Lachlan Star Advances New Waverley Gold Project with Maiden Drilling and $7.47M Raise

New Waverley Acquisition Unlocks High-Grade Gold Potential

Lachlan Star Limited (ASX:LSA) has taken a significant step in its transformation into a focused Western Australian gold explorer by acquiring a 90% interest in the New Waverley Gold Project, located in the prolific Norseman mining district. Completed on 26 March 2026, the deal involved a modest $150,000 cash payment plus 12.5 million shares, half of which are escrowed for 12 months, reflecting a cautious but confident entry into a historically mined yet underexplored quartz reef system.

The project’s pedigree is underscored by its location within the Woolyeenyer Formation, a key gold-bearing stratigraphic unit that hosts some of the Norseman district’s richest deposits. New Waverley sits strategically between Lachlan Star’s Killaloe project and Pantoro Gold’s Norseman Gold Project, which boasts a 4.6 million ounce resource. Historical mining at New Waverley was shallow and limited, ceasing over 30 years ago, leaving substantial upside potential in untested down-dip and strike extensions.

High-Grade Mineralisation Confirmed Ahead of Drilling

Rock chip sampling at the Trial Pit has delivered eye-catching results, with assays up to 56 grams per tonne (g/t) gold and visible gold observed in quartz reefs. These findings reaffirm the interpretation of New Waverley as a classic Norseman-style system, where gold-rich quartz reefs are hosted in northerly striking shear zones enhanced by cross-cutting structures.

Following the acquisition, Lachlan Star kicked off its maiden diamond drill program on 3 April 2026, targeting priority zones beneath and along strike from the Waverley and Trial Pits. The initial ~1,000-metre program aims to verify historical high-grade intercepts, including standout results such as 4.1 metres at 12.53 g/t gold (with a 0.65-metre section grading 77.3 g/t) and 4 metres at 13.83 g/t gold (including 1 metre at 53 g/t). These targets lie outside previously mined areas, offering fresh exploration upside.

The drilling is expected to complete by the end of April with assay results to follow. Depending on outcomes, a follow-up reverse circulation (RC) drilling campaign is planned to test a broader 400-metre mineralised corridor between the pits and the Baker Boys Prospect. This staged approach underscores Lachlan Star’s methodical push to delineate a robust resource base.

Capital Raise Fuels Exploration Acceleration

To fund this accelerated exploration program, Lachlan Star successfully raised $7.47 million through a two-tranche placement at $0.12 per share. The first tranche, completed post-quarter on 9 April, accounted for $7.2 million from sophisticated investors, while the second tranche of $268,000 is subject to shareholder approval scheduled for 28 May 2026. Directors have committed to participate in the latter, signaling alignment with shareholder interests.

This capital injection follows the company’s earlier announcements and sets the stage for a more aggressive exploration push, complementing the maiden drilling program and planned metallurgical test work on historical surface dumps that returned assays up to 58.6 g/t gold. The test work aims to assess processing options for potentially mineralised dump material, which could add value if viable.

The company’s cash reserves stood at $531,000 at the end of March, reflecting the timing of the placement proceeds. Lachlan Star’s financial position and strategic capital raise provide a runway to advance New Waverley without immediate funding concerns.

Board Changes Signal New Phase of Growth

Alongside operational progress, Lachlan Star refreshed its leadership team with the appointment of Tony Kiernan as independent Non-Executive Chairman and Alan Thom as Non-Executive Director. Former chairman Gary Steinepreis transitioned to a Non-Executive Director role, while Brendan Bradley resigned. These changes align with the company’s pivot towards a more focused and growth-oriented governance structure.

The company’s exploration manager, Alan Hawkins, who is also a shareholder, has been instrumental in advancing the New Waverley project and is the competent person for the exploration results disclosed. His expertise adds credibility to the geological interpretations and exploration strategy.

These developments build on the company’s earlier announcements, including the maiden drilling program initiation and the $7.47M capital raise, which collectively signal a decisive push to unlock New Waverley’s potential.

Exploration Path Forward and Broader Project Status

While New Waverley commands the spotlight, Lachlan Star’s other projects across New South Wales, Queensland, and Western Australia remain on hold, with no work conducted during the quarter. The focus squarely rests on converting New Waverley’s promising geology into a defined resource.

With the maiden drilling underway, assay results pending, and metallurgical work progressing, the next few months will be critical for assessing the scale and grade continuity of mineralisation. The company’s strategy to leverage historical data, combined with modern exploration techniques, could reveal a compelling gold asset in a well-endowed region.