Lachlan Star has agreed to acquire a 90% stake in the New Waverley Gold Project in the Norseman Mining District of Western Australia (WA).
The deal was secured through a binding agreement with local prospector David Pascoe, who has managed ownership of the site for the past 13 years.
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Located in the Eastern Goldfields of WA, New Waverley lies between Lachlan Star’s Killaloe Gold Project and Pantoro Gold’s Norseman Gold Project.
The site covers around 40km² and comprises two mining leases (M63/673 and M63/678) along with an exploration licence (E63/2167).
Historically owned by private prospectors for more than three decades, the area remains largely unexplored using modern methods.
Previous drilling at the site revealed high-grade gold intercepts below the Waverley Pit, indicating potential for additional mineralisation.
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By GlobalDataOne notable result includes an intercept of 4.1m at 12.53 grams per tonne (g/t) gold from a depth of 59.7m, with a section of 0.65m grading at 77.3g/t from 63.1m (WD6).
Another finding is an intercept of 4m at 13.83g/t gold from 16m, which includes a segment of 1m at 53g/t from 19m (WP55).
Additionally, there is an intercept of 2m at 10.34g/t gold from a depth of 24m (WP326).
Further results include an intercept of 8m at 2.71g/t gold from 18m, with a section of 1m at 20.05g/t from 23m (WP75), and another intercept of 8m at 2.13g/t from 15m, including a segment of 2m at 7.75g/t from 16m (WP54).
Lachlan Star aims to initiate reverse circulation and diamond drilling by March this year to further assess and extend these findings.
Planned exploration activities will focus on evaluating historical gold workings and structural mapping of quartz reefs within existing pits.
Additionally, historical mineralised surface dumps and stockpiles will be assessed for further opportunities.
The strategic location of the project offers proximity to established operations such as Westgold’s Southern Goldfields Operations.
Lachlan Star views this acquisition as a significant expansion of its presence in one of Australia’s most prolific gold regions.
The New Waverley tenements are thought to contain “Norseman-style” shear-hosted quartz reef systems that have not been extensively tested, providing substantial scope for ongoing exploration efforts.
Lachlan Star CEO Andrew Tyrrell said: “The acquisition of the New Waverley Gold Project is an important step for Lachlan Star, further strengthening our position in the Norseman region and adding a high-quality, high-grade gold project to our portfolio.
“New Waverley displays all the hallmarks of a classic Norseman-style gold system, with compelling grades, excellent infrastructure access and limited historical testing beneath and beyond the old workings.
“To date, historical drilling has targeted north-south quartz reef structures, where shallow high-grade intersections have been recorded. The major west-east structures have not been drilled, with several now exposed in recent surface costeans, highlighting priority targets for follow-up drilling.”
