Join our daily newsletter At The Bell to receive exclusive market insights
- Soil and magnetic results point to camp-scale gold potential at New Waverley
- New soil assays have defined multiple broad, coherent and strongly elevated gold-in-soil anomalies
- Anomalies display clear, recurring pattern and coincide with the prospective NNE-SSW-trending structural corridor
- Tenements remain under-explored, having historically been ‘locked up’
Lachlan Star (ASX: LSA) is set to accelerate exploration after obtaining significant results from the recently completed soil geochemistry program at the New Waverley gold project in the Eastern Goldfields of Western Australia.
.png)
The results have defined multiple priority gold-in-soil anomalies along an emerging prospective structural corridor extending more than four km south-west from the Waverley and Trial Pit high-grade gold mineralisation.
The anomalies coincide with favourable shear structures identified in newly acquired high-resolution drone magnetic data, co-funded through the WA government’s ‘Exploration Incentive Scheme Geophysics – Venture 3’.
CEO, Andrew Tyrrell, said New Waverley exemplifies the company’s strategy of acquiring high-quality projects with district-scale potential and applying systematic exploration to drive discovery and growth.
“These results support our strategy of building scale and resource potential at New Waverley,” he told shareholders.
“The breadth and coherence of the soil anomalies, the emerging definition of a large-scale connected structural framework and recent discovery of high-grade gold within the Waverley Pit area suggest a much larger system is present across the broader project area, with potential for multiple mineralised centres.
“Together, these factors support our view that New Waverley is emerging as a camp-scale gold system consistent with the large mineralised systems elsewhere in the Norseman district.
“The results are defining a growing pipeline of priority drill targets, while further systematic soil coverage will expand screening across the remaining tenure. We look forward to testing these opportunities as project-wide drilling recommences later this month.”
Mr Tyrrell said the alignment provides confidence in the emerging camp-scale potential of the broader New Waverley system.
“Comparable structural settings control quartz reef-hosted gold mineralisation across the Norseman mining district, where deposits commonly occur as multiple high-grade centres within larger mineralised systems.”
Further soil sampling programs are currently being designed to screen strike extensions to the northeast onto the xompany’s newly granted 100%-owned E63/2517 permits, as well as other areas of interest generated by the drone magnetics survey across mining leases M63/673, M63/678 and across the greater exploration licence of E63/2167.
An RC drilling program designed to test the regional targets, together with follow-up drilling of the high- grade gold mineralisation in the Waverley Pit area, is due to commence in late October.
LSA was up 6.52% to 12.3¢. Mkt cap $42.72M.
Join the discussion: See what HotCopper users are saying about Lachlan Star now and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
