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Lancaster Resources Inc. (CSE:LCR,OTC:LANRF | OTCQ:LANRF | FRA:6UF0) ( the "Company" or "Lancaster") is pleased to announce the start of desk and field work at its 100%-owned Lake Cargelligo Gold Project in New South Wales, Australia. This initiative marks the first step toward completing the Company's maiden National Instrument 43-101 (NI 43-101) Technical Report, a critical milestone in advancing the project.
Strategically located in the prolific Lachlan Fold Belt, the 28,768-hectare Lake Cargelligo Project hosts multiple historical high-grade gold and silver occurrences. Initial field activities will include reconnaissance geological mapping and rock chip sampling aimed at refining exploration targets and laying the groundwork for a focused drill program.
"Commencing field work at Lake Cargelligo represents a pivotal moment for Lancaster," said Andrew Watson, President and CEO. "Our maiden NI 43-101 Technical Report for Lake Cargelligo will be the foundation for systematic exploration, guiding our strategy toward resource definition and value creation for our shareholders."
Historical work on the project has returned impressive results, including:
- Rock chip samples up to 204 g/t Au and 273 g/t Ag
- Channel sampling intercepts up to 16m @ 5.83 g/t Au and 7.20 g/t Ag ¹
While these historical results have not been verified by a Qualified Person, they underscore the project's potential and will be key focal points in the upcoming exploration program. The Company anticipates completing the Technical Report by August 31, 2025.
Investor Relations Update
Further to its August 6, 2025 announcement, Lancaster Resources Inc. confirms it has engaged Ora IR Services Inc. to provide investor relations support. Services will include customer service management, telephone and email support. Lancaster has granted Ora and its consultants an aggregate of 1,800,000 stock options, exercisable at $0.10 per share, and anticipates paying monthly cash compensation between $10,000 and $20,000. Geoff Skinner, the principal of Ora IR Services Inc., is a consultant to Lancaster. Contact information for Ora and Mr. Skinner is: PO Box 523, Cumberland, BC V0R 1S0; telephone 604-679-5295; email geoff.skinner@hotmail.com .
The Company is awaiting confirmation from SIGEOM and the Quebec Ministry regarding the Lac Iris claims, which are currently "Being Processed."
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 Chief Executive Officer and a Director of the Company and is not independent of the Company.
About Lancaster Resources Inc.
Lancaster is focused on building a portfolio of district-scale exploration assets positioned for future resource development. The Company holds a 100% interest in the Piney Lake Gold Project in Saskatchewan, uranium projects at Catley Lake and Centennial East in the Athabasca Basin, and the Lac Iris Polymetallic Project in Quebec's James Bay region, where it also holds an option to acquire the Trans-Taiga property. In Australia, Lancaster owns the Lake Cargelligo Gold Project in New South Wales, covering 28,768 hectares with over 25 km of prospective strike and three primary target zones.
Andrew Watson, President & Chief Executive Officer, Lancaster Resources Inc.
andrew@lancasterlithium.com
Tel: 604 923 6100
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, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties constitutes 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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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 ).
