OR FOR DISSEMINATION IN THE UNITED STATES Lancaster Resources Announces Update on Exploration Plans at Uranium
NOT
FOR
DISTRIBUTION
TO
UNITED
STATES
NEWSWIRE
SERVICES
OR
FOR
DISSEMINATION
IN
THE
UNITED
STATES
Lancaster
Resources
Announces
Update
on
Exploration
Plans
at
Uranium
Prospective
Cateley
Lake
and
Centennial
East
Properties
in
Athabasca
Basin
and
Announces
Financing
June
24,
2024
Vancouver,
British
Columbia
-
Lancaster
Resources
Inc.
(CSE:
LCR
|
OTCQB:
LANRF
|
FRA:6UF0)
(“Lancaster”
and
the
“Company”)
announces
an
update
on
its
exploration
plans
for
its
Uranium
prospective
Catley
Lake
&
Centennial
East
properties
in
the
Athabasca
Basin
of
Saskatchewan,
Canada.
The
Catley
Lake
and
Centennial
East
properties
are
contiguous
and
together
cover
8,117
hectares.
The
properties
are
immediately
adjacent
to
the
Cameco
Centennial
deposit
claims.
The
Cameco
Centennial
deposit
is
located
just
12
km
to
the
west
and
has
notable
uranium
concentrations
of
up
to
8.78%
U
3
O
8
over
33.9m
and
25.6%
U
3
O
8
over
0.5m.
Approximately
24km
southwest
of
Lancaster’s
claims
is
the
Cameco
Dufferin
deposit,
which
has
shown
assays
of
up
to
1.73%
U
3
O
8
over
6.5m.
Management
cautions
that
mineralization
hosted
on
adjacent
and/or
nearby
properties
is
not
necessarily
indicative
of
the
presence
of
similar
mineralization
or
geology
on
Lancaster’s
properties.
Exploration
Plans
Lancaster's
exploration
plans
include
an
initial
detailed
surface
outcrop
mapping,
using
hyperspectral
data
to
identify
vegetation
stress
indicative
of
subsurface
uranium,
acquiring
high-resolution
optical
imagery,
and
purchasing
corrected
imagery
for
hyperspectral
analysis
(HSI).
The
HSI
results
will
be
incorporated
to
support
prioritizing
and
focusing
follow-up
field
geology,
geochemical
sampling,
and
geophysics
programs
on
the
selected
areas
from
the
HSI
program
that
show
positive
indications
for
uranium.
Upon
completion
of
the
field
work
and
geophysics
program,
target
locations
will
be
identified
for
an
initial
drilling
program
planned
for
Q4
2024.
Uranium
as
a
Clean
Energy
Solution
Uranium
is
increasingly
recognized
as
a
vital
component
in
the
transition
to
clean
energy.
Nuclear
power
plants,
which
use
uranium
as
fuel,
produce
no
carbon
emissions
during
operation,
making
them
a
key
player
in
reducing
greenhouse
gas
emissions.
With
its
high
energy
density,
uranium
generates
a
substantial
amount
of
energy
from
a
small
amount
of
material,
resulting
in
a
minimal
environmental
footprint.
Moreover,
nuclear
energy
is
highly
reliable
and
capable
of
providing
consistent,
baseload
power,
unlike
intermittent
renewable
sources
such
as
solar
and
wind.
This
reliability
makes
it
a
crucial
component
in
ensuring
a
stable
and
clean
energy
supply
as
the
world
moves
towards
net-zero
carbon
emissions
by
2050
(
IEA
)
(
World
Economic
Forum
)
(
Elements
by
Visual
Capitalist
)
(
Yale
E360
) .
Financing
To
fund
the
uranium
exploration,
the
Company
is
offering
Critical
Mineral
Flow-Through
units
(“FT
Units”)
at
$0.05
per
FT
Unit.
Each
FT
Unit
consists
of
one
flow-through
common
share
and
one
share
purchase
warrant,
with
each
whole
warrant
entitling
the
holder
to
purchase
one
non-flow-through
common
share
for
a
period
of
3
years
at
a
price
of
$0.10.
The
Company
may
pay
finders'
fees
up
to
8%
cash
and
8%
non-transferable
finder
warrants
in
connection
with
the
issuance
of
FT
Units.
Each
finder
warrant
is
exercisable
to
purchase
one
common
share
for
a
period
of
3
years
at
a
price
of
$0.05.
To
fund
its
maiden
drill
program
at
Alkali
Flat
in
New
Mexico,
USA,
the
Company
is
offering
a
non-brokered
private
placement
for
Units
at
$0.03
per
Unit,
each
consisting
of
one
non-flow-through
common
share
and
one
share
purchase
warrant,
with
each
whole
warrant
entitling
the
holder
to
purchase
one
non-flow-through
common
share
for
a
period
of
3
years
at
a
price
of
$0.06.
The
Company
may
pay
finders'
fees
up
to
8%
cash
and
8%
non-transferable
finder
warrants
in
connection
with
the
issuance
of
non-flow-through
Units.
Each
finder
warrant
is
exercisable
to
purchase
one
common
share
for
a
period
of
3
years
at
a
price
of
$0.03.
All
securities
issued
and
sold
under
the
offering
will
be
subject
to
a
four-month
and
one-day
hold
period.
The
proceeds
from
the
offering
will
be
used
for
exploration
at
the
Catley
Lake
and
Centennial
East
Properties,
including
outcrop
mapping,
hyperspectral
analysis,
and
initial
drilling,
drilling
at
the
Alkali
Flat
Project
in
New
Mexico,
accounting
fees,
general
and
administrative
expenses,
and
accounts
payable.
Qualified
Person
Andrew
Watson,
P.Eng.,
a
qualified
person
under
National
Instrument
43-101
Standards
of
Disclosure
for
Mineral
Projects,
reviewed
and
approved
this
news
release's
scientific
and
technical
information.
Mr.
Watson
is
the
VP,
Engineering
and
Operations
for
Lancaster.
This
news
release
does
not
constitute
an
offer
to
sell
or
a
solicitation
of
an
offer
to
buy
any
of
the
securities
in
the
United
States.
The
securities
have
not
been
and
will
not
be
registered
under
the
United
States
Securities
Act
of
1933,
as
amended
(the
“U.S.
Securities
Act”)
or
any
state
securities
laws
and
may
not
be
offered
or
sold
within
the
United
States
or
to
U.S.
Persons
unless
registered
under
the
U.S.
Securities
Act
and
applicable
state
securities
laws
or
an
exemption
from
such
registration
is
available.
About
Lancaster
Resources
Inc.
Lancaster
Resources
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
is
engaged
in
exploring
critical
minerals.
Lancaster
owns
100%
of
the
uranium-prospective
contiguous
Catley
Lake
and
Centennial
East
claims
in
the
Athabasca
Basin
in
Saskatchewan,
Canada,
which
together
cover
8,117
hectares.
The
properties
are
immediately
adjacent
to
the
Cameco
Centennial
deposit
claims.
The
Cameco
Centennial
deposit
is
located
just
12
km
to
the
west
and
has
notable
uranium
concentrations
of
up
to
8.78%
U
3
O
8
over
33.9m
and
25.6%
U
3
O
8
over
0.5m
Approximately
24km
southwest
of
Lancaster’s
claims
is
the
Cameco
Dufferin
deposit,
which
has
shown
assays
of
up
to
1.73%
U
3
O
8
over
6.5m.
Management
cautions
that
mineralization
hosted
on
adjacent
and/or
nearby
properties
is
not
necessarily
indicative
of
the
presence
of
similar
mineralization
or
geology
on
Lancaster’s
properties.
The
Company
has
rights
to
acquire
100%
of
the
Alkali
Flat
Project,
near
Lordsburg,
New
Mexico,
USA,
a
set
of
claims
approximately
5,200
acres
(8.1
square
miles)
in
size,
and
has
been
permitted
for
drilling.
Guiding
Lancaster
Resources'
journey
is
a
skilled
management
and
technical
team
with
collective
involvement
in
over
42
mineral
discoveries
and
endowed
with
extensive
experience
in
the
exploration
and
development
of
projects
across
Canada,
the
American
West,
Mexico,
and
South
America.
Penny
White,
President
&
Chief
Executive
Officer
Lancaster
Resources
Inc.
Email:
Tel:
604
923
6100
Website:
www.lancaster-resources.com
Cautionary
Statement
Regarding
Forward-Looking
Statements
Certain
statements
contained
in
this
press
release
constitute
forward-looking
information.
These
statements
relate
to
future
events
or
Lancaster’s
future
performance.
The
use
of
any
of
the
words
“could,”
“expect,”
“believe,”
“will,”
“projected,”
“estimated,”
and
similar
expressions
and
statements
relating
to
matters
that
are
not
historical
facts
are
intended
to
identify
forward-looking
information
and
are
based
on
Lancaster’s
current
belief
or
assumptions
as
to
the
outcome
and
timing
of
such
future
events.
Actual
future
results
may
differ
materially.
In
particular,
the
ability
of
Lancaster
to
execute
its
exploration
plans,
obtain
exploration
and
drilling
permits,
raise
capital,
retain
key
personnel,
identify,
acquire,
explore,
and
develop
high-quality
mineral-rich
properties,
and
integrate
sustainable
energy
sources
and
innovative
technologies
for
climate-positive
resource
production
constitute
forward-looking
information.
Actual
results
and
developments
may
differ
materially
from
those
contemplated
by
forward-looking
information.
Readers
are
cautioned
not
to
place
undue
reliance
on
forward-looking
information.
The
statements
made
in
this
press
release
are
made
as
of
the
date
hereof.
Lancaster
disclaims
any
intention
or
obligation
to
publicly
update
or
revise
any
forward-looking
information,
whether
as
a
result
of
new
information,
future
events,
or
otherwise,
except
as
may
be
expressly
required
by
applicable
securities
laws.
The
Canadian
Securities
Exchange
has
not
reviewed,
approved
or
disapproved
the
contents
of
this
news
release.