Pr
LANCASTER
RESOURCES
ANNOUNCES
CLOSING
CONDITIONS
MET
FOR
LAKE
CARGELLIGO
ACQUISITION
Vancouver,
British
Columbia
–
April
23,
2025:
Lancaster
Resources
Inc.
(CSE:LCR)
(OTC
Pink:LANRF)
(FRA:6UF0)
(“
Lancaster
”),
is
pleased
to
announce
it
has
received
approval
from
the
Canadian
Securities
Exchange
to
complete
the
acquisition
of
the
Lake
Cargelligo
Gold
Project
and
has
today
completed
the
$400,000
non-brokered
private
placement
financing
as
announced
on
April
23,
2025,
which
was
fully
subscribed.
With
all
key
conditions
met,
Lancaster
expects
the
acquisition
to
close
imminently.
Lake
Cargelligo
Gold
Project
Highlights:
●
District-scale
opportunity:
28,768
hectares
in
a
single,
contiguous
claim
with
over
25
km
of
prospective
strike
and
three
primary
target
zones.
●
High-grade
results:
Historical
sampling
includes
results
up
to
204
g/t
Au
and
273
g/t
Ag
from
rock
chips,
and
up
to
16m
@
5.83
g/t
Au
and
7.20
g/t
Ag
from
channel
sampling.
1
Acquisition
Terms
Under
the
terms
of
the
definitive
agreement,
Lancaster
will
acquire
a
100%
interest
in
the
Lake
Cargelligo
Gold
Project.
The
total
consideration
for
the
acquisition
is
payable
as
follows:
●
$10,000
in
cash
at
closing;
●
10,000,000
common
shares
with
voluntary
resale
restrictions,
released
over
a
24-month
period
in
staged
tranches
starting
four
months
after
closing.
No
finders’
fees
are
payable
in
connection
with
the
acquisition.
The
vendors
will
retain
a
2%
net
smelter
returns
(NSR)
royalty
on
all
mineral
production.
Lancaster
may
repurchase
1%
of
the
NSR
for
$2,000,000.
The
remaining
1%
is
subject
to
a
repurchase
right
at
fair
market
value
based
on
a
discounted
cash
flow
valuation.
Lancaster
must
incur
$400,000
in
exploration
expenditures
within
12
months
of
closing
as
an
initial
work
commitment.
Failure
to
do
so,
after
a
60-day
cure
period,
allows
the
vendors
to
reacquire
the
Project
for
$10,000.
A
second
work
commitment
of
$3,000,000
over
36
months
is
optional,
with
similar
cure
rights
for
the
vendors
to
reacquire
the
Project
for
$50,000.
1
Sources
include:
(1)
Carpentaria
Exploration
Ltd.,
2014
Annual
Report
for
EL8095;
(2)
Aberfoyle
Exploration
Pty
Ltd.,
First
and
Final
Report
for
EL1770,
June
1982;
(3)
Lachlan
Resources
N.L.,
First
Six-Month
Progress
Report
for
EL2914;
and
(4)
MinView
database
from
the
Geological
Survey
of
NSW
(
https://www.resources.nsw.gov.au/geological-survey/mi
nview
).
1
Milestone
payments
of
up
to
$3.68
million
are
payable
as
follows:
●
$30,000
on
completion
of
the
first
geophysics
program;
●
$50,000
on
commencement
of
the
first
drill
program;
●
$50,000
upon
raising
$1,000,000
post-closing;
●
$50,000
upon
receipt
of
conditional
ASX
listing
approval;
●
$500,000
on
a
NI
43-101
or
JORC-compliant
1Moz
gold
resource;
●
$1,000,000
on
a
NI
43-101
or
JORC-compliant
PEA
for
a
1Moz
resource;
●
$2,000,000
on
a
NI
43-101
or
JORC-compliant
PFS
for
a
1Moz
resource.
Management
Commentary
“With
gold
reaching
record
highs
and
demand
remaining
robust,
we
believe
Lake
Cargelligo
is
a
timely
and
strategic
addition
to
our
portfolio,”
said
Lancaster
CEO
Andrew
Watson.
“Our
team
is
preparing
a
Phase
1
exploration
program
for
Summer/Fall
2025
aimed
at
unlocking
the
Project’s
excellent
geological
and
geochemical
potential.”
All
exploration
results
are
historical
in
nature
and
have
not
been
verified
by
a
Qualified
Person
under
NI
43-101.
The
Company
considers
these
results
relevant
for
exploration
purposes
but
not
necessarily
indicative
of
mineralization
on
the
property.
Andrew
Watson,
P.Eng.,
President
and
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
not
independent
of
the
Company.
About
Lancaster
Resources
Inc.
Lancaster
Resources
Inc.
is
a
Canadian
exploration
company
focused
on
advancing
a
diversified
portfolio
of
critical
mineral
and
precious
metal
assets.
The
Company
holds
a
100%
interest
in
the
Piney
Lake
Gold
Project
in
Saskatchewan
and
maintains
additional
uranium
exploration
projects
at
Catley
Lake
and
Centennial
East
in
the
Athabasca
basin,
Saskatchewan,
as
well
as
the
Alkali
Flat
Lithium
Project
in
New
Mexico.
Lancaster
has
also
signed
a
definitive
agreement
to
acquire
the
Lake
Cargelligo
Gold
Project
in
New
South
Wales,
Australia.
Andrew
Watson,
President
&
Chief
Executive
Officer,
Lancaster
Resources
Inc.
Tel:
604
923
6100
www.lancaster-resources.com
2
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”,
”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,
ability
to
complete
the
acquisition
of
the
Lake
Cargelligo
Gold
Project,
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
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.
3