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Lancaster Resources Reveals Exploration Plans for Uranium Properties in Athabasca Basin

Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) announces an update on its exploration plans for its uranium prospective Catley Lake and Centennial East properties in the Athabasca Basin of Saskatchewan, Canada.

Lancaster Resources Exploration Plans

Lancaster Resources has detailed exploration plans, including surface outcrop mapping using hyperspectral data to identify vegetation stress indicative of subsurface uranium. The company will acquire high-resolution optical imagery and correct imagery for hyperspectral analysis (HSI).

HSI results will support prioritizing and focusing follow-up field geology, geochemical sampling, and geophysics programs in the selected areas showing positive uranium indications. Upon field work and geophysics program completion, target locations will be identified for an initial drilling program planned for Q4 2024.

Uranium: A Clean Energy Solution

Uranium is vital for transitioning to clean energy. Nuclear power plants use uranium as fuel, producing no carbon emissions during operation. This makes them crucial in reducing greenhouse gas emissions. Uranium’s high energy density generates substantial energy from a small material amount, minimizing the environmental footprint.

Nuclear energy is reliable, providing consistent baseload power, unlike intermittent sources like solar and wind. This is essential for a stable and clean energy supply as the world aims for net-zero carbon emissions by 2050.

Lancaster Resources Announces Financing

To fund its uranium exploration, the company offers Critical Mineral Flow-Through units (“FT Units”) at $0.05 per FT Unit. Each FT Unit includes one flow-through common share and one share purchase warrant, allowing the holder to purchase one non-flow-through common share for 3 years at $0.10.

To fund its Alkali Flat Project drill program in New Mexico, USA, the company offers a non-brokered private placement for Units at $0.03 per Unit. Each Unit consists of one non-flow-through common share and one share purchase warrant, enabling the holder to purchase one non-flow-through common share for 3 years at $0.06.

Proceeds will be used for exploration at the Catley Lake and Centennial East Properties, including outcrop mapping, hyperspectral analysis, initial drilling, drilling at Alkali Flat Project, accounting fees, general administrative expenses, and accounts payable.

Qualified Person

Andrew Watson, P.Eng., a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, reviewed and approved this news release’s scientific and technical information. Mr. Watson is the VP, Engineering and Operations for Lancaster Resources.

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