Lachlan Star has completed its acquisition of the New Waverley Gold Project, located in the Norseman region of Western Australia.
The acquisition involves a cash payment of A$150,000 ($103,001) and the issuance of 12.5 million fully paid ordinary shares to the vendor, with half of these shares subject to a 12-month voluntary escrow.
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Lachlan Star has secured a 90% ownership in the gold project after reaching an agreement with private prospector David Pascoe, as announced in February 2026.
The acquired project spans approximately 40km² and is situated around 16km north-east of Norseman.
It comprises two mining leases (M63/673 and M63/678), an exploration licence (E63/2167), and a miscellaneous licence (L63/96).
Additionally, Lachlan Star has applied for another exploration licence within the existing boundaries of E63/2167.
Historically, the project area has been owned by various private prospectors over the last three decades and remains largely unexplored through modern systematic methods.
Lachlan Star plans to start a maiden diamond drilling programme at the site.
Previous mining activities at New Waverley include operations by Great Fingall Mining Company NL in 1988 at two open-cut workings known as Waverley Pit and Trial Pit.
Lachlan Star CEO Andrew Tyrrell said: “The completion of the New Waverley transaction represents an important milestone for Lachlan Star, securing 90% ownership of a highly prospective gold project within the prolific Norseman district.
“Recent mapping, rock chip sampling and field validation by the Lachlan Star team has refined the geological and structural model, reinforcing the potential for a Norseman-style high-grade quartz reef system at New Waverley.
“This work has helped to identify and prioritise drill targets ahead of our maiden diamond drilling programme, which is scheduled to commence next week. The programme will focus on testing key structural positions and extensions to mapped gold-rich quartz veins at Trial Pit, as well as open (unmined) high-grade intercepts identified in historical drilling beneath Waverley Pit.”
