Lachlan Star (ASX: LSA) has entered a binding agreement to acquire a 90% interest in the high-grade New Waverley Gold Project in Western Australia’s Norseman mining district from local prospector David “Golly” Pascoe.
The acquisition adds a largely untested but historically high-grade gold system to the company’s portfolio, further consolidating its position in the highly endowed Norseman region alongside the Killaloe project.
New Waverley has remained privately held for more than 30 years and has not been subject to modern, systematic exploration despite compelling historical grades and shallow mining.
The New Waverley project comprises a contiguous tenement package of approximately 40 square kilometres that includes two granted mining leases along the north-eastern continuation of the Woolyeenyer Formation.
“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,” chief executive officer Andrew Tyrrell said.
Limited Modern Testing
Historical mining at the Waverley pit produced approximately 4,507 ounces of gold, including around 4,337oz at an average grade of 14.2 grams per tonne gold from shallow open-pit operations in 1988.
Mining was confined to near-surface levels, leaving mineralisation open at depth and along strike beneath and beyond the existing pits.
Significant historical drilling outside the mined areas has returned multiple high-grade gold intercepts that remain unmined and largely untested by follow-up drilling, including intersections such as 4.05m at 12.53g/t gold from 59.7m with 0.65m at 77.3g/t gold, and 4m at 13.83g/t gold from 16m with 1m at 53g/t gold.
Additional intercepts at the Trial Pit, Baker Boys, and regional prospects further support the presence of stacked, shear-hosted quartz reef systems across the broader project area.
Lachlan Star has identified west–east cross-structures and structural intersection zones as underexplored features that are considered favourable for enhanced mineralisation in Norseman-style gold systems.
Immediate Drilling Plans
Heritage agreements and drilling permits are already in place, allowing Lachlan Star to commence reverse circulation and diamond drilling in March.
Initial drilling will focus on testing interpreted high-grade plunge positions beneath the Waverley and Trial pits, as well as along-strike extensions at Baker Boys and Waverley South.
Regional targets including Golly’s X-Link, Hidden Secret, and Bird’s Nest will also be tested to assess repeat shear corridors and cross-link structures outside the main Waverley workings.
Additional work will include detailed structural mapping, costeaning, and targeted surface sampling to refine the geological framework and prioritise follow-up drill targets.
Acquisition Terms And Advisory Appointment
Lachlan Star will acquire its 90% interest in New Waverley for $150,000 in cash and 12.5 million fully paid ordinary shares.
Half of the shares will be subject to voluntary escrow for 12 months.
The vendor will retain a 10% free-carried interest through to completion of a pre-feasibility study and a 1% net smelter royalty on production outside a defined production joint venture area.
As part of the transaction, Lachlan Star plans to appoint Colin McIntyre – former Pantoro Gold (ASX: PNR) non-executive director and ex-mine manager at Kambalda – as technical advisor, bringing extensive Norseman district experience to the project.
