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.
Today, the Company announced that the New Mexico Mining and Minerals Division has provided Lancaster Resources with a “Technically Complete Letter” regarding a permit for the Alkali Flat Lithium Brine Phase 1 drill program.
“The approval of our maiden drilling application is confirmation of our commitment to responsible, minimal impact exploration and the last major hurdle before launching our maiden drilling program at Alkali Flat,” says Andrew Watson, Lancaster’s VP Engineering & Operations. “We are one step closer to drilling the first well at Alkali Flat and proving the quality of the potential lithium brine deposit we believe is in the subsurface aquifers previously identified by our geophysics program.”
Lancaster’s exploration work at Alkali Flat last year included geochemical sampling, which yielded highly anomalous concentrations of lithium in playa sediments, a UAV-bourne detailed magnetometry (drone) survey, and a Magneto-Telluric (MT) geophysics program, which revealed highly anomalous conductivity in aquifers 100 – 200 metres deep and 650 – 750 metres deep. The combined results highlighted multiple high-priority drill locations believed to host lithium-rich aquifers.
The project is conveniently situated next to a major rail line and interstate highway, providing excellent access. The Drill Permit area lies about 8 miles north of the renowned 15MW Lightning Dock Known Geothermal Resource Area.
The Alkali Flat Lithium Project targets a closed-basin brine deposit in a playa lake setting. Closed basin brine deposits contain an estimated 58% of the world’s lithium resources. The only location of lithium production currently active in the United States is the brine operation at Clayton Valley, Nevada.
The stock has recently printed new all time record lows at $0.03. The stock really needs a catalyst, and today’s new is building up to one: an eventual inaugural drill program. Technically, the stock would need to close back above $0.04 to retake the broken support level which is now acting as resistance. I would watch for a close above $0.045 which would see the stock take out the current lower high.
