Lachlan Star has extended shallow, high-grade gold mineralisation at New Waverley while identifying soil and magnetic anomalies across more than 4km of prospective strike. A project-wide RC drilling program is due to begin in late October, with the company holding $5.203 million in cash at quarter end.
- 13m at 4.0g/t gold, including 3m at 15.2g/t
- Mineralisation remains open along strike and down-plunge
- Gold-in-soil anomalies extend across more than 4km
- 55-hole, 4,570m RC program completed during the quarter
- $5.203 million cash and 3.96 quarters of estimated funding
New Waverley drilling extends high-grade zones
Lachlan Star Limited (ASX:LSA) has widened the exploration story at its New Waverley project, with follow-up drilling confirming shallow, high-grade gold and regional surveys pointing to a much larger mineralised system. The strongest new result was 13 metres at 4.0 grams per tonne gold from 46 metres, including 3 metres at 15.2g/t, from hole NWRC052.
The results add weight to the company’s developing geological model. Other notable intersections included 7 metres at 6.61g/t from 46 metres, including 2 metres at 21.0g/t, and 13 metres at 3.14g/t from 50 metres, including 3 metres at 11.1g/t. The company said mineralisation remains open along strike and down-plunge, rather than describing a defined resource or economic deposit.
The latest results build on the September PhotonAssay results, which had confirmed multi-metre high-grade zones and extended mineralisation down-plunge. During the September quarter, Lachlan Star completed an upsized 55-hole, 4,570-metre reverse-circulation program aimed at testing continuity around Waverley Pit.
Regional anomalies broaden the exploration target
The more ambitious part of the announcement sits beyond the existing drill pattern. About 900 soil samples and approximately 1,500 line-kilometres of drone magnetic surveying identified multiple broad, coherent gold-in-soil anomalies across more than 4km of prospective strike south-west of Waverley and Trial Pit.
Individual anomalies extend up to 1km along strike, with peak gold values exceeding four times background. Lachlan Star said the anomalies repeatedly coincide with interpreted structural corridors and magnetic features, supporting its interpretation of a potential multi-kilometre, camp-scale gold setting. That remains an exploration interpretation: soil responses and geophysical patterns do not by themselves establish bedrock mineralisation, a resource or future production.
Late October drilling becomes the key test
The next phase is scheduled to start in late October and will combine step-out drilling around Waverley Pit with tests of priority regional targets. The company has secured a drilling contractor, completed heritage clearance and received the relevant Programme of Work approvals, removing the immediate access and permitting hurdles identified in the report.
Cash stood at $5.203 million on 30 September after $1.074 million of exploration and evaluation spending during the quarter. At that quarter’s expenditure rate, Lachlan Star reported estimated funding of 3.96 quarters, although a larger drilling campaign could change the pace of cash use. The adjacent Killaloe project also moved through gravity-survey interpretation and permitting milestones, but New Waverley is clearly carrying the near-term exploration narrative.
Bottom Line?
The late-October RC campaign will need to show that the impressive Waverley Pit intersections connect into a broader, repeatable system without stretching the company’s cash position too quickly.
Questions in the middle?
- Will the next RC program confirm continuity of high-grade mineralisation along the 4km regional corridor?
- Do the soil and magnetic anomalies translate into significant bedrock gold intersections?
- How quickly will exploration spending rise as Lachlan Star tests Waverley Pit and regional targets together?