Lachlan Star is churning out some fantastic drilling results from its New Waverley Gold project. It's a brownfields exploration campaign. The project has sat relatively dormant for many years in the hands of private prospectors, and now Lachlan Star is hitting it hard with the drill rig. Guest bio Andrew Tyrrell is Chief Executive Officer of Lachlan Star Limited (ASX: LSA), a Perth-based gold and base metals explorer advancing the New Waverley Gold Project near Norseman in Western Australia's Eastern Goldfields. Tyrrell brings more than two decades of minerals industry experience built around gold exploration and discovery. He joined Lachlan Star as CEO in February 2024 after serving as General Manager of Discovery at Gold Road Resources, where he led the company's transition into a national explorer and restructured its Discovery Group into a self-generating business development model. Before that, he spent a decade at AngloGold Ashanti, including as Technical Manager overseeing global greenfields exploration and as Exploration Manager for the company's USA operations, where he played a key role in the discovery of the Silicon epithermal gold project in Nevada. Tyrrell holds a Master of Science in Ore Deposit Geology from the University of Western Australia and a Bachelor of Science in Applied Geology from Curtin University, and is a member of the Society of Economic Geologists, the Australian Institute of Geoscientists and the Geological Society of Nevada. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Resources LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company website: https://lachlanstar.com/ Key Insights 1. A chance meeting at a Norseman servo delivered a 90%-owned high-grade gold project. New Waverley was privately held for close to 40 years by two individual prospectors before Lachlan Star got involved. The most recent, David "Golly" Pascoe, a Norseman local who picked up the ground around 15 years ago, granted the mining lease only last year. Lachlan Star's field team crossed paths with Pascoe by chance at the local service station while working an adjoining project, and months of conversation turned into a deal: Lachlan Star acquired 90% of the project for cash and shares, while Pascoe retained a 10% free-carried interest through to pre-feasibility, a 1% net smelter royalty, and shares in the company. The ground includes the old Waverley open pit, mined by Great Fingall Mining Company NL in 1988 for around 4,500 ounces at an average grade of roughly 14 grams per tonne, before the gold price crash sent the operator into administration and the tenement lapsed. 2. Early drilling is already turning up shallow, high-grade gold. Since completing the acquisition in March 2026, Lachlan Star has pushed through roughly 5,500–6,000 metres of combined diamond and RC drilling, with the RC program expanding well beyond its original scope on the strength of what the rig was turning up. Results include intercepts such as 16m at 5.3g/t gold (including 4m at 20g/t) and 4m at 13.83g/t gold (including 1m at 53g/t), with the individual quartz-reef veins themselves regularly assaying at an ounce or two per tonne. Crucially, the mineralisation sits close to surface — around 40 to 50 metres deep at Waverley Pit, and effectively at surface at Trial Pit, where the company panned free gold from a quartz vein just six metres down. 3. The system is open in every direction across a 400-metre strike — and there are signs of much more. Lachlan Star has now traced the same style of quartz-vein mineralisation across 400 metres of strike, linking the historic Waverley Pit with the Trial Pit and the old Baker Boys shaft to the north, and the zone remains open at depth, down-plunge and along strike. High-resolution drone magnetics acquired in August 2026 point to something bigger still: a structural corridor potentially extending one to two kilometres, comparable in scale to nearby systems such as Pantoro's Royal Group, Harlequin and Mainfield. Lachlan Star's adjoining Killaloe project, about 20 kilometres northeast of Norseman, adds further regional exposure to the same structural setting. 4. Lachlan Star sits ring-fenced by established regional gold producers. New Waverley is around 17 kilometres from Norseman and Pantoro's processing plant, and the project is effectively boxed in by major operators — Pantoro to the west, Westgold to the north and east, and Sinclair Gold (formerly Alicanto Minerals) to the south. That neighbourhood matters: shallow, high-grade ounces like Lachlan Star is finding are exactly what those nearby plants want as feed, opening up toll-treating options at operations such as Westgold's Higginsville or Pantoro's Norseman plant, alongside a standalone development or a straight-out buyout. With a market capitalisation of around $56 million at the time of the interview, Tyrrell argues the company doesn't need a large tonnage outcome to move the needle for shareholders. 5. A maiden resource is targeted for the first quarter of 2027, backed by a fresh 10,000-metre drill campaign. Assays from the remaining RC holes are due over the coming weeks, and Lachlan Star is already lining up an RC rig for a further program of around 10,000 metres to begin within a month or two, aimed at infilling and stitching together the high-grade zones at Waverley Pit, Trial Pit and Baker Boys. Tyrrell is targeting a maiden mineral resource by the first quarter of 2027. The register underpinning that push is tightly held: DevEx Resources (ASX: DEV) retains around 20%, substantial shareholder Tim Goyder holds roughly 11%, and Pascoe remains invested through his retained stake and shares.
