Tuesday, July 25, 2023

Vancouver, British Columbia based Lancaster Resources Inc. (CSE: LCR) (OTC Pink: LANRF) (FSE: 6UF) announced this morning entry into a binding Letter of Intent on July 23, 2023 to acquire 100% of the Trans-Taiga Lithium Project in the Eeyou Istchee James Bay region of Quebec.  

According to the release, the Property, hosting several historical pegmatite samples, lies 120 km west of Patriot Battery Metals' Corvette Project, 74 km west of Winsome Resources' Cancet Project, and a few kilometers east of Loyal Lithium's Brisk Lithium Project.

The Agreement grants Lancaster an exclusive option to acquire 100% ownership of the Trans-Taiga Lithium Project from a group that includes Bounty Gold Corp. and Last Resort Resources. 

To exercise the option, payments totaling $115,000 are payable as follows:

$37,000 due within 10 days of entering into the long form agreement, paid through $10,000 cash plus $27,000 via the issuance of 135,000 common shares in Lancaster's stock at a deemed price of $0.20 per share;

$26,000 due on the first anniversary date of the agreement;

$26,000 due on the second anniversary date; and

$26,000 due on the third anniversary date.

Lancaster may, at its discretion, make 50% of each payment in common stock.

Lancaster is engaged in exploring energy transition metals to take advantage of the global shift towards decarbonization and electrification. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target.

Shares are trading down 2 cents at $0.15