Lancaster's lidar reveals new gold targets in NSW

Mr. Andrew Watson reports LANCASTER RESOURCES LIDAR RESULTS AND FIELD TRIP DATA FROM LAKE CARGELLIGO GOLD PROJECT Lancaster Resources Inc. has released new lidar (light detection and ranging) and field data analysis revealing multiple gold-bearing targets and previously unmapped vein systems at its 100-per-cent-owned Lake Cargelligo gold project in New South Wales, Australia. The new data sets were acquired during an on-site field visit and through data acquisition as part of the company's continuing phase 1 exploration program. Lidar and field trip highlights Extensive strike length: 75 kilometres of prospective granite-sedimentary contact strike length now secured by Lancaster's tenure, which is largely unexplored; Multiple vein systems: newly mapped veins and historical workings at the Greater Avoca prospect, where historical rock-chip sampling returned up to 3.66 grams per tonne Au (gold); Josephine Moulder trend: the system remains open northward, supported by widespread Au-Ag-Te-Bi-As-Mo-Sb (gold-silver-tellurium-bismuth-arsenic-molybdenum-antimony) anomalies in historical auger drilling at Josephine Moulder North; Newly defined targets: 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 that have seen no previous exploration; Soil and geochemical anomalies: historical data indicates Au-As-Cu-Zn (gold-arsenic-copper-zinc) anomalies along the Central Contact strike from lidar-interpreted veins, reinforcing the district-scale mineralization model; Eastern Contact opportunity: widespread untested features-including possible workings and quartz veins-extend over less than strong five km along the Eastern Contact, an area with no recorded exploration; Additional upside: early evidence of tin (Sn) enrichment highlights potential for additional mineralization in parallel with gold-silver exploration. Target prospects Previous exploration at the project focused on the Josephine Moulder-Mount Wilga prospects, where auriferous veins-breccias outcrop over hundreds of metres, with significant historical workings, within sedimentary rocks proximal to the Ungarie Granite contact. Minimal historical exploration has occurred beyond these prospects despite a large strike length of the prospective granite-sedimentary contact outcropping or lying under shallow cover. Lancaster's endeavours at the Lake Cargelligo project are gaining momentum with the company's initial site visit to confirm historical exploration reports, publication of its National Instrument 43-101 technical report, and interpretation of lidar data now complete. Additionally, an in-depth review of existing geophysical data and targeting study by an expert, independent consultancy is nearing completion. Through the use of systematic, results-based exploration programs, the company aims to assess the Lake Cargellico project in a holistic manner, principally for large-scale Au-Ag mineralization as well as for Sn-W enrichment. Josephine Moulder/Mt. Wilga prospect: Four rock samples were taken as previously announced; Several rock chips with visible gold were not sampled to ensure representative sampling of the exposed mineralization system: Returned up to 31.5 grams per tonne Au and 114 g/t Ag, along with highly anomalous pathfinder geochemistry. The Josephine Moulder system likely remains open northward with widespread Au-Ag-Te-Bi-As-Mo-Sb anomalism in historical auger drilling at Josephine Moulder North. Avoca and North Quarry: Large gravel pit lying north of the historical Avoca mine shaft and its associated line of old pits: Avoca shaft had a peak historical rock chip of 3.66 g/t Au, approximately 13 m deep along greater than 300 m trend. Six rock chips sampled as per previously announced; Highly anomalous pathfinder geochemistry (Au-Ag-As-Bi-Sb) supports significant further exploration; Lancaster reconnaissance identified a large, new veining zone north of Avoca, which was previously unsampled, that returned strongly anomalous Au-Bi-Te and lies subparallel to the Avoca line of workings, along with numerous other potential veins and workings interpreted in lidar data over the Greater Avoca prospect; Supported additional land acquisition as previously announced along granite-sedimentary contact. New target areas Interpretation of existing lidar data and legacy soil sampling geochemistry has identified a number of new target areas at the project that fall along the Central and Eastern Contacts -- being the prospective contact of Ungarie Granite and hosting sedimentary lithologies -- while the Western Contact falls under shallow cover. Combined, Lancaster's tenure now hosts approximately 75 km of prospective granite-sedimentary contact, much of it completely unexplored. New target areas include: A potential northwest-southeast-trending vein swarm along the Central Contact approximately three km south of Avoca within EL 9775 and possibly extending undercover into ELA 6970; Potential additional workings in the greater Avoca-North Quarry area; Potential cluster of unrecorded historical pits and trenches identified along the Central Contact approximately six kilometres north of Avoca within EL 9775; Potential approximately four km long, open-ended anomalous Au-As-Cu-Zn-(Pb) soil trend along the Central Contact, with a potential northwest-southeast vein swarm occurring immediately to the south; Potential approximately five km strike of historical workings occurring extensively along the Eastern Contact. In addition to a Au-Ag focus, the company also considers Lake Cargelligo prospective for Sn-W mineralization and will look at advancing exploration for both commodity target suites in parallel. "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. The samples were taken by the Lancaster Australia team with the aim of confirming historically reported rock chip grades as previously announced. Further field exploration is required to continue the validation of lidar-identified features and upside. Lidar is typically used to identify areas of interest, veins, historical workings, outcropping, et cetera. Andrew Watson, PEng, president, chief executive officer 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 a director, and the president and CEO of Lancaster, and is not independent of the company. About Lancaster Resources Inc. Lancaster is focused on building a portfolio of district-scale exploration assets positioned for future resource development. The company holds a 100-per-cent interest in the Piney Lake gold project in Saskatchewan, uranium projects at Catley Lake and Centennial East in the Athabasca basin, and the Lac Iris polymetallic project in Quebec's James Bay region, where it also holds an option to acquire the Trans-Taiga property. In Australia, Lancaster owns the Lake Cargelligo gold project in New South Wales, covering approximately 62,300 hectares with about 75 kilometres of prospective strike and multiple primary target zones. We seek Safe Harbor.