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Lancaster Resources Inc. (CSE:LCR,OTC:LANRF) (OTC Pink:LANRF) (FRA:6UF) (" Lancaster "), is pleased to announce rock assaying results from their mineral claims at the 100% owned Lake Cargelligo Gold Project in New South Wales, Australia. These assays were acquired during the on-site field visit as part of the company's 43-101 maiden technical report.
Assay Highlights
- Sampling : Eleven samples taken at Lake Cargelligo, specifically from the Josephine Moulder target and were submitted to ALS in Australia for independent testing.
- Strong Geochemistry and Mineralization : Eleven rock chip assays returned high gold values , up to 31.5 g/t Au , confirming strong mineralization at surface. Silver grades were equally impressive , with samples yielding up to 114 g/t Ag , highlighting the project's polymetallic potential.
- Prospective Geology: Follow-up geological mapping indicates robust alteration and vein systems over areas of the project that were not subject to historical exploration, expanding the known footprint of veins displaying positive signs consistent with high-grade gold-silver deposits. The combination of high precious metal grades and favourable host geology supports strong potential for a significant discovery.
LC0004 31.50g/t Au + 114g/t Ag from Josephine Moulder North (quartz breccia with abundant arsenopyrite and minor scorodite)
LC0005 14.25g/t Au + 11.40g/t Ag from Josephine Moulder (strong gossanous boxworks in quartz vein)
LC0003 6.06g/t Au + 10.80g/t Ag from Josephine Moulder (mix of quartz-gossan after semi-massive sulphide and quartz-feldspar with abundant disseminations of ex-pyrite/arsenopyrite)
"Our team is extremely encouraged by these assay results, which confirm the presence of high-grade gold and silver mineralization at Lake Cargelligo. The strength of geology, combined with the strong grades, underscores the potential for a significant new discovery. These results mark an exciting step forward as we advance exploration and unlock the value of this highly prospective property," said Andrew Watson, President and CEO of Lancaster Resources.
The samples were taken by the Lancaster Australia team with the aim of confirming historically reported rock chip grades at the Josephine Moulder and Mount Wilga prospects as part of an initial site visit to the project to facilitate the independent NI 43-101 technical report and meetings with relevant landowners. ALS is an independent laboratory.
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 advancing a portfolio of critical mineral and gold projects in established mining jurisdictions. The Company holds a 100% interest in the Lake Cargelligo Gold Project in New South Wales, Australia, covering more than ~62,300 hectares with a history of drilling and exploration. In Canada, Lancaster's assets include the Lac Iris Polymetallic Project and an option to acquire the Trans-Taiga Project in Quebec's James Bay region, as well as the Piney Lake Gold Project and uranium projects at Catley Lake and Centennial East in Saskatchewan's Athabasca Basin. Lancaster's diversified land position provides exposure to gold, uranium and polymetallic exploration opportunities.
Andrew Watson, President & Chief Executive Officer,
Lancaster Resources Inc.
Andrew@lancaster-resources.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 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.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/1ec29a3e-b078-4d7b-ae5f-b717a250df8c
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