Thursday, August 31, 2023

Vancouver, British Columbia based Lancaster Resources Inc. (CSE: LCR) (OTC Pink: LANRF) (FSE: 6UF0) announced that on August 29, 2023, Lancaster entered into a definitive agreement to acquire 100% of the Trans Taiga Lithium Project in the Eeyou Istchee James Bay region of Quebec. 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.

According to the release, Lancaster has acquired the exclusive option to acquire full ownership of the Trans Taiga Lithium Project. The total initial payment commitment stands at $115,000, broken down as follows:

- Within the first 10 business days, Lancaster will make an initial payment of $37,000. This includes $10,000 in cash and 135,000 of Lancaster common shares at a deemed value of $0.20 per share for payment of $27,000, which have been issued.

- On each of the first, second, and third anniversaries of the agreement, Lancaster will make additional payments of $26,000. These can be made entirely in cash or split evenly between cash and company shares.

Lancaster Resources is engaged in exploring energy transition metals to take advantage of the global shift towards decarbonization and electrification.

Shares are trading down 1 cent at $0.13