Lancaster Resources Launches Exploration at Lake Cargelligo
Exploration Initiatives at Lake Cargelligo Gold Project
Lancaster Resources Inc. (CSE: LCR) is excited to share its progress with the Lake Cargelligo Gold Project, marking the commencement of significant desk and field work. This endeavor is an essential first step toward completing the company's inaugural National Instrument 43-101 (NI 43-101) Technical Report, a vital component in the advancement of the project.
Strategic Location in a Prolific Region
Situated in the renowned Lachlan Fold Belt, the Lake Cargelligo Project spans over 28,768 hectares, showcasing multiple historical occurrences of high-grade gold and silver. The initial activities will encompass reconnaissance geological mapping along with rock chip sampling. These efforts aim to enhance exploration targets while laying the foundation for an ambitious drilling program.
Leadership Insight on Exploration Efforts
According to Andrew Watson, President and CEO of Lancaster Resources, the initiation of fieldwork at Lake Cargelligo signifies a critical milestone. "Our maiden NI 43-101 Technical Report will form the basis for a systematic exploration strategy, steering our efforts toward resource identification and maximizing shareholder value," he stated.
Understanding Historical Results
Historical data from the project has revealed noteworthy findings, such as:
Rock chip samples reaching 204 g/t Au and 273 g/t Ag.
Channel sampling intercepts demonstrating success with up to 16m @ 5.83 g/t Au and 7.20 g/t Ag.
Although these historical results remain unverified by a Qualified Person, they pinpoint the project's significant potential and will play an essential role in the forthcoming exploration program. Lancaster anticipates the completion of the Technical Report to occur by the end of the month.
Investor Relations Engagement
In line with its commitment to transparency and investor communication, Lancaster Resources is reinforcing its investor relations efforts. The company has partnered with Ora IR Services Inc. for comprehensive support. This partnership will include customer service management as well as ongoing telephone and email assistance. The company has allocated a total of 1,800,000 stock options to Ora and its consultants, with an expected cash compensation ranging from $10,000 to $20,000 each month. Geoff Skinner, a consultant with Ora IR Services Inc., will serve as a key point of contact for Lancaster.
Future Steps for Exploration
The company is keenly awaiting confirmation regarding its Lac Iris claims from SIGEOM and the Quebec Ministry, which are presently under processing. Furthermore, Andrew Watson, holding the role of President, CEO, and Director, is a Qualified Person as defined by NI 43-101. He has meticulously reviewed and approved the technical and scientific details mentioned in this announcement.
A Look into Lancaster Resources Inc.
Focused on assembling a robust portfolio of exploration assets, Lancaster Resources Inc. holds 100% ownership of the Piney Lake Gold Project in Saskatchewan and also manages uranium projects at Catley Lake and Centennial East in the Athabasca Basin. The company is also involved with the Lac Iris Polymetallic Project situated in Quebec's James Bay region, where it has an option to acquire the Trans-Taiga property in addition to the Lake Cargelligo Gold Project at 28,768 hectares. This significant area encompasses over 25 kilometers of prospective strike and highlights three primary target zones.
For more information, Andrew Watson can be reached at andrew@lancasterlithium.com or by phone at 604-923-6100. Interested parties may also visit www.lancaster-resources.com for further insights into the company’s projects and updates.
Frequently Asked Questions
What is Lancaster Resources Inc. focused on?
Lancaster Resources Inc. concentrates on building a portfolio of district-scale exploration assets positioned for future resource development.
Where is the Lake Cargelligo Gold Project located?
The Lake Cargelligo Gold Project is strategically situated within the Lachlan Fold Belt in Australia.
What are the historical results from the Lake Cargelligo Project?
Historical results include rock chip samples up to 204 g/t Au and channel sampling intercepts reaching up to 16m @ 5.83 g/t Au.
How is the investor relations aspect being managed?
Lancaster has engaged Ora IR Services Inc. for investor relations support, which includes managing customer service and communication channels.
Who is the Qualified Person overseeing the information?
Andrew Watson, the President, CEO, and Director of the company, is the Qualified Person overseeing the technical and scientific details.
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