Lancaster Resources Expands Gold Investments with Lake Cargelligo
Lancaster Resources Expands Gold Investments
VANCOUVER, British Columbia —Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF) (FRA:6UF0) is thrilled to announce a significant milestone with the completion of its acquisition of the Lake Cargelligo Gold Project. This project, located in a strategic area known for gold mining, spans an impressive 28,768 hectares and is poised for exploration.
Details of the Lake Cargelligo Acquisition
The acquisition was finalized on June 30, 2025, through Lancaster Gold Australia Pty Ltd. This subsidiary has been established specifically to drive exploration and development in this promising region. The Lake Cargelligo Gold Project is notable for its extensive exploration license, which covers a significant area within the Cobar mining district, a recognized hotspot for rich mineral deposits.
Exploration Potential
This vast property not only boasts a large contiguous claim but also presents evidence of high-grade gold and silver through previous rock chip and channel sampling. There are multiple target zones indicated by historical data, which are expected to attract significant interest from investors and geological teams alike.
Significant Historical Results
- District-scale opportunity: The project covers over 25 km of mineralized strike with three main target zones.
- High-grade results: Previous findings include impressive samples with up to 204 g/t Au and 273 g/t Ag. Further results showed intervals such as up to 16m at 5.83 g/t Au.
- Strategic location: Nestled 60 km away from the operational Mineral Hill Mine, this area is among Australia’s highest-yielding gold mining zones.
- Acquisition terms: The total purchase price of CAD $210,000 involves $10,000 cash and 10 million common shares in Lancaster, alongside an NSR royalty.
Exploration Program Plans
Recognizing the exploration upside, Lancaster plans to initiate its 2025 exploration program focusing on geophysics, geochemical sampling, and drilling. This initiative aims to enhance understanding of the property and unlock its potential.
Alkali Flats Lithium Project Update
In light of the ongoing market conditions, Lancaster has decided to terminate its option agreement for the Alkali Flats Lithium Project. This strategic pivot allows the company to focus resources on its core strength in precious and critical minerals.
Financial Adjustments and Future Prospects
On June 30, 2025, Lancaster revised certain unsecured convertible debentures from prior issuances. These adjustments involved extending the maturity date and increasing the annual interest rate to 12.0%, showing commitment to strategic financial management.
Leadership Insights
Andrew Watson, President and CEO of Lancaster, expressed enthusiasm about the acquisition, stating, “This project represents a pivotal step in our strategy for building a strong portfolio in precious metals. The exploration potential we see here is substantial, backed by strong historical data. We are eager to commence our exploration efforts.”
All historical data mentioned has not been verified under NI 43-101 standards, but it is considered significant for ongoing exploration activities.
About Lancaster Resources Inc.
Lancaster is committed to building a robust exploration portfolio with promising assets ripe for future development. The company proudly holds a 100% interest in diverse projects across Canada and Australia, including the newly acquired Lake Cargelligo Gold Project. Through these efforts, Lancaster aims to enhance shareholder value through strategic exploration.
Contact Information:
Andrew Watson, President & Chief Executive Officer, Lancaster Resources Inc.
Email: andrew@lancasterlithium.com
Contact Number: 604 923 6100
Frequently Asked Questions
What is the significance of the Lake Cargelligo acquisition for Lancaster?
The acquisition strengthens Lancaster's portfolio in a region known for its gold deposits, providing significant exploration potential.
What are the exploration plans for the Lake Cargelligo Gold Project?
Lancaster plans to conduct geophysics, geochemical sampling, and drilling as part of its exploration program to fully understand the site's potential.
What were the financial terms of the acquisition?
The total purchase price was CAD $210,000, consisting of both cash and common shares in Lancaster.
How does this acquisition fit into Lancaster's overall strategy?
This acquisition is part of Lancaster's strategy to build a strong portfolio focused on precious metals and improve shareholder returns.
What other projects does Lancaster Resources have?
Lancaster also owns exploration projects in Saskatchewan and Quebec, underscoring its diverse mineral portfolio.
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