Historical geochemical samplings of the project mention significant gold showings. Credit: REDPIXEL.PL via Shutterstock.com.

North American critical minerals explorer Lancaster Resources has acquired the Piney Lake Gold Property in Saskatchewan, Canada.

The company acquired the property by staking claims directly in Saskatchewan.

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Spanning more than 2,267 hectares (ha), the property is located around 65km east of La Ronge Provincial Park and 2.5km east of North Arrow Minerals’ Pikoo property.

Piney Lake Gold Property is accessible via provincial highways, with connections to Pelican Narrows and Deschambault Lake.

Its location within the Glennie Domain is significant due to the presence of mafic to mafelsic rock, which is conducive to gold mineralisation.

The property’s geological features including basic volcanics and quartz-diorite lithology indicate a high potential for gold deposits.

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Historical geochemical sampling at Piney Lake has revealed notable gold concentrations.

These findings, including 7.55 grams per tonne (g/t) of gold (Au) and an impressive 41.35g/t Au, highlight the property’s high-grade gold potential. The application of modern exploration techniques by Lancaster’s team is anticipated to further substantiate these prospects.

Lancaster president and CEO Penny White said: “The acquisition of the Piney Lake Gold Property is an exciting project to add to our growing exploration portfolio.”

In February this year, Lancaster expanded its mineral claim holdings in the Athabasca Basin with the acquisition of the Catley Lake and Centennial East properties, covering 3,036ha and 5,081ha, respectively.

Lancaster’s portfolio also includes the Trans-Taiga Lithium Property in Quebec’s James Bay lithium district and a minority interest in Nelson Lake Copper, which owns the Nelson Lake Copper Project.

The company is currently in the process of selling the majority of its stake in Nelson Lake Copper through a spin-off transaction, further optimising its asset base.