Lachlan Star Confirms High-Grade New Waverley Gold Discovery

Lachlan Star Strikes High-Grade Gold at New Waverley Project – Diamond Drilling Imminent

Lachlan Star Limited (ASX: LSA) has delivered impressive high-grade gold results from its initial rock chip sampling programme at the recently acquired New Waverley Gold Project in Western Australia's renowned Norseman district. The standout result of 31.8g/t gold from the Trial Pit footwall reef has validated the company's geological model and confirmed the presence of high-grade Norseman-type quartz reef-hosted gold mineralisation.

Furthermore, with diamond drilling scheduled to commence within days, these results provide strong targeting confidence for the maiden drill campaign. The Lachlan Star New Waverley gold discovery demonstrates exceptional potential in one of Australia's most prolific gold regions.

The results span across all three target areas within the 400-metre strike length of the stacked quartz reef system. Moreover, this demonstrates the continuity of high-grade mineralisation across the project area.

Strategic Positioning in Prolific Norseman District

The New Waverley Project comprises a 40km² contiguous tenement package located 16km northeast of Norseman. Additionally, it sits directly adjacent to Pantoro Gold Limited's Norseman Gold Project, which hosts a substantial 4.6 million ounce gold resource.

The project sits within the world-class Norseman mining district, where the Woolyeenyer Formation has historically produced over six million ounces of gold. In addition, this positioning places the Lachlan Star New Waverley gold discovery within a proven geological environment.

"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. 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," said Andrew Tyrrell, CEO.

The project includes two Mining Leases containing historical small open cut workings at the Waverley Pit (30m deep) and Trial Pit (6m deep). These were previously mined by Great Fingall Mining Company NL in 1988 before operations ceased due to administration issues rather than geological constraints.

Understanding Quartz Reef Gold Systems

Quartz reef gold systems represent some of the highest-grade gold deposits found in Western Australia's goldfields. These systems form when gold-bearing fluids deposit quartz and gold within structural fractures and shear zones in host rocks.

The "stacked" nature of the Lachlan Star New Waverley gold discovery refers to multiple parallel quartz veins occurring within the same structural corridor. Consequently, this effectively multiplies the gold-bearing zones.

Key characteristics that make these systems attractive to investors:

• High-grade potential: Individual reefs can contain exceptional gold grades

• Structural control: Predictable geology allows targeted drilling

• Multiple targets: Stacked systems provide numerous exploration opportunities

• Proven district: Norseman's track record validates the geological model

The intersection of cross-cutting structures with the main northerly trending reef system creates high-priority targets for significant gold mineralisation. Therefore, these represent the optimal zones for drill targeting.

Systematic Approach Delivers Results

The company's methodical sampling programme has systematically tested the en-echelon stacked high-grade quartz reef system within the northerly trending structural shear corridor. However, recent field mapping and historical report reviews have identified crucial structural elements.

Structural Framework:

• 1-3 footwall quartz reefs: Typically 0.5-1m wide at both Waverley and Trial Pits

• Multiple hanging wall veins: 0.1-0.5m wide with characteristic pinch-and-swell geometry

• Cross-cutting structures: West-to-east trending, creating high-priority intersection targets

• Strike extent: 400m of historically mined corridor with expansion potential

The sampling programme targeted all components of this system, with 42 additional samples collected from the Trial Pit in late February. These results, expected in mid-March, will further refine drill targeting ahead of the imminent drilling campaign.

Diamond Drilling Campaign Ready to Launch

With a drill contractor secured and results supporting the geological model, Lachlan Star is positioned to commence diamond drilling in mid-March 2026. The maiden drill campaign will target high-grade shoot positions and stacked quartz reef extensions.

Specifically, the drilling will focus on significant historical intercepts located outside the mined extents. For instance, these targets include some of the most promising intersections recorded in the district.

Priority Historical Targets:

• 4.1m @ 12.53g/t Au from 59.7m, including 0.65m @ 77.3g/t Au (WD6)

• 4m @ 13.83g/t Au from 16m, including 1m @ 53g/t Au (WP55)

• 2m @ 10.34g/t Au from 24m (WP326)

• 8m @ 2.13g/t Au from 15m, including 2m @ 7.75g/t Au (WP54)

The drilling programme represents the first modern, systematic test of these priority targets. Furthermore, no systematic exploration has been undertaken for more than 30 years.

Following the diamond drilling programme, the company plans an infill Reverse Circulation programme across the 400m strike of the Waverley quartz reef shear system. Therefore, the combination of high-grade rock chip results validating historical data, systematic targeting approach, and immediate drilling commencement positions the Lachlan Star New Waverley gold discovery as a near-term catalyst.

North Cobar Project Shows Cobar-Type System

While the Lachlan Star New Waverley gold discovery takes centre stage, the company has also received final assay results from its North Cobar Copper-Gold Project. The project is located immediately north of Harmony Gold's CSA Mine in the Cobar Basin.

The drilling intersected a structurally folded sequence with intense hydrothermal alteration, characteristic of Cobar-type systems. However, these results provide valuable geological insights.

Technical Observations:

• Pervasive chlorite-silica alteration with hydrothermal brecciation

• Disseminated sulphides (1-5%, locally up to 20%)

• Zinc anomalism (typically 100-300ppm, up to 724ppm)

• Pyrite dominated with trace chalcopyrite, sphalerite, and galena

The results support drilling having intersected the outer-to-intermediate portions of a Cobar-type hydrothermal system. Nevertheless, while the targeted gravity anomaly was not intersected, the untested gravity feature remains a priority target for future work.

Investment Thesis: Multiple Near-Term Catalysts

Lachlan Star's focused approach on Western Australian gold assets, led by New Waverley, presents multiple investment catalysts over the coming months. In addition, the strategic positioning provides numerous opportunities for value creation.

Immediate Catalysts (Next 30 Days):

• Diamond drilling commencement at New Waverley

• Additional rock chip results from 42 Trial Pit samples

• Systematic drilling of historical high-grade targets

Medium-Term Catalysts (Q2-Q3 2026):

• Maiden drill results from modern systematic testing

• Reverse Circulation follow-up drilling programme

• Resource definition potential across 400m strike length

Strategic Advantages:

• 90% project ownership with carried interest structure

• Mining lease tenure providing operational flexibility

• Proven geological model supported by historical production

• District-scale opportunity in world-class Norseman region

Why Should Investors Follow Lachlan Star?

The combination of high-grade gold results, immediate drilling commencement, and strategic positioning in the Norseman district creates a compelling investment narrative. The 31.8g/t gold result from the Lachlan Star New Waverley gold discovery validates the geological model and provides confidence for the upcoming drilling campaign.

Key Investment Considerations:

• Proven high-grade system: Rock chip results confirm historical data

• Immediate drilling catalyst: Diamond drilling commencing within days

• Strategic location: Adjacent to major gold resources in proven district

• Systematic approach: Modern exploration of underexplored targets

• Multiple projects: Diversified portfolio across proven mineral districts

The New Waverley Project represents an underexplored high-grade quartz reef system in one of Western Australia's most prolific gold regions. Moreover, with systematic exploration not undertaken for over 30 years, the upcoming drilling campaign will provide the first modern test of these priority targets.

Key Takeaway: Lachlan Star has positioned itself as a compelling gold exploration story with immediate drilling catalysts at New Waverley. The combination of high-grade results, proven geological model, and strategic Norseman district location provides multiple pathways for value creation.

With drilling imminent and additional results pending, investors should monitor developments closely as the company systematically tests this underexplored high-grade gold system. Consequently, the Lachlan Star New Waverley gold discovery represents a significant opportunity in the current market environment.

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