Lancaster Resources Inc (CSE:LCR, OTCQB:LANRF) has unveiled its exploration plans for its uranium prospective Catley Lake and Centennial East properties in the Athabasca Basin of Saskatchewan, Canada
The two properties are contiguous and together cover 8,117 hectares immediately adjacent to the Cameco Centennial deposit claims, which have notable uranium concentrations of up to 8.78% U3O8 (uranium) over 33.9 meters and 25.6% U3O8 over 0.5 meters, the company highlighted.
Its exploration plans for the properties include an initial detailed surface outcrop mapping, using hyperspectral data to identify vegetation stress indicative of subsurface uranium, acquiring high-resolution optical imagery, and purchasing corrected imagery for hyperspectral analysis.
It said that the hyperspectral analysis results will be used to prioritize and focus follow-up field geology, geochemical sampling, and geophysics programs.
Lancaster Resources added that upon completion of the fieldwork and geophysics program, target locations will be identified for an initial drill program anticipated in the fourth quarter of 2024.
The company is carrying out a financing round to fund its uranium exploration.
It will offer critical mineral flow-through units at $0,05 each, comprising one flow-through share and one-share purchase warrant. Each warrant will entitle the holder to purchase a non-flow-through share for three years at $0.10.
Further, to fund its maiden drill program at Alkali Flat lithium project in New Mexico in the United States, Lancaster Resources said it will offer a non-brokered private placement at $0.03 per unit. Each unit will consist of a non-flow-through share and one share purchase warrant entitling the holder to purchase a non-flow-through share for three years at $0.06.