Lancaster Resources Inc (CSE:LCR, OTCQB:LANRF) announced that it has acquired a 100% interest in the Lac Iris polymetallic project, located in Quebec’s James Bay region.
The newly acquired property is situated approximately five kilometres south of the Nisk and Lion discoveries by Power Metallic and adjacent to the Rupert lithium project operated by Li-FT Power.
“Lancaster is extremely pleased to acquire these mineral claims. The properties bolster our exploration opportunities in Quebec, and the proximity to major discoveries supports the opportunity to make a discovery,” Lancaster CEO Andrew Watson said in a statement.
“This acquisition builds on the momentum from our Lake Cargelligo acquisition, continuing to unlock shareholder value.”
The Lac Iris polymetallic project spans approximately 1,443 hectares across three distinct land packages, all positioned adjacent to Li-FT claims.
The property is located along the same geological trend that hosts the Whabouchi lithium pegmatite deposit and the high-grade Nisk nickel-copper sulphide deposit.
According to Lancaster, this region is considered highly prospective for lithium and polymetallic mineralization, being situated along the boundary between the La Grande and Opatica Subprovinces, an area geologically marked by deep-rooted crustal features often hosting late-stage intrusives such as pegmatites.
A work program is planned for the Lac Iris property with objectives to identify lithium and polymetallic targets, conduct geological mapping, and perform sampling to evaluate the concentration of high-value metals.
The property benefits from year-round road access via Route du Nord, which crosses through the Lac Iris 1 Property. It is located approximately 43 km east of the Nemiscau village and airport, with hydroelectric transmission lines running through the site.