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December 03, 2024

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Lancaster Resources (LCR.C) receives approval for maiden drill program

Lancaster Resources (LCR.C) is a junior explorer focusing on transition metals to take advantage of the global shift towards decarbonization and electrification. The goal is to produce climate-positive lithium. The current focus is on its Alkali Flat Project, located in southwestern (and mining friendly) New Mexico, USA, within the Animas Valley.

Today, the Company announced the administrative approval of its maiden drill program at its Alkali Flat Project in New Mexico, USA. The New Mexico Mining and Minerals Division (MMD) has declared Lancaster’s Minimal Impact Exploration Permit Application for its Phase 1 Exploration Drilling at the Alkali Flat Lithium Brine Project to be administratively complete, marking a significant step forward in this pioneering exploration effort.

“The approval of our maiden drilling program will not only be a significant economic milestone for Lancaster but also a moment of affirmation for our commitment to responsible exploration,” said Andrew Watson, Lancaster’s VP Engineering & Operations. “We are at the cusp of demonstrating that sustainable practices can and should be at the heart of the mining industry’s future, particularly as we contribute to the global clean energy transition.”

The proposed exploration plan, initially submitted on September 26, 2023, carefully details a minimal-impact strategy to develop three drill holes and associated pads over a disturbed area of less than two acres within the jurisdiction of the United States Bureau of Land Management (BLM) property in Lordsburg Playa, New Mexico.

With this administrative hurdle cleared, the Alkali Flat Project now moves to the technical review phase, involving detailed review by state, federal, and tribal agencies. A site visit by representatives from Lancaster, along with BLM and MMD is scheduled for mid-November 2023. The purpose of the visit is to review the project on-site and to ensure all proposed operations align with the highest standards of environmental conservation and sustainability.

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The stock has printed new lows hitting $0.04. Selling pressure has not showed any sign of exhaustion yet. Bulls either want to see a large green candle, or a development of a range. $0.08 is the resistance zone the stock will need to break out of. Then watch for the trendline to be taken out.

 

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