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Josephine Moulder / Mt. Wilga Prospect:
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- Four rock samples were taken as previously announced;
- Several rock chips with visible gold were not sampled to ensure representative sampling of the exposed mineralization system:
- Returned up to 31.5g/T-Au and 114g/T-Ag3, along with highly anomalous pathfinder geochemistry4.
- The Josephine Moulder system likely remains open northward with widespread Au-Ag-Te-Bi-As-Mo-Sb anomalism in historical auger drilling at Josephine Moulder North.
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Figure 2: Figure 2
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Figure 3: Rock chip sample, not assayed, showing visible gold
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Avoca and North Quarry:
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- Large gravel pit lying north of the historical Avoca mine shaft and its associated line of old pits:
- Avoca shaft had a peak historical rock chip of 3.66g/T-Au, ~13m deep along >300m trend5.
- 6 rock chips sampled as per previously announced;
- Highly anomalous pathfinder geochemistry (Au-Ag-As-Bi-Sb) supports significant further exploration;
- Lancaster reconnaissance identified a large, new veining zone north of Avoca, which was previously unsampled, that returned strongly anomalous Au-Bi-Te and lies subparallel to the Avoca line of workings, along with numerous other potential veins and workings interpreted in LiDAR data over the Greater Avoca prospect; and,
- Supported additional land acquisition as previously announced along granite-sedimentary contact.
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Figure 4: LCR Avoca-North Quarry Prospect Area Map
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New Target Areas:
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Interpretation of existing LiDAR data and legacy soil sampling geochemistry has identified a number of new target areas at the project that fall along the Central and Eastern Contacts – being the prospective contact of Ungarie Granite and hosting sedimentary lithologies – while the Western Contact falls under shallow cover. Combined, Lancaster’s tenure now hosts ~75km of prospective granite-sedimentary contact, much of it completely unexplored. New target areas include:
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- A potential northwest-southeast trending vein swarm along the Central Contact ~3km south of Avoca within EL 9775 and possibly extending undercover into ELA 6970;
- Potential additional workings in the greater Avoca-North Quarry area;
- Potential cluster of unrecorded historical pits and trenches identified along the Central Contact ~6km north of Avoca within EL 9775;
- Potential ~4km long, open-ended anomalous Au-As-Cu-Zn-(Pb) soil trend along the Central Contact, with a potential northwest-southeast vein swarm occurring immediately to the south; and,
- Potential ~5km strike of historical workings occurring extensively along the Eastern Contact.
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In addition to a Au-Ag focus, the Company also considers Lake Cargelligo prospective for Sn-W mineralization and will look at advancing exploration for both commodity target suites in parallel.
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Figure 5: Lake Cargelligo Contact Map
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“Our team is extremely encouraged by these LiDAR results, which support the presence of high-grade gold and silver mineralization at Lake Cargelligo. They add validity to our exploration model and path forward as we unlock district-scale gold and precious metal projects. We remain focused on building the value of this highly prospective property,” said Andrew Watson, President and CEO of Lancaster Resources.
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The samples were taken by the Lancaster Australia team with the aim of confirming historically reported rock chip grades as previously announced. Further field exploration is required to continue the validation of LiDAR-identified features and upside. LiDAR is typically used to identify areas of interest, veins, historical workings, outcropping, etc.
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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 a Director and the President and CEO of Lancaster and is not independent of the Company.
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