Final answer:
Lance may observe the material with holes still floating if the object's overall density remains less than that of water and it displaces enough water to float. The holes in the material might not have a significant effect on buoyancy, and the surface tension of water may also play a role in supporting lighter objects.
Step-by-step explanation:
When Lance placed the thin, solid piece of material in water and it floated, this was likely due to the material's density being lower than water, or it could be shaped in a way that it displaced enough water to float according to Archimedes' Principle. After punching holes in the material, if the overall density of the object remains less than that of water, or if the shape of the object still allows it to displace enough water, it may continue to float. However, an interesting property to observe is the surface tension of water. Surface tension is the phenomenon that occurs because water molecules are attracted to each other and create a 'skin' on the surface that can support light objects like a needle or paper clip, despite their densities being greater than water. Assuming the material is not too dense when the object with holes is put back in the water, Lance may still observe it floating if the material still displaces enough water. In this case, the holes might not significantly affect the buoyancy if they don't alter the object's ability to displace water or its average density in a major way.