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Lancaster Resources Inc. (CSE:LCR,OTC:LANRF) (OTCPink:LANRF) (FRA:6UF) (" Lancaster "), is pleased to announce that it has acquired additional mineral claims at the 100% owned Lake Cargelligo Gold Project in New South Wales, Australia, more than doubling the size of the property. These claims were acquired through directly staked mineral applications that have been submitted to the state by Lancaster's wholly owned Australian subsidiary.
Acquisition Highlights
- Strategic Location : The additional Lake Cargelligo properties are immediately adjacent to Lancaster's existing ELA 9775. Situated only 60 km from the producing Mineral Hill Mine in one of Australia's most prolific gold regions.
- District Scale Land Package: The acquisition adds approximately 33,400 hectares across a single claims package and significantly bolsters Lancaster's existing ELA in the Lake Cargelligo area. The combined claims are ~62,300ha.
- Prospective Geology: The Project is an advanced greenfield Gold-Silver project and is highly prospective for mineralization with both discrete lode style type mineralization
- Diversified Portfolio Growth: Expands Lancaster's exploration footprint in Australia, while complementing its polymetallic, uranium, and gold projects in Saskatchewan and Quebec.
"Lancaster is extremely pleased to have acquired these additional mineral claims. The properties significantly boost our exploration prospects in Lake Cargelligo," said Andrew Watson, President and CEO of Lancaster Resources. "This acquisition supports Lancaster's push for precious metal discoveries, alongside our recent Lac Iric polymetallic acquisition. We remain laser focused on continuing to build shareholder value."
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.
Lancaster is pleased to announce the successful amendment of certain outstanding unsecured convertible debentures held by existing investors—extending the maturity date to December 31, 2026, revising the interest rate to 12% per annum (calculated annually, not in advance), capitalizing accrued interest into the new principal, and bringing the aggregate amended principal amount to $511,731.10, demonstrating continued investor confidence and strengthening the Company's balance sheet, and further announces a financing of up to $500,000 in $0.05 units (each consisting of one share and one two-year warrant exercisable at $0.08), with finder's fees of 8% cash and 8% warrants payable to certain finders, and no related party participation expected.
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, polymetallic, and lithium 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3e5e9d8-892f-43d9-be47-88753ab4e24e
