Leeuwin Metals (ASX: LM1) has reported a maiden Mineral Resource Estimate of 10.2 million tonnes at 1.05 grams per tonne (above a 0.30 g/t cut-off grade) for 342,300 ounces of gold at its Marda gold project in Western Australia.
The milestone comes just nine months after the company acquired the project and follows drilling, geophysics, and geochemistry programs Leeuwin completed over that period.
The estimate comprising 2.1Mt at 1.10g/t gold for 73,800oz in the Indicated category, and 8.1Mt at 1.03g/t gold for 268,500oz in the Inferred category, was achieved at a discovery cost of less than $A10/oz inclusive of exploration and corporate expenditure.
Mineralisation is already defined outside the current envelopes, and several areas remain open along strike and at depth.
Leeuwin will begin a 10,000 metre drilling campaign in January 2026 to target resource growth across multiple deposits and structural trends.
Evanston Forms a Higher-Grade Core
The Evanston deposit hosts 4.3Mt at 0.98g/t gold for 135,800oz above a 0.30g/t cut-off grade, including a higher-grade component of 2.0Mt at 1.52g/t for 96,400 ounces above a cut-off of 0.80g/t gold.
Recent drilling at Evanston delivered results such as 9m at 5.52g/t gold from 57m, and 11m at 3.12g/t gold from 85m, with Leeuwin noting that resource limits and pit optimisations are largely constrained by drilling density at this stage.
The mineralised system extends for approximately 1.6 kilometres along a shallow south-west-plunging anticline with several positions still open, and down-hole electromagnetic (DHEM) surveying has identified multiple untested down-dip targets to be prioritised when drilling begins in January.
Executive chair Christopher Piggott said the company would “look to test the DHEM anomalies and continue to drill down dip and along strike to increase the scale of the prospect.”
Marda Central’s Multi-Deposit Potential
Marda Central contains 2.2Mt at 1.26g/t gold for 87,800oz across the Python, Taipan, Dolly Pot, and Goldstream deposits.
The resource includes 0.5Mt at 1.39g/t gold for 24,600oz in the Indicated category, and 1.6Mt at 1.21g/t gold for 63,200oz in the Inferred category.
Drilling in 2025 confirmed broad mineralised intervals such as 23m at 1.29g/t gold from 207m, and 21m at 1.09g/t gold from 98m, while recent work defined 11 high-grade trends outside current resource boundaries that leeuwin will follow up during the 2026 campaign.
Mineralisation is associated with sulphide-bearing quartz veins and breccias within banded iron formations across a three-kilometre structural corridor.
Golden Orb Adds Further Scale
Golden Orb contributes an Inferred resource of 0.5Mt at 1.56g/t gold for 25,700oz.
Mineralisation strikes approximately 300 degrees and dips between 70 degrees northeast and 70 degrees southwest along the deposit, with weathering to an average depth of around 80m.
The company will review existing data and models across all deposits to assess further growth opportunities across the resource base, while ongoing prospect reviews will focus on defining new structurally prospective corridors across the wider project area.
The Marda project benefits from established infrastructure and granted Mining Leases that support efficient field operations, and Leeuwin believes the project holds significant near-term drilling potential across multiple zones.
