What is Lachlan Star Limited (ASX: LSA) chasing with the drilling it has restarted at New Waverley?

Sonal Goyal

10 November 2026 06:18 PM AEDT

What is Lachlan Star Limited (ASX: LSA) chasing with the drilling it has restarted at New Waverley?

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Key Highlights

Lachlan Star Limited commenced a new drilling programme at the New Waverley Gold Project on 21 October 2026, targeting extensions of previously identified gold mineralisation.
Earlier drilling returned 13 metres at 4.0 grams per tonne (g/t) gold from 46 metres, including 3 metres at 15.2 g/t gold.
The programme includes follow-up drilling beneath the Waverley Pit and initial testing of regional prospects, including Bird's Nest, Golly's X-Link and Hidden Secret.
Lachlan Star reported AUD 5.203 million in cash at 30 September 2026, supporting its ongoing exploration activities.

Lachlan Star Limited (ASX:LSA) is an Australian mineral exploration company focused on gold and copper projects in Western Australia and New South Wales. Its principal exploration activities during 2026 have centred on the New Waverley and Killaloe projects near Norseman in Western Australia's Eastern Goldfields. On 21 October 2026, the company commenced another drilling programme at New Waverley to investigate extensions of previously intersected gold mineralisation and evaluate additional regional targets.

New Waverley Drilling Targets Gold Extensions

The New Waverley Gold Project is located approximately 16 kilometres northeast of Norseman in Western Australia.

Lachlan Star holds a 90% interest in the project, which includes historical Mining areas and exploration targets.

The latest drilling programme is designed to assess the continuation of gold-bearing structures beneath the Waverley Pit and investigate mineralisation at depth.

Earlier drilling returned 13 metres grading 4.0 g/t gold from 46 metres, including 3 metres grading 15.2 g/t gold.

Another reported intersection included 7 metres at 6.61 g/t gold from 46 metres.

These results provide geological information about mineralisation within the Waverley shear corridor.

The programme will also examine regional prospects, including Bird's Nest, Golly's X-Link and Hidden Secret, where additional geological assessment is planned.

Exploration Progress During 2026

Lachlan Star completed the Acquisition of its 90% interest in New Waverley on 26 March 2026.

The acquisition involved an initial cash payment of AUD 150,000 and the issue of 12.5 million shares, alongside additional contractual obligations.

During the September 2026 quarter, the company completed an expanded Reverse Circulation Drilling programme comprising 55 holes for approximately 4,570 metres.

Regional exploration also included the collection of approximately 900 soil samples and completion of a 1,500 line-kilometre drone magnetic survey.

These activities were intended to improve geological interpretation and identify areas for additional drilling.

The latest drilling programme follows the assessment of earlier exploration results and is designed to investigate mineralisation beyond previously tested areas.

Financial Position and Project Expenditure

Lachlan Star reported cash and cash equivalents of approximately AUD 5.203 million at 30 September 2026.

For the financial year ended 30 June 2026, the company reported net Assets of approximately AUD 22.55 million and a net loss of AUD 1.46 million.

During April 2026, Lachlan Star announced an Equity raising of approximately AUD 7.47 million to support its exploration and corporate activities.

The funding provided additional resources for drilling, geological studies and project development planning.

As an exploration-stage company, Lachlan Star's expenditure remains focused on identifying and assessing mineralisation rather than generating Revenue from commercial mining operations.

Exploration Risks and Development Considerations

New Waverley remains an exploration project without a declared Mineral Resource Estimate.

Although drilling has identified gold mineralisation, further exploration and geological interpretation will be necessary to assess its continuity, scale and potential economic significance.

The company's 90% project interest is also subject to contractual arrangements, including a retained vendor interest and potential future milestone payments.

Exploration expenditure and future funding requirements will depend on drilling outcomes, technical assessments and the scale of subsequent programmes.

The company must also consider permitting, environmental obligations and geological uncertainty as exploration progresses.

Upcoming Exploration Milestones

Assay results from the drilling programme commenced in October 2026 represent the next operational milestone for Lachlan Star.

The company also planned to introduce a second drilling rig during November 2026 to advance exploration activities.

At Killaloe, further assessment of geophysical survey results may assist in identifying additional targets within the Duke-Duchess corridor.

Regional exploration at New Waverley will continue to focus on the relationship between previously identified mineralisation and prospective geological structures.

Future drilling results will determine whether sufficient information is available to support more detailed resource evaluation.

Key Insights

Lachlan Star's renewed drilling programme at New Waverley is focused on testing extensions of previously identified gold mineralisation and investigating regional exploration targets.

The company has undertaken drilling, geochemical sampling and Geophysical surveys during 2026 to support its geological assessment.

Further assay results and technical interpretation will influence exploration priorities and the potential progression towards a maiden Mineral Resource Estimate.

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