Lachlan Star Limited has secured a 90% stake in the historically rich New Waverley Gold Project in Western Australia’s Norseman region, setting the stage for a focused drilling campaign to unlock its untapped potential.
- Acquisition of 90% interest in New Waverley Gold Project
- Project features high-grade historical gold intercepts with limited modern exploration
- Drilling approvals and heritage agreements secured for March 2026 program
- Experienced technical advisor Colin McIntyre appointed
- Contingent milestone payments linked to resource delineation
Strategic Acquisition in a Proven Gold District
Lachlan Star Limited (ASX – LSA) has taken a significant step to bolster its presence in Western Australia’s prolific Norseman gold district by entering a binding agreement to acquire a 90% interest in the New Waverley Gold Project. This project, located approximately 16 kilometres northeast of Norseman town, has a rich history of shallow, high-grade gold mining but has seen little systematic exploration with modern techniques over the past three decades.
The acquisition from local prospector David “Golly” Pascoe includes a substantial tenement package with two granted mining leases encompassing historical workings such as the Waverley Pit and Trial Pit. These sites have yielded impressive historical intercepts, including grades exceeding 70 grams per tonne over narrow widths, underscoring the project’s high-grade potential.
Untapped Potential Beneath and Beyond Historical Workings
Despite the historical mining activity, much of the mineralisation remains open at depth and along strike, particularly beneath the Waverley Pit where drilling has been limited. Lachlan Star plans to commence a comprehensive drilling program in March 2026, utilising both Reverse Circulation and diamond drilling methods to systematically test and extend known mineralisation zones.
Key targets include the continuation of northerly trending shear-hosted quartz reefs and the underexplored west-to-east cross-structures, which are believed to be critical controls for high-grade gold mineralisation in the Norseman region. The project’s geological setting within the Woolyeenyer Formation aligns with other multi-million-ounce deposits nearby, such as Pantoro Gold’s Norseman Gold Project.
Experienced Leadership and Supportive Infrastructure
To guide exploration efforts, Lachlan Star has appointed Colin McIntyre, a seasoned geologist with extensive experience in the Norseman district, as Technical Advisor. His expertise is expected to enhance the interpretation of structural controls and optimise drilling strategies.
The project benefits from excellent infrastructure, including proximity to the Eyre Highway and neighbouring major gold operations, facilitating efficient exploration and potential future development. Heritage agreements with the Ngadju people are in place, ensuring compliance and community engagement.
Acquisition Terms and Future Milestones
The acquisition consideration includes a $150,000 cash payment and 12.5 million Lachlan Star shares, with half subject to a 12-month voluntary escrow. The vendor retains a 10% free-carried interest until completion of a Pre-Feasibility Study, alongside a 1% net smelter royalty on production outside designated joint venture areas.
Contingent milestone payments are structured to reward significant resource delineation, including a $500,000 cash and $1 million share payment upon defining 100,000 ounces of JORC-compliant Ore Reserves, escalating to $7.5 million upon reaching 500,000 ounces. These milestones align vendor and company interests toward advancing the project’s resource potential.
Looking Ahead
Lachlan Star’s acquisition of New Waverley complements its existing Killaloe Project, consolidating its footprint in a highly prospective gold region. The upcoming drilling campaign will be closely watched by investors eager to see if the historical high-grade intercepts can be extended and converted into a significant resource.
Bottom Line?
With drilling imminent and seasoned expertise onboard, Lachlan Star’s New Waverley acquisition could redefine its growth trajectory in the Norseman gold belt.
Questions in the middle?
- Will the upcoming drilling confirm extensions of high-grade gold mineralisation beneath the Waverley Pit?
- How will the contingent milestone payments impact Lachlan Star’s capital structure and shareholder value?
- What further exploration or development plans will Lachlan Star pursue if early drilling results prove promising?