Lancaster samples up to 31.5 g/t Au at Lake Cargelligo

Executive Summary

• Lancaster Resources Inc. released rock assay results from its 100%-owned Lake Cargelligo gold project in New South Wales, Australia, as part of the data collection for a maiden National Instrument 43-101 technical report.
• Eleven rock chip samples from the Josephine Moulder target returned high-grade gold and silver values, confirming strong surface mineralization and polymetallic potential.
• Follow-up geological mapping has expanded the known footprint of vein systems with positive high-grade gold-silver indicators in areas previously unexplored.

Key Details

• Sampling Location: Josephine Moulder target at the Lake Cargelligo gold project, New South Wales, Australia.
• Laboratory: ALS (Australia), an independent laboratory.
• Sample Count: Eleven rock chip samples.
• Gold Grades: Assays returned high gold values up to 31.5 grams per tonne Au (g/t Au).
• Silver Grades: Samples yielded up to 114 grams per tonne Ag (g/t Ag), highlighting polymetallic potential.
• Geological Findings: Robust alteration and vein systems identified over areas not subject to historical exploration, expanding the known footprint of veins consistent with high-grade gold-silver deposits.
• Purpose: Data acquired during an on-site field visit to facilitate the independent NI 43-101 technical report and meetings with landowners.

Notable Quotes

• "Our team is extremely encouraged by these assay results, which confirm the presence of high-grade gold and silver mineralization at Lake Cargelligo. The strength of geology, combined with the strong grades, underscores the potential for a significant new discovery. These results mark an exciting step forward as we advance exploration and unlock the value of this highly prospective property," said Andrew Watson, president and chief executive officer of Lancaster Resources.