Lachlan Star Expands Eastern Goldfields Footprint with Major Stake in New Waverley Gold Project

PERTH, Western Australia – In a move set to consolidate its presence in one of Australia's richest gold belts, Lachlan Star Limited (ASX: LSA) has secured a binding agreement to acquire a 90% stake in the New Waverley Gold Project. The project is situated in the heart of the Norseman Mining District within the Eastern Goldfields of Western Australia.

The deal was struck with local prospector David Pascoe, who has held the tenements for the past 13 years. Historically under private ownership for over three decades, the approximately 40-square-kilometre site—comprising two mining leases and one exploration licence—has seen limited modern exploration, leaving its full potential untapped.

New Waverley's strategic value is underscored by its location, nestled between Lachlan Star's own Killaloe Project and Pantoro Gold's Norseman Gold Project. This positions the company within a network of established operations, including Westgold’s Southern Goldfields Operations, offering significant logistical advantages.

Historical drilling at the site has already yielded compelling high-grade intercepts, hinting at a robust 'Norseman-style' shear-hosted quartz reef system. Notable results include:

• 4.1m at 12.53 g/t gold from 59.7m, including a high-grade section of 0.65m at 77.3 g/t gold.
• 4m at 13.83 g/t gold from 16m, including 1m at 53 g/t.
• Multiple other intercepts demonstrating consistent mineralisation.

"The acquisition of New Waverley is a pivotal step for our company," said Lachlan Star CEO, Andrew Tyrrell. "It adds a high-quality, high-grade asset to our portfolio with compelling geology, excellent infrastructure, and crucially, major east-west structures that have never been drill-tested. These present immediate, high-priority targets for our program."

The company plans to initiate reverse circulation and diamond drilling by March 2024. The campaign will focus on extending known high-grade zones, evaluating historical workings and surface stockpiles, and testing the unexplored structural trends.

Market Analysis & Expert Commentary

This acquisition signals Lachlan Star's aggressive growth strategy in a region experiencing renewed investment. The limited historical work at New Waverley, combined with the high-grade hits, represents a classic 'brownfields' exploration opportunity—lower risk with high reward potential adjacent to existing mines.

Dr. Evelyn Shaw, Resource Geologist at Perth Mining Consultants: "The geological data is genuinely promising. The grades reported from historical drilling are well above economic thresholds. If Lachlan Star can prove continuity, this could quickly evolve from an exploration play into a development asset. The proximity to existing infrastructure is a massive cost saver."

Michael Chen, Portfolio Manager at Horizon Funds: "This is a logical, value-accretive move for LSA. They're picking up a strategic land package in a tier-1 jurisdiction without the usual premium. The market will be watching the drill results in Q2 very closely. Success here could re-rate the entire company."

Rebecca "Bec" Jones, Former Miner & Community Advocate: "Oh, here we go again. Another corporate shuffle, another promise of 'untapped potential.' What about the potential for environmental impact? What guarantees do the local communities have that this won't just be a short-term dig-and-dash? We've seen these 'compelling grades' stories before. I'll believe it creates lasting value when I see it."

Graham Fletcher, Retired Exploration Manager: "Having worked in the Eastern Goldfields for 40 years, I've seen many of these overlooked patches become mines. The key is the untested structures. Past prospectors often followed the obvious veins. Modern techniques and targeting could unlock something substantial. It's a smart, calculated bet by Lachlan Star."

This report is based on a company announcement and publicly available data. Investors are advised to conduct their own due diligence.