Lachlan Star (ASX:LSA) completed its acquisition of the New Waverley Gold Project, marking a significant expansion of its footprint in Western Australia’s prolific Norseman region.
Following an initial announcement in early February, the company confirmed it now holds a 50% interest in the prospective site.
The transaction was settled through a combination of a $150,000 cash payment and the issuance of 12.5 million fully-paid ordinary shares.
To ensure long-term alignment, half of these shares are subject to a voluntary escrow period of 12 months.
The acquisition comes at a pivotal time for the explorer, as preliminary field validation—including mapping and rock chip sampling—has refined the project's geological model.
Experts have identified high-grade quartz reef systems characteristic of the Norseman district, pointing to substantial mineralisation potential.
CEO Andrew Tyrrell noted that this milestone reinforces the company's growth strategy and sets the stage for immediate operational activity.
A maiden diamond drilling program is scheduled to commence next week, focusing on high-priority targets at Trial Pit and historical intercepts beneath Waverley Pit.
The campaign aims to test key structural positions and extensions of mapped gold-rich veins.
At the time of reporting, Lachlan Star's share price was $0.15.