Vancouver, British Columbia--(Newsfile Corp. - January 21, 2026) - Lancaster Resources Inc. (CSE: LCR) (OTC Pink: LANRF) (FSE: 6UF0) ("Lancaster" or the "Company") is pleased to report results from recent field work at its 100% owned Lake Cargelligo Gold Project in New South Wales, Australia.
Field work undertaken in December 2025 included meetings with landowners to advance access agreements, and geological mapping and rock chip sampling of new prospect areas that were guided by interpretation of LiDAR data, as previously announced.
Field Trip Highlights
Landowner Agreements Advancing: Multiple landowners met in person, with significant progress made for access agreements to facilitate geophysical and drilling programs.
Extensive Strike Length: 75km of prospective granite-sedimentary contact strike length within Lancaster's tenure, which is largely unexplored, with recent field work undertaken at the Greater Josephine Moulder, Greater Avoca, and LiDAR Targets 1-4 (LT1-4).
Multiple Vein Systems: Extensive areas of newly mapped veins at the Greater Avoca and Josephine Moulder North prospects, where limited historical rock-chip sampling returned up to 3.66 g/t Au and 1.6 g/t Au respectively1 as well as encouraging geological observations from the accessible portions of LT1.
New Vein System Discovered at Greater Avoca: Follow up mapping of Company reconnaissance rock chip sampling in August 2025 has identified a large new vein system subcropping-outcropping over >1.25km of strike that was not previously recognized.
Josephine Moulder Expands Northwards: Follow up reconnaissance of historical geochemical Au-Ag-Te-Bi-As-Mo-Sb auger anomalies2 identified evidence of widespread quartz veining and hydrothermal alteration, significantly expanding the Greater Josephine Moulder prospect, where a geochemical footprint now extends over >2km of strike.
Refined Exploration Programs Developing: Multiple, high-impact exploration programs are being considered across the project to include further geological mapping and sampling, detailed airborne magnetic surveying and expanded LiDAR coverage, ground-based induced polarization surveying, resource drilling at Josephine Moulder, and reconnaissance drilling at other targets.
Target Prospects
Initial focus by Lancaster at Lake Cargelligo is on the Greater Josephine Moulder prospect, where historical exploration of an outcropping quartz vein-breccia has identified a large-scale, multi-element anomalous geochemical footprint over >2km of strike occurring proximally to a granite-sedimentary contact (Figure 1).
Figure 1: Plan of the Lake Cargelligo Project showing the target locations.
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Minimal historical exploration has occurred beyond the 400m long outcropping portion of the Josephine Moulder vein, with only limited rock chip sampling (three samples) reported across the Josephine Moulder North auger geochemical anomaly that returned encouraging results up to 1.6g/t Au1.
Similarly, very limited exploration has been undertaken elsewhere along the strike-extensive granite-sedimentary contact, with much of the prospective contact lying under partial, shallow cover. Minor rock chip sampling is reported at the historical Avoca line of workings 12km north of Josephine Moulder, with a peak result of 3.66g/t Au1.
Recent geological mapping and rock chip sampling at the project by Lancaster followed up historical geochemical anomalies, Company observations made during initial reconnaissance in August 2025, and interpretation of LiDAR data that indicated the occurrence of additional historical workings and outcropping quartz veins.
The Company remains highly focused on assessing the Lake Cargelligo Project in a holistic manner, principally for large-scale Au-Ag mineralization, as well as for Sn-W enrichment. Lancaster intends to undertake detailed airborne magnetic and extensional LiDAR surveying over a large portion of the project tenure to advance exploration of the prospective granite-sedimentary contact while concurrently advancing prospect-scale geophysical surveying and drilling. In support of these programs, an in-depth review of existing geophysical data and targeting study by an expert, independent consultancy is nearing completion.
Greater Josephine Moulder Prospect:
18 new rock chip samples collected with assay results expected in two to four weeks (Figures 2 and 3).
Previous Lancaster rock chips at Josephine Moulder and Josephine Moulder East (reported October 2025) returned up to 31.5g/T-Au and 114g/T-Ag3 along with highly anomalous pathfinder geochemistry4.
Widespread quartz veining and hydrothermal alteration observed at Josephine Moulder North proximal to historical multi-element auger anomalies, as shown in Figure 2, during recently completed field work.
Proposed phase 1 gradient array (GAIP) and pole-dipole (PDIP) induced polarization survey to provide resistivity, conductivity, and chargeability measurements over ~3.2km of strike to assess quartz veins and/or sulfide accumulations to assist drill hole targeting, as illustrated in Figure 2.
Concurrent planning of a reverse circulation drill program at the main Josephine Moulder vein (15-20 RC holes on 60 x 80m grid over ~365m strike length) to allow comparison with historical percussion and diamond drill intercepts, undertake initial metallurgy test work, and advance resource modelling studies.
Figure 2: Rock chip sample locations and auger soil anomalies on regional geology at Josephine Moulder North (left image); and proposed phase 1 GAIP and PDIP surveying over the Greater Josephine Moulder prospect.
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Figure 3: Examples of selected rock chips recently sampled by Lancaster (assays pending) from the Greater Josephine Moulder prospect.
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Greater Avoca
17 new rock chips collected with assay results expected in two to four weeks (Figure 4).
Limited historical rock chip sampling with a peak of 3.66g/t Au focused on the old Avoca line of shallow workings that were up to ~13m deep and spread along a 250m trend5.
Lancaster reconnaissance in August 2025 identified a new zone of quartz veinletting ~800m north of the Avoca workings that returned highly anomalous results up to 0.2g/t Au, 12ppm Bi, 85ppm As, and 130ppb Te with this zone recognized as warranting further work.
Recent follow-up geological mapping by the Company has significantly extended this zone and resulted in discovery of a large, new quartz vein system subcropping-outcropping discontinuously over >1.25km of strike, as shown in Figure 4, with this new area being the largest zone of veining recognized at the project to date.
The northeast portion of the vein system is dominated by white, milky quartz occurring as discontinuous zones of weak to moderate veinlet to network zones that locally swell to more coherent veins and breccias, as shown in Figure 5.
The southwest portion of the vein system consists of massive, brecciated, and comb style textures with increasing content of iron oxides weathered from ex-sulfide and ex-carbonate minerals.
Outcrop styles, quartz textures, and vein mineralogy suggest the surface expression is high-level in the northeast and deepens southwest along strike where the system remains open under sand cover towards the granite-sedimentary contact.
Northeast-southwest orientation of veining across Greater Avoca indicates it is controlled by the Lancaster-named Avoca Structure and Avoca Splay Fault, which trend obliquely to the prospective, undercover granite-sedimentary contact; notably, the strike-extensive Avoca Structure also intersects the northwest extension of LiDAR Target 1 and may exert a significant structural control on vein occurrence in the larger area.
Pending rock chip assays, future exploration at Greater Avoca is anticipated to include detailed airborne magnetic and ground-based induced polarization surveying ahead of drill testing.
Figure 4: Rock chip sample locations and the newly discovered Avoca quartz vein system that subcrops and outcrops discontinuously over >1.25km of strike and remains open undercover southwest towards the granite-sedimentary contact.
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Figure 5: Examples of selected rock chips recently sampled by Lancaster (assays pending) from the Greater Avoca prospect.
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Refined Exploration Program:
Significant progress was made during the Company's second field trip to the project in December 2025. Increased geological understanding of the mineralization potential at Lake Cargelligo has refined the exploration and drilling programs planned for mid-2026. In person discussions with supportive landowners were completed and final documents are being prepared to grant access in support drill approval applications.
The company is currently awaiting geochemical assays results from the recently collected rock chip samples that will help guide priorities for the proposed geophysical surveying program (magnetics and IP) to finalize drilling targets and relevant approval applications.
"The Lancaster team is extremely optimistic with the refined and focused exploration progress made at Lake Cargelligo. In advance of rock chip assays, geological observations support the presence of a series of large-scale quartz veins-breccia that have the potential to host high-grade gold and silver mineralization at the project. They support our exploration model and path forward as we look to unlock district-scale gold and precious metal mineralization. We remain focused on building the value of this highly transformative property," said Andrew Watson, President and CEO 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 and in support of new target areas identified by the Company.
Andrew Watson, P.Eng., President & CEO 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 Resources Inc. is a Canadian exploration company advancing a diversified portfolio of gold and silver exploration projects in established mining jurisdictions. The Company holds a 100% interest in the Lake Cargelligo Gold Project in New South Wales, Australia, which is prospective for both gold and silver mineralization, covering approximately 62,300 hectares with a history of drilling and exploration and multiple high-priority targets. In Canada, Lancaster's assets include the Lac Iris Polymetallic Project in Quebec's James Bay region and the Piney Lake Gold Project in Saskatchewan. Lancaster's portfolio provides exposure to gold, silver, and polymetallic exploration opportunities across tier-one jurisdictions.
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
1 Talbot, M., 2014, Advene - Exploration Licence 8095 Annual Report for the 12 Months Ending 27 May 2014, Carpentaria Exploration Ltd., DIGS Report RE0006371 (GS2014/1533), Sample 13920
2 https://www.resources.nsw.gov.au/geological-survey/digs
3 https://lancaster-resources.com/lancaster-resources-rock-assay-results-from-lake-cargelligo-gold-project/ (Sept 24, 2025)
4 https://lancaster-resources.com/lancaster-resources-rock-assay-results-from-lake-cargelligo-gold-project/ (Sept 24, 2025)
5 Talbot, M., 2014, Advene - Exploration Licence 8095 Annual Report for the 12 Months Ending 27 May 2014, Carpentaria Exploration Ltd., DIGS Report RE0006371 (GS2014/1533), Sample 13920
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