Lancaster Resources talks sampling at Lake Cargelligo

Executive Summary

• Lancaster Resources Inc. announced its Phase 1 exploration and project development program for its 100%-owned Lake Cargelligo gold and silver project in New South Wales, Australia.
• The program focuses on advancing the district-scale potential of the Greater Josephine Moulder and Greater Avoca prospects through geological mapping, geophysical surveys, and a planned 2,500-meter reverse circulation (RC) drilling program.
• Historical data highlights significant mineralization, including rock samples up to 204 g/t Au and channel intercepts up to 16 meters at 5.83 g/t Au, supporting the decision to proceed with subsurface testing and metallurgical studies.

Key Details

• Project Location: Lake Cargelligo project, New South Wales, Australia (100% owned).
• Program Scope: Phase 1 exploration and project development tailored to advance gold, silver, tin, and tungsten potential.
• Drilling Plan:
  • Approximately 2,500 meters of Reverse Circulation (RC) drilling planned.
  • Target: Josephine Moulder prospect.
  • Objectives: Confirm historical drilling results, collect samples from near-surface oxide and deeper sulphide mineralization, assess geophysical targeting effectiveness, and advance resource modeling.
  • Metallurgical Testing: Drill samples will undergo testing to evaluate processing synergies with nearby operating mines to accelerate cash flow.
• Geophysics:
  • Engagement of Resource Potentials for aerial-based magnetics/lidar and targeted surface Induced Polarization (IP).
  • Timeline: Planned for Q1 to Q2 2026.
  • Purpose: Image subsurface lithological, structural, and alteration controls to prioritize drill targets.
• Historical Assays & Sampling:
  • Rock samples: Up to 204 g/t Au and 273 g/t Ag.
  • Channel intercepts: Up to 16 meters at 5.83 g/t Au and 20 g/t Ag.
  • Data source: 4,176 geochemical samples.
• Prospect-Specific Highlights:
  • Greater Avoca Prospect: Newly mapped veins and historical workings; rock-chip sampling returned up to 3.66 g/t Au.
  • Greater Josephine Moulder Trend: Recent rock-chip sampling up to 31.5 g/t Au and 114 g/t Ag; highly anomalous pathfinder geochemistry (Au-Ag-Te-Bi-As-Mo-Sb); system remains open to the north with strong potential for strike extension.
• Current Activities:
  • Second field trip conducted in December 2025.
  • Activities include landowner consultation for access agreements, prospect-scale mapping, rock-chip sampling, and lidar assessment of outcropping veins/historical workings.
  • Permitting activities for RC drilling started in late November with landowner consultation.
• Qualified Person: Andrew Watson, PEng, President and CEO, is the Qualified Person under National Instrument 43-101.

Notable Quotes

• "Lancaster's phase 1 exploration program is structured to advance Lake Cargelligo at an ideal point in the gold and silver cycle," said Andrew Watson, president and chief executive officer at Lancaster Resources. "With strong precious metal fundamentals and a district-scale opportunity supported by compelling historical results, our program will systematically evaluate the project's gold and silver exploration potential while advancing our geological, geophysical and metallurgical understanding toward resource definition."