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.
Recently, the Company announced it has engaged KLM geophysics to conduct a magneto-telluric (MT) survey at its Alkali Flat Lithium Project in Lordsburg, New Mexico to target highly conductive statigraphic layers to further delineate drill targets in a highly prospective area on the NE part of the property. The property is adjacent to Arizona Lithium’s Lordsburg Brine Project.
Today, Lancaster Resources announced the filing of annual renewals of BLM claims as part of the Alkali Flats option agreement to acquire 100% interest in the Alkali Flat Lithium Project. The annual filing with the BLM includes the original 67 claims for the Project along with a significant addition of 193 claims under the Area of Interest provisions under the option agreement.
Spanning ~5,200 acres, the claims cover the majority of the Alkali Flat playa and present significant exploration opportunities on leases with surface sediment concentrations up to ~149ppm Lithium.
“The potential for net zero or near zero lithium extraction from the Alkali Flat Lithium Project in New Mexico is exciting. With Direct Lithium Extraction technologies advancing to commercial scales and the feasibility of solar power in New Mexico, we’re optimistic about sustainably powering a Lithium DLE project,” says Lancaster VP of Engineering Andrew Watson. “The renewal of our expanded claim package sets us up for geophysical MT surveys and a maiden drilling program, where we hope to identify and sample lithium bearing subsurface brine for this promising lithium project.”
Lithium is a critical mineral to produce electric vehicle batteries and a host of other applications that are propelling the global shift towards decarbonization and renewable sources of energy.
For a deeper dive into Lancaster Resources, check out Chris Parry’s latest breakdown on this tightly coiled ESG-ready lithium play.
The stock is up 4% at time of writing on today’s news.
Lancaster is bouncing after printing new all time record lows at $0.125. The stock was about to breakout above resistance at $0.15, but instead rejected and broke below previous lows. Now, the stock is retesting previous lows at $0.13. A close above this level will be required to turn the trend. The $0.15 remains the major resistance zone for the stock.
