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.
A pivot was announced given the current state of the lithium market, and the Company picked up two new properties, Catley lake and Centennial East, strategically located near uranium deposits.
Located in close proximity to Cameco‘s notable Centennial deposit, these claims are in a prime area for uranium deposits that are vital for nuclear energy – a key component in achieving net-zero emissions. The Centennial deposit nearby, with uranium concentrations as high as 8.78% U3O8 over 33.9 metres, illustrates the high-grade potential in this region. Another nearby deposit, Dufferin, further exemplifies the area’s richness with assays up to 1.73% U3O8 over 6.5 metres, underlining the promising context of Lancaster’s claims.
Today, Lancaster Resources announced the acquisition of a Gold property, the Piney Lake Gold Property.
“The acquisition of the Piney Lake Gold Property is an exciting project to add to our growing exploration portfolio,” says Penny White, President and Chief Executive Officer of Lancaster.
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.
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.
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.
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.
The stock recently hit all time record lows at $0.035. Buyers are here as can be seen by previous daily candles with large wicks. For a stronger turn around, the stock will need a close above the $0.045 zone to reclaim broken support. Then $0.055 is the next major zone for the stock to retake.
