Loyal North Lancaster (?) Very large badge-purpose?

[Terra Nova]

Submitted for your consideration is a highly detailed cast, white metal and gliding metal badge. It measures 106 mm (4 1/4 inches) high X 54 mm (2 1/8 inches) wide. It is quite robust in construction.The reverse has four equally spaced wire loop retaining lugs, each 10 mm (7/16 inches) high.

I believe that is for the Loyal North Lancashire Regiment though stand to be corrected. I suspect that, given it's size and weight, that it may be some kind of horse furniture or for use on some other thick leather, etc - but that is purely surmise on my part.

Any information on the identification, date and use of this insignia would be appreciated. Thank you.

with kindest regards to all,

Tim