Lancaster Resources Field Trip Results from Lake Cargelligo Gold Project

Executive Summary

• Lancaster Resources reported extensive field work at its 100% owned Lake Cargelligo Gold Project, highlighting new land‑owner access agreements and the identification of large, previously unrecognized vein systems.
• Significant geological mapping, rock‑chip sampling (18 samples at Greater Josephine Moulder; 17 samples at Greater Avoca) and LiDAR‑guided target definition were completed, with assay results pending.
• The company outlined a refined exploration plan for mid‑2026 that includes airborne magnetic and induced‑polarization surveys and a Phase 1 reverse‑circulation drill program (15–20 holes) targeting the Josephine Moulder vein system.

Key Details

• Landowner Access: Multiple in‑person meetings resulted in substantial progress toward securing access agreements for future geophysical work and drilling.
• Prospective Strike Length: ~75 km of granite‑sedimentary contact within Lancaster’s tenure remains largely unexplored.
• New Vein Discoveries:
• Greater Avoca – a newly mapped quartz vein system extending >1.25 km of strike, sub‑cropping and outcropping discontinuously.
• Greater Josephine Moulder – expansion northward with a multi‑element geochemical footprint (>2 km strike) and a large new vein system (>1.25 km strike).
• Historical Rock‑Chip Results (for context):
• Up to 3.66 g/t Au at Avoca line of workings.
• Up to 31.5 g/t Au and 114 g/t Ag from previous samples at Josephine Moulder/East.
• Recent Sampling:
• Greater Josephine Moulder – 18 new rock‑chip samples collected; assays expected in 2–4 weeks.
• Greater Avoca – 17 new rock‑chip samples collected; assays expected in 2–4 weeks.
• Planned Geophysical Surveys (Phase 1):
• Gradient Array Induced Polarization (GAIP) and pole‑dipole IP over ~3.2 km of strike to delineate quartz veins/sulfide accumulations.
• Proposed Drill Program:
• Reverse‑circulation drilling at Josephine Moulder: 15–20 holes on a 60 × 80 m grid covering ~365 m of strike, intended to compare with historic drill intercepts, generate initial metallurgy data, and support resource modelling.
• Future Work Timeline:
• Completion of rock‑chip assays will guide final target selection for airborne magnetic/IP surveys and subsequent drilling in mid‑2026.
• Management Quote: “The Lancaster team is extremely optimistic…large‑scale quartz veins‑breccia have the potential to host high‑grade gold and silver mineralization…we remain focused on building the value of this highly transformative property.” – Andrew Watson, President & CEO

Notable Quotes

• “We are extremely optimistic with the refined and focused exploration progress made at Lake Cargelligo…the 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.” – Andrew Watson, President & CEO

All forward‑looking statements are subject to risks and uncertainties; actual results may differ materially.