Leeuwin Metals defines maiden exploration target at Marda gold project outside existing resource
Key Takeaways
- •Leeuwin Metals defined a maiden exploration target of 4.3–6.6Mt at 0.9–1.0g/t for approximately 142,000–186,000 ounces of gold at its Marda project in Western Australia.
- •The target sits outside Marda's existing mineral resource estimate of 11.4Mt at 1.03g/t for 378,600 ounces, announced in late July 2026.
- •The exploration target is conceptual under the JORC Code, and it is uncertain whether further exploration will convert it into a mineral resource.
- •An approximately 10,000m reverse circulation drilling programme across six deposits is planned to start in Q4 2026, with completion targeted by Q2 2027, subject to funding and approvals.
- •Leeuwin shares rose 2.22% to 23.0 cents, valuing the company at $28.86 million.
Leeuwin Metals (ASX: LM1) has defined a maiden exploration target across its Marda gold project in Western Australia, located outside the project's current mineral resource estimate. Marda lies within the Yilgarn region of Western Australia, a province that hosts many of the country's premier gold deposits.
The exploration target has been identified beyond the current Marda gold project mineral resource estimate of 11.4 million tonnes (Mt) at 1.03 grams per tonne (g/t) for 378,600 ounces of gold, which was announced in late July 2026.
The new exploration target is estimated at 4.3 Mt to 6.6 Mt at 0.9 g/t to 1.0 g/t, for approximately 142,000 to 186,000 ounces of gold. Under the JORC Code, which governs the reporting of mineral exploration results and resources in Australasia, an exploration target is conceptual in nature — there has been insufficient exploration to define a mineral resource at these areas, and it is uncertain whether further exploration will result in the target being converted to a mineral resource.
"The definition of this maiden exploration target, on top of our 378,600 ounce mineral resource, shows just how much more the Marda gold system has to give," said Leeuwin Executive Chairman Christopher Piggott.
"It provides a clear, conceptual pathway to grow the Project well beyond its current Resource base across six deposits that remain open and under-drilled, and it sits alongside a Resource that we have already grown to 378,600 oz. With today's Exploration Target, we see a pathway to the critical milestone of plus 500,000 ounces in time and demonstrates the strategic value of the project. There remain several areas within the project that are yet to be further explored with more growth across the project expected."
To validate the exploration target and support further mineral resource growth, the company has planned extensional and infill drilling, geological model updates and target ranking.
The exploration target will be tested through an approximately 10,000m reverse circulation (RC) extensional and infill drilling programme across the Die Hardy, Red Legs, Red Boomerang, Goldstream, Taipan and Golden Orb deposits. Drilling is planned to commence in Q4 2026, with completion, together with updated geological models, targeted by Q2 2027. Completion of the programme remains subject to funding and approvals.
Shares in LM1 were up 2.22% to 23.0 cents, giving the company a market capitalisation of $28.86 million.
