What did Lachlan Star (ASX:LSA) announce regarding the New Waverley Gold Project?

Lachlan Star has officially started its maiden drilling program at the New Waverley Gold Project in the Norseman region of Western Australia. The initial phase involves 1,000 metres of diamond drilling to test high-grade quartz reef mineralisation.

Why is this drilling program a significant milestone for Lachlan Star (ASX:LSA)?

This program represents the transition from analyzing historical data to active, systematic field testing of the company's primary gold assets. By drilling the Waverley and Trial Pits, management aims to confirm the continuity of high-grade mineralisation that remains "open" in multiple directions.

What were the historical drill results that Lachlan Star (ASX:LSA) is following up on?

The company is targeting zones that previously yielded high-grade intercepts, including 4.1m @ 12.53g/t Au and 2m @ 10.34g/t Au. Most notably, historical data includes an ultra-high-grade narrow intercept of 0.5m @ 77.3g/t Au.

How long will it take to see results from the Lachlan Star (ASX:LSA) diamond drill program?

The current 1,000-metre diamond drilling phase is expected to take approximately three weeks to complete. However, investors should note that "assays" (the laboratory chemical analysis to determine gold content) will follow after the drilling concludes.

What is the difference between the current diamond drilling and the planned RC drilling?

Lachlan Star is starting with diamond drilling (DD) because it provides high-quality geological cores that show the rock's structure and mineralisation precisely. Once these results are reviewed, the company plans a larger 2,000-metre Reverse Circulation (RC) program.

What are the key risks for Lachlan Star (ASX:LSA) investors after this news?

As with all "maiden" programs, the primary risk is "drill bit disappointment," where new results fail to replicate the high grades seen in historical data. There is also the risk of geological complexity; gold reefs can be "pinch and swell" structures, meaning they can disappear or thin out unexpectedly.

What is the "bull case" for Lachlan Star (ASX:LSA) following this announcement?

The bull case rests on the company hitting or exceeding the historical high-grade intercepts, particularly the 77.3g/t Au "sweet spots." If the 1,000m program confirms that mineralisation is continuous and open along strike, it validates the CEO's confidence in a large-scale system.

What is the "bear case" for Lachlan Star (ASX:LSA) right now?

The bear case is that the historical results may represent isolated "pockets" of gold rather than a continuous, mineable reef. If the assays return low-grade or "dust" results, the planned 2,000m RC program could be delayed or scrapped, leading to a loss of investor confidence and downward pressure on the $0.16 share price.

Image for illustrative purposes only. Not a real photo.

Lachlan Star begins maiden drilling at New Waverley Project

Written by Heidi Cuthbert Published Apr 7, 2026, 4:01 AMLast Updated Jul 6, 2026, 10:30 AM

Lachlan Star (ASX:LSA) commenced its maiden drill programme at the New Waverley Gold Project, situated in the renowned Norseman region of Western Australia's Eastern Goldfields.

The initiative marks a milestone for the company as it begins systematic testing of high-grade quartz reef mineralisation.

The current phase focuses on 1,000m of diamond drilling targeting the historical Waverley and Trial Pits, areas where previous exploration identified substantial gold-bearing structures that remain open down-dip, down-plunge, and along strike.

The programme is designed to follow up on impressive historical intercepts, which include standout results such as 4.1m @ 12.53g/t Au and 2m @ 10.34g/t Au.

Perhaps most enticing for investors is the presence of ultra-high-grade narrow zones, including a recorded 0.5m @ 77.3g/t Au.

CEO Andrew Tyrrell noted that the presence of these historical results, combined with recent rock chip data, provides a high level of confidence in the project’s potential to deliver further high-grade outcomes.

The diamond drilling phase is expected to conclude within three weeks, with assays to follow shortly thereafter.

Pending the review of the results, Lachlan Star has already planned a follow-up 2,000-metre reverse circulation drilling programme.

The second stage will target a 400-metre mineralised corridor extending between the existing pits and the Baker Boys prospect.

At the time of reporting, Lachlan Star’s share price was $0.16.

Lachlan Star begins maiden drilling at New Waverley Project

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