Lancaster Resources (CSE:LCR) has completed an additional land acquisition at the Lake Cargelligo Project in New South Wales, expanding the area by a further 33,400 hectares.
Lake Cargelligo is considered a highly prospective greenfield gold-silver project, covering 62,300 hectares. The project has potential for intrusive-related gold systems and discrete lode-style mineralisation.
CEO Andrew Watson says the new properties increase the company’s exploration prospects in Lake Cargelligo.
At Lake Cargelligo, Lancaster is continuing to work with various stakeholders and landowners to complete land access agreements. The agreements are for drilling and geological site work, a geophysical drone magnetic and ground-based induced polarisation program, as well as submitting drill applications to the state.
The geophysical work will be a highly targeted program near historical drill locations to better refine the drill targets and size of the mineralisation zone. Lancaster is targeting to be drill ready by Q4 2026.
Exploration in Québec
Meanwhile, Lancaster is also continuing to advance exploration at the Lac Iris Project in Québec, Canada.
An initial field exploration program is planned over the claim blocks, along with a light detection and ranging (LiDAR) and geophysical drone magnetics program in the Canadian fall of 2026.
The company says these activities will help shape a follow-up exploration program.
Financing update
Lancaster has also revised a non-brokered private placement, now raising up to C$800,000 ($808,000) via the issue of 20 million units at C$0.04 per unit. Each unit will comprise one common share and one common share purchase warrant, exercisable at C$0.12 per share within one year.
The funds will be used for exploration activities across the Lake Cargelligo and Lac Iris projects, as well as general working capital.
Closing of the offering is expected to be on 22 May 2026.
Lancaster Resources is a Canadian explorer focused on advancing its diversified portfolio of gold and silver projects in established mining jurisdictions.
Write to Aaliyah Rogan at Mining.com.au
Images: Lancaster Resources
