Lancaster files NI 43-101 tech report for Cargelligo

Executive Summary

• Lancaster Resources Inc. has completed and filed its maiden National Instrument 43-101 technical report for its 100%-owned Lake Cargelligo gold project in New South Wales, Australia.
• The report, prepared by independent consultant Geos Mining, outlines significant historical geochemical results and identifies four priority target areas for an upcoming Phase I exploration program.
• The release highlights a strategic timing element, noting the completion coincides with gold prices reaching an all-time high of $4,300 USD per ounce.

Key Details

• Report Status: Maiden NI 43-101 technical report completed and filed; prepared by Sydney-based Geos Mining.
• Licence Status: Transfer of licence from Mac Minerals Pty. to Lancaster's wholly owned subsidiary, Lancaster Gold Australia Pty. Ltd., has been initiated and is expected to be completed shortly.
• Historical Geochemical Results:
  • Compilation of drilling and historical sampling with channel intercepts up to 16 metres at 5.83 grams per tonne Au (gold) and 7.20 g/t Ag (silver).
  • Rock sampling results up to Au 204 g/t and Ag 273 g/t.
  • Data derived from a total of 4,176 geochemical samples.
  • Note: These historical results have not been verified by a qualified person.
• Mineralization Opportunities Identified:
  • Large-scale shear-hosted gold mineralization associated with enriched silver, copper, lead, and zinc.
  • Intrusive-related gold systems associated with contact zones between Silurian Ungarie granite and altered Ordovician Abercrombie formation turbidite sediments.
  • Orogenic-style gold hosted by quartz veins and stockworks within structural zones such as anticlinal fold hinges.
  • Intrusion-related tin/tungsten deposits as veins, disseminations, and greisen zones in the carapace of granitic intrusions.
• Future Exploration Plan (Phase I):
  • Four priority target areas outlined: Josephine Moulder, Josephine Moulder East, Avoca, and Mount Wilga.
  • Recommended work programs include geophysics (IP and airborne magnetics), geochemistry, and an initial Reverse Circulation (RC) and diamond drill program.
• Project Assets: Lancaster holds a 100% interest in the Lake Cargelligo project covering approximately 62,300 hectares.

Notable Quotes

• "Completing our maiden NI 43-101 technical report at a time when gold has reached record highs reinforces the importance of our Lake Cargelligo gold project as a strategic asset in Lancaster's portfolio... The independent validation by Geos Mining highlights the project's strong geological potential and provides a clear road map for discovery at a time when investor interest in gold exploration is rapidly accelerating." — Andrew Watson, President and CEO
• "The Lake Cargelligo gold project positions Lancaster squarely in the midst of one of Australia's most prolific gold belts. With multiple untested targets and a supportive mining jurisdiction, we believe the project offers the potential for significant new gold discoveries... advancing our exploration program now could unlock meaningful value for shareholders." — Andrew Watson, President and CEO