Leeuwin Metals sets Marda gold exploration target outside resource
Leeuwin Metals (ASX: LM1) defines a maiden exploration target of 4.3-6.6 Mt at 0.9-1.0 g/t gold at Marda, with a pathway to 500,000 oz. Drilling planned Q4 2026.
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Leeuwin Metals (ASX: LM1) has defined a maiden exploration target at the Marda gold project in Western Australia, outside the existing mineral resource estimate of 11.4 million tonnes at 1.03 grams per tonne for 378,600 ounces of gold.
The exploration target is 4.3 million to 6.6 million tonnes at 0.9 g/t to 1.0 g/t, representing between 142,000 and 186,000 ounces of gold.
“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,” Executive Chairman Christopher Piggott said.
“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.”
The company plans extensional and infill drilling, geological model updates and target ranking to validate the target and support further resource growth. An approximately 10,000-metre RC drilling programme across the Die Hardy, Red Legs, Red Boomerang, Goldstream, Taipan and Golden Orb deposits is planned to start in Q4 2026 and to be completed, together with updated geological models, by Q2 2027. The programme is subject to funding and approvals.
LM1 shares closed up 2.22% to 23.0¢, giving a market capitalisation of $28.86 million.
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