Lancaster Resources Acquires Piney Lake Gold Property

VANCOUVER, British Columbia, April 10, 2024 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (“Lancaster” or the “Company”), a North American critical minerals exploration company, is excited to announce the acquisition of the Piney Lake Gold Property.

Property Overview

The Piney Lake Gold Property, covering an area of 2,267.8 hectares, is nestled approximately 65 kilometres east of La Ronge Provincial Park and a mere 2.5 kilometres east of North Arrow Minerals' Pikoo property. Encircled by the prolific gold claims of SGO / SSR Mining, the Piney Lake claim is in a region with a storied history of mineral discoveries. Access to the Piney Lake property is facilitated by provincial highways, placing it about 18 kilometres to the southwest of Pelican Narrows via Highway 135 and similarly accessible to Deschambault Lake via Highway 911. The Company acquired the property by staking claims directly in Saskatchewan, Canada.

Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster’s properties.

Geological Significance

Piney Lake is strategically positioned within the Glennie Domain, an area known for its mafic to mafelsic rock. The property is characterized by basic volcanics, quartz diorite-tonalite to granodiorite, and quartz-diorite lithology, suggesting rich potential for gold mineralization. Notably, the Tabbernor fault and shear zone lie just past the eastern border of the property.

Geochemical Highlights

Historical geochemical samplings for Piney Lake mention significant gold showings identified along a north-south trend. These include concentrations of 7.55g/T Au approximately 375 meters north, and an impressive 41.35g/T Au approximately 4.1 kilometres north, among others. These findings underscore the high-grade gold potential awaiting Lancaster's exploration team and the use of modern exploration techniques.

Exploration Legacy

The area around Piney Lake has seen very limited recent exploration activities. Placer Dome Mines in the 1990s and, more recently, the Thurloe Gold Syndicate between 2010 and 2012 were the more recent forays in the area. North Arrow Minerals' discovery of diamonds in 2013, followed by Alto Minerals' exploration in 2014, emphasizes the properties’ mineralization and exploration upside for gold, copper, and other minerals.