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Lachlan Star Limited (ASX:LSA) has revealed the discovery of a substantial high-grade gold system at its newly acquired New Waverley Gold Project, located in Western Australia's Eastern Goldfields, about 16 kilometres northeast of Norseman. The company's inaugural diamond drilling campaign yielded multiple high-grade gold intersections, including 6.15 metres grading 8.6 grams per tonne gold, with internal zones reaching 17.7 grams per tonne. These promising results have led Lachlan Star to expand its follow-up drilling program, reflecting growing confidence in the mineralised system's scale and continuity.
Key Highlights
- Lachlan Star Limited (LSX: LSA) holds a 90% stake in the New Waverley Gold Project within the Norseman Goldfield, Western Australia.
- The maiden 13-hole diamond drilling program totaling 1,031.4 metres uncovered multiple significant high-grade gold intercepts hosted in quartz veins.
- Notable assay results include 6.15m @ 8.6g/t Au with an internal zone of 2.9m @ 17.7g/t Au, and 7.6m @ 2.65g/t Au featuring 0.7m @ 27.97g/t Au.
- A 4,000-metre reverse circulation drilling program has commenced, supported by completed soil sampling and high-resolution drone magnetic surveys to refine exploration targets.
- The mineralised system displays geological features consistent with major Norseman Goldfield deposits, with an interpreted strike potential exceeding 800 metres.
- Investors should closely follow the expanded drilling results and updates on mineral resource estimates or development plans.
Strategic Location and Tenement Details of New Waverley Project in Norseman District
The New Waverley Gold Project is positioned in Western Australia's Eastern Goldfields, approximately 16 kilometres northeast of Norseman town. It encompasses a contiguous 40-square-kilometre tenement package strategically located between Lachlan Star's Killaloe Gold Project and Pantoro Gold Limited's Norseman Gold Project, which holds a 4.6 million ounce gold resource. This prime location situates New Waverley within one of Australia's most prolific gold-producing regions.
The project sits atop the Woolyeenyer Formation, a key stratigraphic unit known for significant gold mineralisation throughout the Norseman district, which has historically produced over six million ounces of gold. New Waverley includes two granted Mining Leases (M63/673 and M63/678) containing the historic Waverley and Trial Pit workings, mined by Great Fingall Mining Company NL in 1988. These workings were shallow, extending roughly 30 metres at Waverley Pit and six metres at Trial Pit, confirming a quartz reef-hosted gold system that underpins Lachlan Star's modern exploration efforts.
Maiden Diamond Drilling Yields Multiple High-Grade Gold Intercepts at Trial Pit and Waverley Pit
In early April 2026, Lachlan Star initiated its first diamond drilling campaign at New Waverley, completing 13 holes totaling 1,031.4 metres—seven at Trial Pit and six at Waverley Pit. The drilling targeted zones beneath high-grade rock-chip samples from Trial Pit, which had assays up to 56 grams per tonne gold, and historical high-grade intercepts from past mining records.
Significant results include 6.15 metres at 8.6 grams per tonne gold from 46.9 metres in hole NWDD006, featuring a 2.9-metre internal zone grading 17.7 grams per tonne gold with visible gold at 50.2 and 51.1 metres. Hole NWDD013 returned 7.6 metres at 2.65 grams per tonne gold from 18.5 metres, including 0.7 metres at 27.97 grams per tonne gold with visible gold at 24.4 metres. Hole NWDD010 reported 1.6 metres at 9.83 grams per tonne gold from 44.5 metres, with an internal 0.6-metre section grading 24.91 grams per tonne gold. Additional significant intercepts from holes NWDD004, NWDD002, NWDD008, NWDD009, and NWDD003 further confirm consistent high-grade mineralisation across the area.
Norseman-Style Quartz Vein Gold Mineralisation Featuring Visible Gold and Sulphide Associations
Geological logging confirms gold mineralisation hosted within quartz veins along a north-northeast trending, west-dipping shear corridor. The mineralisation exhibits laminated and locally brecciated quartz veins characteristic of Norseman-style gold systems. Sulphide minerals, mainly pyrite and pyrrhotite with minor chalcopyrite, accompany the gold, with visible coarse gold particles observed in select drill holes.
The system is hosted within a mafic sequence of basalt, dolerite, and gabbroic intrusions. Geological logging identifies a stacked lode system rather than isolated veins, with a consistent northwesterly plunge interpreted for higher-grade shoot development. This structural model suggests potential for deeper extensions and multiple mineralised zones within the shear corridor. These features align with other Norseman Goldfield deposits such as the North Royal mine (1.8 million ounces produced) and Harlequin mine (800,000 ounces produced historically).
Strike Potential Surpasses 800 Metres Across Waverley, Trial Pit, and Baker Boys Zones
The geological interpretation indicates the mineralised system extends approximately 400 metres along strike between Waverley Pit, Trial Pit, and Baker Boys prospects. Structural models support continuation of mineralisation for at least another 400 metres south, totaling an interpreted strike potential exceeding 800 metres. The system remains open in all directions, suggesting further extensions beyond current boundaries.
Historical workings were shallow—about 30 metres at Waverley Pit and six metres at Trial Pit—leaving deeper mineralisation largely untested. The company plans to prioritise drilling targeting structural zones with northwesterly plunging higher-grade shoots during upcoming infill and step-out programs. The combination of near-surface high-grade mineralisation, extensive strike potential, and limited deep exploration offers significant upside.
Expanded 4,000-Metre Reverse Circulation Drilling Underway After Positive Maiden Drill Results
Encouraged by initial diamond drilling results, Lachlan Star commenced a 4,000-metre reverse circulation (RC) drilling program in early July 2026. This expanded phase aims to efficiently test a broader area and greater depths along the mineralised corridor, leveraging faster RC drilling rates compared to diamond drilling.
The expanded program will evaluate strike continuity, depth extensions, and refine structural interpretations. It runs alongside soil geochemistry, airborne magnetics, and metallurgical testwork, forming a comprehensive framework to enhance understanding of the system's geometry, grade distribution, and mining characteristics.
Comprehensive Soil Sampling and High-Resolution Drone Magnetic Survey Completed to Enhance Targeting
To support drilling, Lachlan Star completed extensive soil sampling over a more than four-kilometre southwest extension of the main mineralised shear corridor. Soil geochemical data helps identify subsurface mineralisation and guides future drill hole placement, demonstrating the company’s commitment to delineating the system's full extent.
Additionally, a high-resolution drone magnetic survey was conducted post-quarter, providing detailed magnetic data reflecting subsurface mineral distributions associated with gold mineralisation. Integrating this with structural and geochemical data enables a multi-faceted exploration targeting approach, improving drilling efficiency and effectiveness.
Management Expresses Strong Confidence in Expanding Mineralised System and Multiple Exploration Initiatives
CEO Andrew Tyrrell highlighted the June quarter as a pivotal period, with the maiden drilling confirming a shallow, high-grade Norseman-style gold system and advancing geological understanding. He emphasized multiple high-grade intercepts and a clear structural model have led to confidence in expanding drilling efforts and increased capital investment.
Management is progressing several exploration and development workstreams concurrently, including the expanded RC drilling, soil geochemistry, airborne magnetics, and metallurgical testing. Tyrrell stated the company believes New Waverley exhibits hallmarks of a significantly larger mineralised system, with steady news flow expected as exploration continues to test the gold discovery’s scale.
Geological and Structural Features Align with Established Norseman Goldfield Deposits
Lachlan Star’s geological assessment shows New Waverley shares characteristics with high-grade Norseman Goldfield deposits such as North Royal (1.8 million ounces produced) and Harlequin (800,000 ounces produced). The district has a proven history exceeding six million ounces of gold production.
The presence of laminated quartz veins associated with pyrite-pyrrhotite sulphides within a mafic shear corridor, along with visible gold and consistent high-grade assays, supports the potential for economic mineralisation. The project's location within the Woolyeenyer Formation and proximity to established gold projects further strengthens the case for significant gold discovery.
Upcoming Milestones and Investor Watchpoints for New Waverley Project
The immediate focus is the completion and reporting of the 4,000-metre RC drilling program started in July 2026, expected to yield critical data on mineralisation continuity and depth. Investors should monitor announcements for these results, which will be pivotal in advancing toward mineral resource estimation.
Subsequent updates may include resource estimation methodologies, metallurgical testwork results, soil sampling outcomes, and drone magnetic survey interpretations. Additionally, any changes to tenement holdings, partnerships, or capital raising activities will be relevant for stakeholders tracking New Waverley’s development. The company’s commitment to regular news flow suggests ongoing transparency as exploration advances.
