruickshank was an NFLPA Advisor from 2000 to 2012, until transitioning into the private equity sector. Since 2012, he has concentrated on acquiring, funding and growing companies in the energy and resource sector.
Cruickshank is the current Chief Executive Officer and Director of Nine Mile Metals (CSE:NINE). He also serves on a number of private resource companies and is a frequent speaker/interviewee on the resource sector investment space, in Australia, Chile, Canada and the USA.
Cruickshank is a former Canadian Olympic/U23 soccer player, US NCAA Division 1 collegiate player and coach. He received his MBA from the Schulich School of Business at York University in 1989.
Heather Williamson is a seasoned finance and legal professional with over 20 years of experience in the industry. She has worked as a paralegal and in corporate finance for several public companies, including Boston Pizza International and Angiotech Pharmaceuticals. Williamson's expertise in finance and the legal industry is demonstrated by her successful completion of over $10 million in financing for a public company, including spearheading all aspects of an initial public offering and successful listing on the Canadian Securities Exchange (CSE).
She is well-versed in finance closings, IPOs and compliance with securities and stock exchange regulations. In addition to her extensive experience, Williamson is currently working towards her MBA at Royal Roads University. She currently serves as the director and vice-president of corporate finance for Lancaster Lithium, where she leads the company's corporate and securities compliance strategy.
William Feyerabend brings with him a vast wealth of experience in the exploration and development of Lithium projects across the American West, Mexico, and South America. He has authored technical reports for claim blocks in Nevada’s lithium development epi-center, including the Clayton and Fish Lake Valleys. His expertise in lithium exploration began in 2015, with a specific focus on Esmeralda County, NV and especially Clayton Valley. Notably, Feyerabend set the discovery well for Pure Energy.
Feyerabend has extensive experience in generating lithium brine targets and serving as a Qualified Person for lithium projects in Nevada, California, Utah, and Argentina. He has had roles with major companies such as US Borax and Gold Fields Mining and played a part in the discovery and development of four significant mineral projects. His international exposure is equally extensive, having worked on projects in Argentina, Bolivia, Chile, China, Colombia, Ghana, Guyana, Mexico, Peru, Saudi Arabia, United States, and Venezuela. This wealth of international experience will prove invaluable as Lancaster Resources continues to expand and enhance its operations.
Mohammad Asefi received his B.Sc. and M.Sc. degrees in antennas and microwave engineering from the American University of Sharjah, United Arab Emirates, in 2009 and 2011 respectively, and his PhD in electrical and computer engineering in 2016 from the University of Manitoba, Winnipeg, MB, Canada. From 2016 to 2017 he was a postdoctoral fellow at the electromagnetic imaging laboratory at the University of Manitoba. He was the director of research at 151 Research Inc. between 2017 and 2020 with a focus on biomedical imaging, stored grain monitoring using electromagnetic waves, and the development of electromagnetic imaging systems, and near-field measurements. He was the product development manager (Advanced Research) at Agco Winnipeg between 2020 and 2023 with a focus on the research and development of electromagnetic imaging systems/techniques for monitoring grain bins. He is currently the CTO of EarthEx Geophysical Solutions where he works on cutting-edge technologies for drone-based magnetic and electromagnetic data acquisition and analysis systems.
Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) a North American critical minerals exploration company, is excited to announce the acquisition of the Piney Lake Gold Property.
Property Overview
The Piney Lake Gold Property, covering an area of 2,267.8 hectares, is nestled approximately 65 kilometres east of La Ronge Provincial Park and a mere 2.5 kilometres east of North Arrow Minerals' Pikoo property. Encircled by the prolific gold claims of SGO / SSR Mining, the Piney Lake claim is in a region with a storied history of mineral discoveries. Access to the Piney Lake property is facilitated by provincial highways, placing it about 18 kilometres to the southwest of Pelican Narrows via Highway 135 and similarly accessible to Deschambault Lake via Highway 911. The Company acquired the property by staking claims directly in Saskatchewan, Canada.
Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster's properties.
Geological Significance
Piney Lake is strategically positioned within the Glennie Domain, an area known for its mafic to mafelsic rock. The property is characterized by basic volcanics, quartz diorite-tonalite to granodiorite, and quartz-diorite lithology, suggesting rich potential for gold mineralization. Notably, the Tabbernor fault and shear zone lie just past the eastern border of the property.
Geochemical Highlights
Historical geochemical samplings for Piney Lake mention significant gold showings identified along a north-south trend. These include concentrations of 7.55g/T Au approximately 375 meters north, and an impressive 41.35g/T Au approximately 4.1 kilometres north, among others. These findings underscore the high-grade gold potential awaiting Lancaster's exploration team and the use of modern exploration techniques.
Exploration Legacy
The area around Piney Lake has seen very limited recent exploration activities. Placer Dome Mines in the 1990s and, more recently, the Thurloe Gold Syndicate between 2010 and 2012 were the more recent forays in the area. North Arrow Minerals' discovery of diamonds in 2013, followed by Alto Minerals' exploration in 2014, emphasizes the properties' mineralization and exploration upside for gold, copper, and other minerals.
"The acquisition of the Piney Lake Gold Property is an exciting project to add to our growing exploration portfolio," says Penny White, President and Chief Executive Officer of Lancaster.
Andrew Watson, PEng, a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is VP, Engineering and Operations and a Director of Lancaster Resources Inc.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring lithium and uranium and other critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services exploration.
Lancaster holds a 100-per-cent interest in the Catley Lalk and Centennial East Uranium projects in the Athabasca basin in Saskatchewan, Canada. Lancaster's project portfolio includes rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec. It also has a minority interest in Nelson Lake Copper Corp., an unlisted reporting issuer which owns 100-per-cent of the Nelson Lake Copper Project in Saskatchewan, Canada. Lancaster is in the process of divesting a majority of its ownership in Nelson Lake through a spin-off transaction. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
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 obtain financing and maintain ownership of its portfolio of properties by meeting payment and expenditure requirements. the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) and Nelson Lake Copper Corp. (" Nelson ") announce that the plan of arrangement previously announced on January 30, 2024 (the " Arrangement" ), including the spin-off of Lancaster's wholly-owned subsidiary, Nelson, closed today.
The Arrangement was approved by the shareholders (the " Shareholders ") of the Company's common shares at an annual and special meeting held on March 15, 2024, and by the British Columbia Supreme Court in its final order dated March 25, 2024.
Today the Arrangement closed pursuant to which Lancaster was issued 1,650,000 Nelson common shares at a price of $0.02 per share, and Lancaster completed the spin-off of a majority of its ownership in Nelson through the issuance of stock dividend of 1,046,269 Nelson shares to the Shareholders at a ratio of 0.02 Nelson common shares for each common share held in Lancaster as of February 5, 2024. Nelson also subscribed for 550,000 shares of Lancaster at a price of $0.06 per share.
Following the transaction, Lancaster continues to own 703,731 common shares of Nelson, and Nelson is now a separate unlisted "reporting issuer" in each of British Columbia, Alberta, Saskatchewan, and Ontario. Nelson owns 100% of the Nelson Lake Copper Project, which consists of 1 mining claim covering a contiguous block of 5,746 hectares in Saskatchewan (the " Nelson Lake Copper Project ").
Further details regarding the Arrangement can be found in the Company's management information circular dated February 8, 2024, which can be found under the Company's SEDAR+ profile at www.sedarplus.ca .
More detailed information about the Nelson Lake Copper Project is contained in the Technical Report entitled, Nelson Lake Copper Property, Saskatchewan Canada dated February 1, 2024, prepared by Nikolay Bashaev, Sc., P.Geo, and Fallon Clarke, B.Sc., P. Geo, of APEX Geoscience Ltd., of Edmonton, Alberta, Canada (the " Technical Report "). The Technical Report is prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum definition standards and best practice guidelines (2014, 2018, 2019) and the Canadian Securities Administration's Standards for Disclosure of Mineral Projects, National Instrument 43-101 which can be found under the SEDAR+ profile for Nelson.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring lithium and uranium and other critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services exploration.
Lancaster holds a 100-per-cent interest in the Catley Lalk and Centennial East Uranium projects in the Athabasca basin in Saskatchewan, Canada. Lancaster's project portfolio includes rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and the Nelson Lake Copper Project in Saskatchewan, Canada, held through its subsidiary Nelson Lake Copper Corp. Lancaster is in the process of divesting a majority of its ownership in Nelson Lake through a spin-off transaction. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
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 enter into an Arrangement Agreement and meet the other conditions precedent of the Spin-Off Agreement, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF) (" Lancaster "), Lancaster Resources, a North American critical minerals exploration company, is excited to announce the acquisition of two high impact mineral claims in the world-class Athabasca Basin. The two claims are targeting high grade uranium in basement and unconformity type deposits. The two properties, called Catley Lake and Centennial East, at 3,036 hectares and 5,081 hectares respectively, provide significant exploration opportunities. These strategic acquisitions bolster Lancaster's commitment to discovering critical minerals in support of the energy transition.
The Catley Lake & Centennial East mineral claims are located immediately adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca basin. The Centennial deposit, which is approximately 11km west of Lancaster's Centennial East claim, was the first significant high-concentration uranium deposit located along the Snowbird tectonic boundary. The Centennial deposit has shown assays up to 8.78% U 3 0 8 over 33.9m below the Athabasca sandstone and Virgin River unconformity from a Cameco drill. Concentrations of U 3 0 8 up to 25.6% were seen over 0.5m in a drillhole assay (SMDI-2758).
Approximately 24km southwest of Lancaster's claims is the Cameco Dufferin deposit. Dufferin has shown assays, from drilling, up to 1.73% U 3 0 8 over 6.5m. The Dufferin deposit also shows numerous intervals of uranium mineralization within the sandstone and unconformity.
Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster's properties.
Lancaster is planning to progress exploration on the claims with new, modern technologies, to identify favourable geology, structures, and corridors that could host high concentrations of uranium.
"We are truly excited to embark on this strategic advancement of LCR to acquire, explore, and develop critical mineral opportunities," said Andrew Watson, VP Engineering and Operations of Lancaster Resources. "With the rapidly increasing demand for clean energy, storage, and electrification of our energy systems, adding a clean fuel source like Uranium to our exploration pipeline is an ideal step. These assets, in a world class deposit like the Athabasca basin, in underexplored areas, will allow us to leverage our technical team and partners modern exploration techniques to find and unlock the next high concentration unconformity type uranium deposit in Saskatchewan. Lancaster is continuing to build on our ability to develop and provide critical minerals with uranium to support our lithium projects."
Alkali Flat Lithium Brine Project Update
In 2023 Lancaster identified drilling targets for lithium-rich aquifers ~150 M deep and ~650 M sub-surface as a result of its magneto-telluric geophysics program at its Alkali Flat project in New Mexico. Lancaster is planning a maiden drilling program to commence on permitting approvals. Archaeological representatives from the US Bureau of Land Management (BLM) were on site last week for site review and cultural resources clearance. This review is an essential step in progressing the drilling regulatory process for approval by the BLM and New Mexico Energy, Minerals and Natural Resources Department (EMNRD). Lancaster is actively working with both regulators for drilling approval, which is expected in early Q2 2024.
Andrew Watson, P.Eng., a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is the VP, Engineering and Operations for Lancaster.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating with Korr Ai Technologies Inc. to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services for the exploration of lithium, uranium, rare earth elements (REE), and other critical minerals.
Lancaster holds a 100% interest in the Catley Lalk and Centenniel East Uranium project in the Athabasca Basin in Sasktachewan, Canada. Lancaster's project portfolio includes rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and the Nelson Lake Copper Project in Saskatchewan, Canada, held through its subsidiary Nelson Lake Copper Corp. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@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 enter into a long form agreement for the acquisition of the Trans Taiga Lithium Property, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production 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.
News Provided by GlobeNewswire via QuoteMedia
In a release issued on Friday, February 9th by Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0), please note that the headline should have stated the interim was for Nelson Lake, rather than Crestfield Copper as originally announced. The corrected release follows:
Lancaster Resources Announces Receipt of Interim Order for Nelson Lake Spin-Off
Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) is pleased to announce that on February 2, 2024, the Supreme Court of British Columbia granted an interim order (the " Interim Order ") in connection with the proposed spin-off of Nelson Lake Copper Corp. (" Nelson Lake ") by Lancaster by way of Plan of Arrangement (the " Arrangement "). For further information on the Arrangement and the arrangement agreement (the " Arrangement Agreement "), please refer to Lancaster's news release dated January 30, 2024.
The Interim Order, among other things, directs Lancaster to call and hold a special meeting (the " Meeting ") of the holders of Lancaster common shares (the " Shareholders ") in accordance with the Business Corporations Act , BC, to pass a special resolution to approve the Arrangement. In accordance with the Interim Order, the Meeting will be held at 10:00 a.m. (Vancouver time), March 15, 2024, at the offices of the Company.
The record date for determining the Shareholders entitled to receive notice and to vote at the Meeting was the close of business on February 5, 2024, as was described in the Company's press release dated January 30, 2024.
In connection with the Meeting, the Company will mail an information circular (the " Circular "), together with related proxy materials (collectively, the " Meeting Materials ") to Shareholders in accordance with applicable securities laws. The Meeting Materials will also be available on SEDAR (www.sedar.com) under Lancaster's profile.
To be effective, the Arrangement must be approved by a special resolution passed at the Meeting by at least two-thirds (66 ⅔%) of the votes cast at the Meeting in person or by proxy by the Shareholders.
If all necessary approvals are obtained, the Company expects that the Arrangement will close in March 2024.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services for the exploration of lithium, uranium, rare earth elements (REE), and other critical minerals
Lancaster's project portfolio includes rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and the Nelson Lake Copper Project in Saskatchewan, Canada, held through its subsidiary Nelson Lake Copper Corp. Lancaster is in the process of divesting a majority of its ownership in Nelson Lake through a spin-off transaction. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
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 enter into an Arrangement Agreement and meet the other conditions precedent of the Spin-Off Agreement, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) is pleased to announce that on February 2, 2024, the Supreme Court of British Columbia granted an interim order (the " Interim Order ") in connection with the proposed spin-off of Nelson Lake Copper Corp. (" Nelson Lake ") by Lancaster by way of Plan of Arrangement (the " Arrangement "). For further information on the Arrangement and the arrangement agreement (the " Arrangement Agreement "), please refer to Lancaster's news release dated January 30, 2024.
The Interim Order, among other things, directs Lancaster to call and hold a special meeting (the " Meeting ") of the holders of Lancaster common shares (the " Shareholders ") in accordance with the Business Corporations Act , BC, to pass a special resolution to approve the Arrangement. In accordance with the Interim Order, the Meeting will be held at 10:00 a.m. (Vancouver time), March 15, 2024, at the offices of the Company.
The record date for determining the Shareholders entitled to receive notice and to vote at the Meeting was the close of business on February 5, 2024, as was described in the Company's press release dated January 30, 2024.
In connection with the Meeting, the Company will mail an information circular (the " Circular "), together with related proxy materials (collectively, the " Meeting Materials ") to Shareholders in accordance with applicable securities laws. The Meeting Materials will also be available on SEDAR (www.sedar.com) under Lancaster's profile.
To be effective, the Arrangement must be approved by a special resolution passed at the Meeting by at least two-thirds (66 ⅔%) of the votes cast at the Meeting in person or by proxy by the Shareholders.
If all necessary approvals are obtained, the Company expects that the Arrangement will close in March 2024.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services for the exploration of lithium, uranium, rare earth elements (REE), and other critical minerals
Lancaster's project portfolio includes rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and the Nelson Lake Copper Project in Saskatchewan, Canada, held through its subsidiary Nelson Lake Copper Corp. Lancaster is in the process of divesting a majority of its ownership in Nelson Lake through a spin-off transaction. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
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 enter into an Arrangement Agreement and meet the other conditions precedent of the Spin-Off Agreement, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
News Provided by GlobeNewswire via QuoteMedia
Forward Water Technologies (TSXV:FWTC) is helping lithium mining companies and other industries reduce their environmental impact through its innovative wastewater treatment technology that enables industrial operations to reduce liquid waste volume by up to 95 percent.
Environmental, social and governance (ESG) ratings continue to be a key business strategy for organizations as they impact public perception and partnership possibilities. For water-intensive industries, such as mining, sustainable wastewater management is critical.
Transformative wastewater technologies are critical for both businesses and the world’s population. In fact, unless sufficient progress is achieved, UNICEF and WHO estimate that 1.6 billion people will be without access to safe drinking water by 2030, and 2.8 billion will be without access to safe sanitation and hygiene. Water treatment technologies can disrupt current trends and improve global access to safe drinking water.
Through its Forward Osmosis (FO) technology, Forward Water is providing an environmentally friendly alternative to traditional wastewater disposal. Traditionally, wastewater disposal requires transporting untreated wastewater for deep well disposal or high-intensity thermal treatment.
Forward Water’s FO system is installed at the client site, and wastewater is treated to reduce waste volume and produce valuable clean water for reuse in the manufacturing process. Then, the significantly reduced volume of wastewater is transported and disposed of, significantly saving on transportation and disposal costs.
The FO technology targets three massive sectors: industrial wastewater, mining and food manufacturing. Forward Water’s unique and patented FO technology achieves high-rate water extraction within a low-energy continuous process. The process reduces waste and allows up to 95 percent water recovery, ready for reuse.
Forward Water’s Li-FO™ technology is ideal for lithium-brine mining operations, allowing mines to “fine tune” brine sources to improve concentration by up to 20 times. This results in improved recovery and makes lower-concentration brines economically viable. Forward Water is currently embarking on an early development testing project to further evaluate and refine the technology’s viability in lithium mining.
In 2023, the company’s wholly owned subsidiary, Forward Water Technologies Inc., licensed specific intellectual property from FUJIFILM Corporation to solidify the protection of its water treatment technology platform.
CleanTech Lithium (AIM:CTL,Frankfurt:T2N,OTC:CTLHF) has contracted FWT to provide advisory services for the support and development of CleanTech Lithium's direct lithium extraction (DLE) process in Chile. The collaboration will use FWT’s industrial forward osmosis system in the hyper-concentrating of CleanTech Lithium's eluate and its conversion into battery-grade lithium carbonate through Conductive Energy's DLE process.
Howie Honeyman, CEO, explained in an interview how the company’s technology can improve lithium mining operations. “A lot of lithium being mined today around the world is coming from underground aquifers that store the lithium brine. The challenge is that the lithium is surrounded by other minerals and salts, requiring chemical ‘tweezers’ to pluck out that lithium. What we can do is, at multiple places in that process, we can concentrate that lithium-containing water stream, which makes it far easier for these miners to handle the volumes they need to extract that lithium.”
An experienced management team with technical expertise leads the company towards further refining and deploying its technology. The team includes experts in materials science, chemistry and engineering. Additional experts in corporate administration and financing round out the leadership team to lead the company toward its goals.
Forward Osmosis is a naturally occurring process in which water is spontaneously drawn across a membrane when one solution is higher in salt concentration than the other. The difference in salinity, known as the osmotic gradient, creates a low-energy water treatment process.
Forward Water Technologies has leveraged the naturally occurring process to innovate its patented, three-step FO technology, enabling a 95 percent wastewater reduction and 95 percent water recovery.
Dr. Howie Honeyman has 20 years of experience commercializing new technologies at Xerox, Cabot, E Ink, Natrix Separations and as former CTO of GreenCentre Canada. Honeyman commercialized high-capacity, high-throughput membranes for bioprocessing as SVP of Natrix Separations, which has since been acquired by Millipore-Sigma. Since 2015, Honeyman has been leading Forward Water to become a premier wastewater treatment solution. Honeyman is also an inventor of record on over 50 US patents and holds a PhD in chemistry from the University of Toronto.
Michael Willetts has over 25 years in financial leadership roles primarily in manufacturing, from large multinational businesses to startups, both public and private. He previously worked as an engineer in the automotive industry before entering into finance at Ford Motor Company. Willets went on to progressively larger finance roles in several international automotive suppliers (Textron, GKN, DSM) and Canadian manufacturers (Armtec, Stronach International, AirBoss of America). Willetts is currently providing fractional CFO services through WD Numeric Corporate Services in the manufacturing, SaaS and cannabis industries. Willetts graduated with a BASc, BComm and MBA from the University of Windsor.
Dr. Wayne Maddever received his Ph.D. in materials science engineering from the University of Toronto. Since 1985, he has held senior executive management positions with technically based businesses in start-up, turnaround or acquisition situations where his skills in change management have brought considerable success in the commercialization of new technologies. His experience in both private and public companies, domestically and internationally, spans a broad variety of industries, including bio and advanced materials, precision manufacturing, recycling, waste-to-energy and medical devices. He holds a number of patents in several fields. He is a fellow of the Canadian Academy of Engineering. In addition to his duties as COO of Forward Water, he is currently portfolio manager at Bioindustrial Innovation Canada, one of the major shareholders of Forward Water.
Grant Thornley is a business strategist with more than 25 years of experience. He has developed and grown international water/wastewater markets through innovative growth hacking techniques and processes, synergized with product development and positioning, data analytics and acceleration of go-to-market strategies through alliances and partnerships. Having expertise in chemical, mechanical and biological treatment processes as well as designing hundreds of municipal and industrial applications, Thornley brings a knowledge-to-action approach to helping clients solve problems and realize new opportunities in water reuse, energy conservation and CO2 reduction.
Leonard Seed has over 18 years of experience developing and commercializing new water and wastewater treatment technologies, primarily in a start-up environment. Seed is named as an inventor on over seven patents and has authored several publications. Seed is a professional engineer and has an MSc in environmental engineering from the University of Guelph. Leonard holds inventorship on seven US patents and is an instructor at Mohawk College teaching aspects of water treatment technologies and leading research efforts on forward osmosis.
Dr. Philip Jessop is a professor and Canada Research Chair of Green Chemistry at the Department of Chemistry, Queen’s University in Kingston, Ontario. He also serves as the technical director of GreenCentre Canada and executive research director at Forward Water Technologies. After his Ph.D. (British Columbia, 1991) and a postdoctoral appointment (Toronto, 1992), he became a contract researcher in Japan working for R. Noyori (Nobel Prize 2001). As a professor at the University of California-Davis (1996-2003) and since then at Queen’s, he has studied green solvents and the chemistry of carbon dioxide. Distinctions include the NSERC Polanyi Award (2008), Killam Research Fellowship (2010), Canadian Green Chemistry & Engineering Award (2012), Eni Award (2013), Fellowship in the Royal Society of Canada (2013), a Canada Research Chair Tier 1 (2013 to 2020), and the NSERC Brockhouse Prize (2019). He serves as chair of the editorial board for the journal Green Chemistry, has chaired three international conferences, and helped create GreenCentre Canada, a national center of excellence for the commercialization of green chemistry technologies. Forward Water is a spin-off company based on Dr. Jessop’s switchable solvents.
Highlights
Solonópole Project, Ceará, Brazil
Napperby Project, Northern Territory, Australia
Corporate
Solonópole Project, Ceará State, Brazil
The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three to four hours by road from the state capital Fortaleza and deep-water port of Pecém, and is well serviced by sealed highways and high voltage electricity.
Figure 1: Solonópole Project permits and targets drilled in May – June 2023 (red dots)
Large-Scale Soil Sampling and Geological Mapping at Solonópole Lithium Project
The large-scale infill soil sampling program that commenced in March 2023 continued over the project area (Figure 2). The optimized sampling grids are along 200m spaced lines with 25m sampling stations, aligned north south to cut across all typical pegmatite strike directions in this area.
As at 31 March 2024, over 10,300 soil samples had been collected from Solonópole and 8,741 soil samples had been analysed by X-Ray Fluorescence (XRF) for Lithium-Caesium-Tantalum (LCT) pathfinders, of which 1,908 soil samples have lab results validated by Oceana´s internal QA/QC. Anomalous lithium values above 100 ppm and up to 631 ppm were found in 383 soil samples within existing and new target areas.
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