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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.
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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.
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2025 Q3 Exploration Program:
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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.
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Project Highlights:
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- 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).
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Management Comments
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“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.
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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.
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