Perth, WA – Lachlan Star has announced the commencement of its initial drilling program at the New Waverley Gold Project, a significant exploration milestone in the heart of Western Australia’s prolific Eastern Goldfields. This move, initiated on April 7, 2026, underscores the company's commitment to systematically developing a project that boasts a history of high-grade gold intercepts and substantial exploration upside. Situated in the renowned Norseman region, the New Waverley Project is poised to become a key focus for investors and industry watchers monitoring ongoing gold exploration in one of the world's most prospective mining jurisdictions.

The commencement of this drilling campaign represents a critical step for Lachlan Star, following the finalisation of the project’s acquisition just last month. The company is targeting gold-bearing quartz reef mineralization, which historical data indicates remains open in multiple directions—down-dip, down-plunge, and along strike—suggesting considerable latent potential. The systematic approach adopted by Lachlan Star aims to validate these historical findings and expand the known extent of mineralization, potentially delineating a significant new gold resource.

A Strategic Return to High-Grade Potential

The acquisition of the New Waverley Gold Project in March 2026 was a strategic decision by Lachlan Star, positioning the company to capitalize on an asset with compelling historical credentials. The purchase involved a cash payment of A$150,000, equivalent to approximately US$103,001 at the time of the transaction, alongside the issuance of 12.5 million fully paid ordinary shares to the vendor. To ensure alignment and long-term commitment, half of these shares are subject to a 12-month voluntary escrow period, a common mechanism in the industry to stabilize shareholdings post-acquisition.

The project’s appeal lies in its location within the Eastern Goldfields, a region synonymous with large-scale, high-grade gold deposits. Historically, the area around Norseman has been a cornerstone of Western Australia's gold production, attracting sustained exploration and development. The New Waverley Project specifically focuses on historical sites, including the Waverley and Trial Pits, areas known for their gold-bearing quartz reef structures. Such mineralization is typically attractive due to its often-high-grade nature, making these targets particularly enticing for modern exploration techniques aimed at defining economic resources.

Unveiling the Mineralization: Drilling Campaign Details

The initial phase of the exploration program at New Waverley is centered on a targeted 1,000-meter diamond drilling campaign. This method is crucial for obtaining high-quality core samples, which provide invaluable geological and structural information necessary for understanding the orientation, thickness, and precise grade of the mineralization. This detail is paramount for subsequent resource modeling and mine planning.

The drilling is specifically designed to follow up on a series of highly encouraging historical drill intercepts that underscore the project's potential for significant gold discoveries. These include:

  • A section of 4.1 meters at 12.53 grams per tonne (g/t) gold from 59.7 meters depth, which includes a particularly high-grade interval of 0.65 meters at 77.3 g/t gold from 63.1 meters.
  • Another strong intercept of 4 meters at 13.83 g/t gold from 16 meters, featuring an impressive 1 meter at 53 g/t gold from 19 meters.
  • Additional notable results, such as 2 meters at 10.34 g/t gold from 24 meters.
  • An intercept of 8 meters at 2.71 g/t gold from 18 meters, including a higher-grade section of 1 meter at 20.05 g/t gold from 23 meters.

These historical results, particularly the presence of multiple high-grade pockets (exceeding 10 g/t, and even approaching 80 g/t), are significant indicators of the project's potential. In the context of global gold mining, grades consistently above 5 g/t are often considered high-grade for underground operations, while open-pit mines can operate economically at lower grades. The Waverley intercepts therefore present a compelling case for further, detailed exploration.

Phased Exploration Strategy: Diamond to RC

Lachlan Star’s exploration strategy for New Waverley is structured in a logical, phased approach designed to maximize geological understanding and optimize resource definition. The current 1,000-meter diamond drilling campaign, which commenced on April 7, 2026, is anticipated to conclude within approximately three weeks, placing its completion in late April 2026, pending assay analysis. The company will be keenly awaiting the assay results, as these will directly inform the subsequent exploration phase.

Following the receipt and interpretation of the diamond drill assays, a more extensive 2,000-meter reverse circulation (RC) drilling program is scheduled. RC drilling is generally a faster and more cost-effective method for widespread coverage, making it ideal for delineating mineralized zones over larger areas once the orientation and characteristics of the mineralization are better understood from diamond drilling. This RC phase will specifically target a mineralized corridor spanning approximately 400 meters, connecting the historically significant Waverley and Trial Pits with the promising Baker Boys Prospect.

Andrew Tyrrell, CEO of Lachlan Star, articulated the company’s vision and confidence in the project: “Commencement of drilling at New Waverley represents a key milestone as we move to systematically test the high-grade quartz reef corridor identified at the project. The presence of historical drill intercepts, recent rock chip results and mineralisation remaining open in multiple directions provides confidence in the potential for the project to deliver further high-grade results.” He further added, “With diamond drilling now under way and RC drilling to follow, our focus is on confirming the grade and continuity of mineralisation within the defined ~400m corridor and evaluating the project’s broader scale potential. I look forward to providing shareholders with updates as results are received over the coming weeks.” His comments highlight the dual objectives: confirming known mineralization and assessing the project’s wider potential footprint.

The Allure of Western Australia's Goldfields

Western Australia holds an enviable position as a premier global gold mining jurisdiction. The state's Eastern Goldfields, particularly regions like Norseman and Kalgoorlie, are renowned for their geological endowment and history of significant discoveries. The underlying geological structures, presence of major shear zones, and pervasive hydrothermal alteration have resulted in the formation of numerous world-class orogenic gold deposits. For a company like Lachlan Star, operating in such an established and prospect-rich area provides significant advantages, including access to skilled labor, established infrastructure, and a supportive regulatory environment.

The strategic importance of projects in well-explored districts, even those with historical workings, cannot be overstated. Modern exploration techniques, combined with reinterpretation of legacy data, frequently unlock new value. Older drilling programs may have been shallower, less systematic, or constrained by prior geological models, often missing deeper or adjacent mineralization that contemporary understanding and technology can identify. This confluence of historical high-grade indications and modern exploration capability makes the New Waverley Project a compelling case study for the revitalization of mature gold exploration fronts.

Market Implications and Future Outlook

For investors and industry professionals, the progress at New Waverley holds several key implications. The confirmation of high-grade gold mineralization could significantly enhance Lachlan Star’s asset portfolio and market valuation. In an industry where discovery remains a primary driver of shareholder value, systematic exploration of zones with proven high-grade potential is a recognized pathway to growth. The gold market generally rewards companies that can consistently demonstrate an ability to define and grow their resource base, especially with deposits that exhibit strong economic indicators such as high grades.

The successful execution of the drilling programs, followed by positive assay results, could pave the way for a maiden or updated mineral resource estimate. This is a critical step in the project development pipeline, transitioning a prospect from an exploration play into a potentially mineable asset. Investors will be keenly watching for updates on the assay results from the diamond drilling, which are expected to be released in the weeks following the program’s conclusion. These initial results will provide the first contemporary insights into the project's true potential under Lachlan Star's management.

Lachlan Star has positioned itself to advance the New Waverley Gold Project methodically. The phased drilling approach, coupled with the CEO’s explicit goal of confirming continuity and evaluating broader scale potential, signals a disciplined strategy. Should the upcoming drilling confirm the high-grade nature and extend the known mineralization, New Waverley could evolve into a significant contributor to Western Australia’s robust gold sector, offering compelling returns for Lachlan Star and its shareholders in the global gold market.