Lachlan Star Unearths Promising Gold Grades at New Waverley Project
Lachlan Star (ASX:LSA) is making swift progress at its newly acquired New Waverley gold project in Western Australia, with early exploration efforts already yielding “significant” high-grade assay results. The company’s proactive approach to fast-tracking exploration on the eastern Goldfields asset is demonstrating considerable potential, bolstering confidence in the project’s future.
Following the recent acquisition of a 90% interest in the New Waverley project, Lachlan Star wasted no time in commencing field activities. The company undertook systematic rock chip sampling focused on quartz reef and vein exposures within key areas of the project, including the Waverley Pit, Trial Pit, and the Bakers Boys trend. These initial steps were strategically designed to refine the existing geological model, validate the presence of high-grade mineralisation, and precisely target areas for an upcoming diamond drilling campaign.
Andrew Tyrrell, CEO of Lachlan Star, expressed his optimism regarding the initial findings. “Upon finalising the agreement, we prioritised immediate field activities at New Waverley, diligently mapping and sampling multiple exposed quartz reef positions across the project area,” he informed shareholders. “The preliminary results have confirmed high-grade gold intercepts, which align perfectly with historical data and our comprehensive assessment of the New Waverley gold system. This provides us with enhanced confidence in the Project’s considerable potential as we gear up for diamond drilling, scheduled to commence later this month.”
The company anticipates further assay results from the ongoing sampling program in the coming weeks. These additional findings are expected to further refine drill targeting and provide a more detailed understanding of the mineralisation.
Key Assay Highlights from Initial Sampling:
Waverley Pit:
- 3.68 g/t gold (Au)
- 3.58 g/t gold (Au)
- 1.1 g/t gold (Au)
- 1.05 g/t gold (Au)
Bakers Boys Trend:
- 4.21 g/t gold (Au)
- 2.65 g/t gold (Au)
- 2.43 g/t gold (Au)
Beyond these areas, the sampling program has also identified significant mineralisation within narrow hanging wall quartz veins. These veins, which are stacked over several metres in the hanging wall side of the shear zone at Trial Pit, have returned impressive grades, including:
- 31.8 grams per tonne (g/t) gold (Au)
- 6.04 grams per tonne (g/t) gold (Au)
Lachlan Star is currently awaiting assay results for an additional 42 samples collected from quartz reefs and vein material within the Trial Pit. These results are expected to provide further valuable insights into the project’s mineral endowment.
Strategic Location and Future Exploration Plans
The New Waverley project, spanning 40 square kilometres, boasts a highly strategic location, situated adjacent to Pantoro Gold’s substantial 4.6-million-ounce Norseman gold project. This proximity to established gold infrastructure and a significant gold endowment further enhances the appeal of New Waverley. The project encompasses two mining leases that contain historical small open-cut workings, notably the Waverley Pit and the nearby Trial Pit, which was previously mined by the Great Fingall Mining Company in 1988.
Lachlan Star has secured a drilling contractor and is poised to commence drilling operations imminently. The initial phase of exploration will focus on diamond drilling, specifically targeting high-grade shoot positions and extensions of stacked quartz reefs within the immediate vicinity of the Waverley Pit.
Following the completion of the diamond drilling program and the subsequent receipt and analysis of assay results, the company plans to execute an infill reverse circulation (RC) drilling program. This RC program will systematically cover the 400-metre strike length of the Waverley quartz reef shear system, aiming to further delineate and define the resource.
The company’s market performance is being closely watched, with Lachlan Star (LSA) currently trading at 13.3c, reflecting a market capitalisation of $39.93 million.
This information is provided for general informational purposes only and does not constitute investment advice. Investors are strongly advised to conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions.
