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VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Lancaster Resources Inc. (CSE:LCR | OTCQ:LANRF | FRA:6UF0) (the “Company” or “Lancaster”) is issuing a clarification at the request of the CSE and CIRO concerning the staking of the Lac Iris Polymetallic Project that was previously disclosed as an acquisition. Lancaster is also pleased to provide an update on its properties. The Company’s portfolio of projects includes:
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- Lake Cargelligo Gold project, a district-scale gold exploration property in Australia
- Lac Iris Polymetallic Project and the Trans-Taiga Project, both in the James Bay region of Quebec;
- Catley Lake and Centennial East Uranium Projects in the prolific Athabasca Basin, Saskatchewan; and
- Piney Lake Gold Project Saskatchewan.
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The Company continues to review gold and critical mineral projects for acquisition.
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Lac Iris Polymetallic Project
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Lac Iris is a ~1,443ha project located along the same geological trend as the NISK polymetallic high-grade nickel-copper sulphide deposit. The Lac Iris properties are prospective for polymetallic exploration.
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Acquisition: The Lac Iris Polymetallic Project was acquired through online staking using Quebec’s Mining Title Management system (GESTIM Plus). The titles are currently pending the completion of the provincial mining title review process. Lancaster will provide updates once the review is complete.
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Lancaster has started collaboration with KorrAI to review opportunities for hyperspectral imaging and a targeted field geological and geochemical program in early fall 2025. The goal of this exploration project is to identify polymetallic and lithium-rich areas/outcroppings, construct detailed geological maps, and evaluate the high-value metals content through rock and soil sampling.
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Lake Cargelligo Gold Project
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The Lake Cargelligo Gold project, which encompasses over 28,768 hectares under a single exploration license, features multiple historical high-grade gold and silver occurrences, identified through rock chip and channel sampling, as well as historical drilling.
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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
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Lancaster has initiated local stakeholder discussions to ensure rapid and fulsome approval with both stakeholders and regulatory bodies. This work is expected to complete by mid August 2025 and will allow for Lancaster to initiate its exploration program in Q3 2025.
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The exploration program will target confirmation of the highly anomalous gold and silver concentrations previously reported. Field geologists will gather rock and soil samples for analysis, along with detailed outcropping and surface geological mapping. In addition, Lancaster will conduct a targeted geophysical program to support follow-up drilling opportunities within the project.
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The Company has also initiated preparation of a maiden NI 43-101 technical report on the project.
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Trans-Taiga James Bay Project
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Lancaster holds the rights to acquire a 100% interest in the Trans-Taiga property located within the James Bay lithium district of Quebec, Canada.
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