Lancaster's lidar reveals new gold targets in NSW

Executive Summary

• Lancaster Resources Inc. released new lidar and field data from its 100%-owned Lake Cargelligo gold project in New South Wales, Australia, identifying multiple gold-bearing targets and previously unmapped vein systems.
• The company secured 75 kilometers of prospective granite-sedimentary contact strike length, much of which is unexplored, with new targets identified along the Central and Eastern Contacts.
• Historical and recent sampling at the Josephine Moulder/Mt. Wilga and Avoca prospects returned significant gold and silver grades, supporting the district-scale mineralization model and validating the exploration path forward.

Key Details

• Lidar and Field Data Highlights:
  • Secured 75 kilometers of prospective granite-sedimentary contact strike length, largely unexplored.
  • Identified multiple vein systems and historical workings at the Greater Avoca prospect.
  • Josephine Moulder trend remains open northward, supported by widespread Au-Ag-Te-Bi-As-Mo-Sb anomalies in historical auger drilling.
  • Lidar interpretation revealed unrecorded clusters of potential old workings and vein swarms between Josephine Moulder and Avoca, including three large-scale zones along the Central Contact with no previous exploration.
  • Historical soil and geochemical data indicates Au-As-Cu-Zn anomalies along the Central Contact strike.
  • Eastern Contact features include possible workings and quartz veins extending over less than 5 km with no recorded exploration.
  • Early evidence of tin (Sn) enrichment highlights potential for additional mineralization parallel to gold-silver exploration.
• Josephine Moulder/Mt. Wilga Prospect:
  • Four rock samples taken to confirm historical reports.
  • Returned up to 31.5 grams per tonne Au and 114 g/t Ag.
  • Highly anomalous pathfinder geochemistry observed.
  • System likely remains open northward based on historical auger drilling anomalies.
• Avoca and North Quarry Prospect:
  • Historical rock chip sampling at Avoca shaft returned up to 3.66 g/t Au over a trend of approximately 300 meters.
  • Six rock chips sampled; returned highly anomalous pathfinder geochemistry (Au-Ag-As-Bi-Sb).
  • Lancaster identified a new, previously unsampled veining zone north of Avoca returning strongly anomalous Au-Bi-Te.
  • Additional land acquisition previously announced along the granite-sedimentary contact.
• New Target Areas:
  • Potential northwest-southeast-trending vein swarm along the Central Contact, ~3 km south of Avoca (EL 9775/ELA 6970).
  • Potential cluster of unrecorded historical pits and trenches ~6 km north of Avoca within EL 9775.
  • Potential ~4 km long, open-ended anomalous Au-As-Cu-Zn-(Pb) soil trend along the Central Contact.
  • Potential ~5 km strike of historical workings along the Eastern Contact.
• Exploration Strategy:
  • Company aims to assess the project holistically for large-scale Au-Ag mineralization and Sn-W enrichment.
  • In-depth review of existing geophysical data and targeting study by an independent consultancy is nearing completion.
  • National Instrument 43-101 technical report has been published.

Notable Quotes

• "Our team is extremely encouraged by these lidar results, which support the presence of high-grade gold and silver mineralization at Lake Cargelligo. They add validity to our exploration model and path forward as we unlock district-scale gold and precious metal projects. We remain focused on building the value of this highly prospective property," said Andrew Watson, president and chief executive officer of Lancaster Resources.