Lachlan Star’s (ASX:LSA) quick decision to fast-track exploration at the New Waverley gold project is already paying off, with “significant” high-grade assay results from the recently acquired Western Australian asset.
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After executing an agreement to acquire a 90% interest in New Waverley earlier this month, the company hit the ground running at the eastern Goldfields project, undertaking systematic rock chip sampling of quartz reef and vein exposures within the Waverley Pit, Trial Pit and Bakers Boys trend.
Lachlan Star’s CEO, Andrew Tyrrell, said those activities were undertaken to refine the geological model, confirm high-grade mineralised positions and support targeting for an upcoming diamond drilling campaign.
“After executing the agreement, we moved quickly to start field activities at New Waverley, mapping and sampling multiple exposed quartz reef positions across the project area,” he explained to shareholders today.
He continued: “Initial results have returned high-grade gold, consistent with the historical data and our assessment of the New Waverley gold system – providing increased confidence in the Project’s potential ahead of diamond drilling scheduled to commence later this month.”
Further assay results from the current sampling program are expected in the coming weeks to further refine drill targeting.
At Waverley Pit, returns included 3.68 g/t, 3.58 g/t, 1.1g/t Au and 1.05 g/t Au, while Baker Boys highlights included 4.21 g/t, 2.65 g/t and 2.43 g/t.
Significant results have also been returned from narrow hanging wall quartz veins that are stacked over several metres in the hanging wall side of the shear zone at Trial Pit, including 31.8 grams per tonne (g/t) and 6.04 g/t.
Lachlan Star is now awaiting assays from a further 42 samples of quartz reefs and vein material that were collected from within the Trial Pit.
Covering 40 sq. km, New Waverley lies adjacent to Pantoro Gold’s 4.6 million ounce Norseman gold project. The project includes two mining leases, which contain the historical small open-cut workings at the Waverley Pit and the nearby Trial Pit mined by Great Fingall Mining Company in 1988.
Lachlan has hired a drill contractor and plans to kick off drilling soon, with the first program to comprise diamond drilling on high-grade shoot positions and stacked quartz reef extensions within the immediate Waverley Pit area.
Following completion of the diamond program and receipt of assays, the Western Australian company will complete an infill reverse circulation program across the 400m-in-strike Waverley quartz reef shear system.
LSA is down -1.85%, to 13.3c. Mkt cap $39.93M.
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