Lancaster Resources Field Trip Results from Lake Cargelligo Gold Project Vancouver, British Columbia: Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF) (FRA:6UF0) (“Lancaster” or the “Company”) is pleased to report results from recent field work
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January 21, 2026
Lancaster Resources Field Trip Results from Lake Cargelligo Gold Project
Vancouver, British Columbia: Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF)
(FRA:6UF0) (“Lancaster” or the “Company”) is pleased to report results from recent field work
at its 100% owned Lake Cargelligo Gold Project in New South Wales, Australia.
Field work undertaken in December 2025 included meetings with landowners to advance access
agreements, and geological mapping and rock chip sampling of new prospect areas that were
guided by interpretation of LiDAR data, as previously announced.
Field Trip Highlights
● Landowner Agreements Advancing: Multiple landowners met in person, with significant
progress made for access agreements to facilitate geophysical and drilling programs.
● Extensive Strike Length: 75km of prospective granite-sedimentary contact strike length
within Lancaster’s tenure, which is largely unexplored, with recent field work undertaken
at the Greater Josephine Moulder, Greater Avoca, and LiDAR Targets 1-4 (LT1-4).
● Multiple Vein Systems: Extensive areas of newly mapped veins at the Greater Avoca
and Josephine Moulder North prospects, where limited historical rock -chip sampling
returned up to 3.66 g/t Au and 1.6g/t Au respectively1 as well as encouraging geological
observations from the accessible portions of LT1.
● New Vein System Discovered at Greater Avoca: Follow up mapping of Company
reconnaissance rock chip sampling in August 2025 has identified a large new vein system
subcropping-outcropping over >1.25km of strike that was not previously recognized.
● Josephine Moulder Expands Northwards: Follow up reconnaissance of historical
geochemical Au-Ag-Te-Bi-As-Mo-Sb auger anomalies 2 identified evidence of
widespread quartz veining and hydrothermal alteration, significantly expanding the
Greater Josephine Moulder prospect, where a geochemical footprint now extends over
>2km of strike.
● Refined Exploration Programs Developing: Multiple, high-impact exploration programs
are being considered across the project to include further geological mapping and
sampling, detailed airborne magnetic surveying and expanded LiDAR coverage, ground-
based induced polarization surveying, resource drilling at Josephine Moulder, and
reconnaissance drilling at other targets.
1 Talbot, M., 2014, Advene - Exploration Licence 8095 Annual Report for the 12 Months Ending 27 May 2014, Carpentaria
Exploration Ltd., DIGS Report RE0006371 (GS2014/1533), Sample 13920
2 https://www.resources.nsw.gov.au/geological-survey/digs
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Target Prospects
Initial focus by Lancaster at Lake Cargelligo is on the Greater Josephine Moulder prospect, where
historical exploration of an outcropping quartz vein -breccia has identified a large -scale, multi-
element anomalous geochemical footprint over >2km of strike o ccurring proximally to a granite-
sedimentary contact (Figure 1).
Figure 1: Plan of the Lake Cargelligo Project showing the target locations.
Minimal historical exploration has occurred beyond the 400m long outcropping portion of the
Josephine Moulder vein, with only limited rock chip sampling (three samples) reported across the
Josephine Moulder North auger geochemical anomaly that returned enc ouraging results up to
1.6g/t Au1.
Similarly, very limited exploration has been undertaken elsewhere along the strike -extensive
granite-sedimentary contact, with much of the prospective contact lying under partial, shallow
cover. Minor rock chip sampling is reported at the historical Avoca line of workings 12km north of
Josephine Moulder, with a peak result of 3.66g/t Au1.
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Recent geological mapping and rock chip sampling at the project by Lancaster followed up
historical geochemical anomalies, Company observations made during initial reconnaissance in
August 2025, and interpretation of LiDAR data that indicated the occurrenc e of additional
historical workings and outcropping quartz veins.
The Company remains highly focused on assessing the Lake Cargelligo Project in a holistic
manner, principally for large -scale Au -Ag mineralization, as well as for Sn -W enrichment.
Lancaster intends to undertake detailed airborne magnetic and extensional LiDAR surveying over
a large portion of the project tenure to advance exploration of the prospective granite-sedimentary
contact while concurrently advancing prospect -scale geophysical surveying and drilling. In
support of these programs, an in -depth review of existing geophysical data and targeting study
by an expert, independent consultancy is nearing completion.
Greater Josephine Moulder Prospect:
● 18 new rock chip samples collected with assay results expected in two to four weeks
(Figures 2 and 3).
● Previous Lancaster rock chips at Josephine Moulder and Josephine Moulder East
(reported October 2025) returned up to 31.5g/T-Au and 114g/T-Ag3 along with highly
anomalous pathfinder geochemistry4.
● Widespread quartz veining and hydrothermal alteration observed at Josephine Moulder
North proximal to historical multi-element auger anomalies, as shown in Figure 2, during
recently completed field work.
● Proposed phase 1 gradient array ( GAIP) and pole -dipole ( PDIP) induced polarization
survey to provide resistivity, conductivity, and chargeability measurements over ~3.2km of
strike to assess quartz veins and/or sulfide accumulations to assist drill hole targeting, as
illustrated in Figure 2.
● Concurrent planning of a reverse circulation drill program at the main Josephine Moulder
vein (15-20 RC holes on 60 x 80m grid over ~365m strike length) to allow comparison with
historical percussion and diamond drill intercepts, undertake initial metallur gy test work,
and advance resource modelling studies.
3 https://lancaster-resources.com/lancaster-resources-rock-assay-results-from-lake-cargelligo-gold-project/ (Sept 24, 2025)
4 https://lancaster-resources.com/lancaster-resources-rock-assay-results-from-lake-cargelligo-gold-project/ (Sept 24, 2025)
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Figure 2: Rock chip sample locations and auger soil anomalies on regional geology at Josephine Moulder North (left
image); and proposed phase 1 GAIP and PDIP surveying over the Greater Josephine Moulder prospect.
Figure 3: Examples of selected rock chips recently sampled by Lancaster (assays pending) from the Greater
Josephine Moulder prospect.
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Greater Avoca
● 17 new rock chips collected with assay results expected in two to four weeks (Figure 4).
● Limited historical rock chip sampling with a peak of 3.66g/t Au focused on the old Avoca
line of shallow workings that were up to ~13m deep and spread along a 250m trend5.
● Lancaster reconnaissance in August 2025 identified a new zone of quartz veinletting
~800m north of the Avoca workings that returned highly anomalous results up to 0.2g/t
Au, 12ppm Bi, 85ppm As, and 130ppb Te with this zone recognized as warranting further
work.
● Recent follow-up geological mapping by the Company has significantly extended this zone
and resulted in discovery of a large, new quartz vein system subcropping -outcropping
discontinuously over >1.25km of strike, as shown in Figure 4, with this new area being the
largest zone of veining recognized at the project to date.
● The northeast portion of the vein system is dominated by white, milky quartz occurring as
discontinuous zones of weak to moderate veinlet to network zones that locally swell to
more coherent veins and breccias, as shown in Figure 5.
● The southwest portion of the vein system consists of massive, brecciated, and comb style
textures with increasing content of iron oxides weathered from ex-sulfide and ex-carbonate
minerals.
● Outcrop styles, quartz textures, and vein mineralogy suggest the surface expression is
high-level in the northeast and deepens southwest along strike where the system remains
open under sand cover towards the granite-sedimentary contact.
● Northeast-southwest orientation of veining across Greater Avoca indicates it is controlled
by the Lancaster-named Avoca Structure and Avoca Splay Fault, which trend obliquely to
the prospective, undercover granite -sedimentary contact; notably, the strike -extensive
Avoca Structure also intersects the northwest extension of LiDAR Target 1 and may exert
a significant structural control on vein occurrence in the larger area.
● Pending rock chip assays, future exploration at Greater Avoca is anticipated to include
detailed airborne magnetic and ground-based induced polarization surveying ahead of drill
testing.
5 Talbot, M., 2014, Advene - Exploration Licence 8095 Annual Report for the 12 Months Ending 27 May 2014, Carpentaria
Exploration Ltd., DIGS Report RE0006371 (GS2014/1533), Sample 13920
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Figure 4: Rock chip sample locations and the newly discovered Avoca quartz vein system that subcrops
and outcrops discontinuously over >1.25km of strike and remains open undercover southwest towards
the granite-sedimentary contact.
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Figure 5: Examples of selected rock chips recently sampled by Lancaster (assays pending) from the Greater Avoca
prospect.
Refined Exploration Program:
Significant progress was made during the Company’s second field trip to the project in December
2025. Increased geological understanding of the mineralization potential at Lake Cargelligo has
refined the exploration and drilling programs planned for mid -2026. In person discussions with
supportive landowners were completed and final documents are being prepared to grant access
in support drill approval applications.
The company is currently awaiting geochemical assays results from the recently collected rock
chip samples that will help guide priorities for the proposed geophysical surveying program
(magnetics and IP) to finalize drilling targets and relevant approval applications.
“The Lancaster team is extremely optimistic with the refined and focused exploration progress
made at Lake Cargelligo. In advance of rock chip assays, geological observations support the
presence of a series of large-scale quartz veins-breccia that have the potential to host high-grade
gold and silver mineralization at the project. They support our exploration model and path forward
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as we look to unlock district-scale gold and precious metal mineralization. We remain focused on
building the value of this highly transformative property,” said Andrew Watson, President and
CEO of Lancaster Resources.
The samples were taken by the Lancaster Australia team with the aim of confirming historically
reported rock chip grades as previously announced and in support of new target areas identified
by the Company.
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.
About Lancaster Resources Inc.
Lancaster Resources Inc. is a Canadian exploration company advancing a diversified portfolio of
gold and silver exploration projects in established mining jurisdictions. The Company holds a
100% interest in the Lake Cargelligo Gold Project in New South Wal es, Australia, which is
prospective for both gold and silver mineralization, covering approximately 62,300 hectares with
a history of drilling and exploration and multiple high -priority targets. In Canada, Lancaster’s
assets include the Lac Iris Polymetallic Project in Quebec’s James Bay region and the Piney Lake
Gold Project in Saskatchewan. Lancaster’s portfolio provides exposure to gold, silver, and
polymetallic exploration opportunities across tier-one jurisdictions.
Andrew Watson, President & Chief Executive Officer,
Lancaster Resources Inc.
Tel: (604) 923-6100
www.lancaster-resources.com
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of
this news release.
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”, ”estimate d” 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, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality
mineral-rich properties 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 m ade 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.