Press Release
Lancaster
Granted
Exploration
License
at
Lake
Cargelligo
Gold
Project
Vancouver,
British
Columbia
–
May
15,
2025:
Lancaster
Resources
Inc.
(CSE:LCR)
(OTC:LANRF)
(FRA:6UF0)
(“
Lancaster
”),
is
pleased
to
announce
that
the
vendor
of
the
Lake
Cargelligo
Gold
Project
received
final
approval
from
the
State
of
New
South
Wales
for
an
Exploration
License
at
the
Lake
Cargelligo
Gold
Project
(the
"
Project
")
in
the
famed
Cobar
mining
district
of
New
South
Wales,
Australia.
The
Project
encompasses
over
28,768
hectares
under
a
single
Exploration
License
(EL
9775)
for
Group
1
Minerals.
The
Exploration
License
is
for
a
four-year
term
and
will
expire
March
26,
2029.
Lancaster
announced
its
planned
acquisition
of
the
Lake
Cargelligo
Gold
Project
on
April
23,
2025.
As
part
of
the
approval
of
the
license,
Lancaster,
as
the
buyer
of
the
project,
will
be
required
to
comply
with
the
Work
Program
as
submitted
to
the
State,
which
has
a
minimum
exploration
commitment
of
AUD
$82,500
(approximately
$74,000
CAD)
over
4
years.
Lancaster
looks
forward
to
completing
the
acquisition
in
June
2025
and
launching
initial
exploration
work
in
Q3
2025
and
significantly
exceeding
the
minimum
work
program.
2025
Q3
Exploration
Program:
Lancaster
is
advancing
an
exploration
program
for
the
Project
in
Q3
2025.
The
primary
focus
will
be
identifying
gold
mineralization,
re-evaluating
and
updating
detailed
geological
and
geophysical
maps,
and
additional
surface
geochemical
sampling
with
some
drilling.
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
●
Strategic
location
:
Situated
60
km
from
the
producing
Mineral
Hill
Mine
in
one
of
Australia’s
most
prolific
gold
regions.
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/minview
).
1
Management
Comments
“Lancaster
is
pleased
to
have
received
a
timely
approval
from
the
State
of
New
South
Wales
for
the
Exploration
License.
This
is
an
important
step
for
us
as
we
build
on
the
momentum
to
unlock
shareholder
value
and
complete
our
financing
for
exploration
in
Q3
2025.
We
look
forward
to
closing
the
private
placement
over
the
next
couple
of
weeks
and
advancing
all
of
Lancaster’s
precious
and
critical
mineral
projects,”
said
Andrew
Watson,
President
and
CEO
of
Lancaster
Resources.
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.
2
Lancaster
intends
to
close
in
June
2025
the
acquisition
of
the
Lake
Cargelligo
Gold
Project
and
non-brokered
private
placement
financing
as
announced
on
April
23,
2025.
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
not
independent
of
the
Company.
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
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
and
the
Trans
Taiga
Project
in
Quebec.
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
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