Leeuwin Metals acquires Marda gold project in WA from Ramelius Resources

Leeuwin Metals (ASX: LM1) has entered into a binding agreement with Ramelius Resources (ASX: RMS) to acquire 100% of its Marda operations in the Western Australian goldfields.

Situated 120 kilometres north of Southern Cross, Marda spans 500 sq km of granted mining, exploration and prospecting leases.

The project includes eight open pits and numerous historical workings, with significant exploration potential highlighted by multiple high-priority targets requiring immediate follow-up work.

Transformative opportunity

Executive chair Christopher Piggott said the proposed acquisition provides Leeuwin with a transformative opportunity to establish a strong foothold in a world-class gold mining region.

“The acquisition of the Marda gold project is a pivotal step for Leeuwin Metals, delivering significant value with minimal dilution to shareholders,” Mr Piggott said.

“Marda hosts extensive known mineralisation in and around existing pits—this mineralisation is open and represents low-hanging fruit for our initial exploration campaign.”

High-grade potential

While historical exploration at Marda has largely focused on near-mine areas and existing open pits, Leeuwin will prioritise the underexplored high-grade potential across the project.

Leeuwin was also attracted by the project’s strategic location, within trucking distance of multiple gold mills and supported by excellent infrastructure.

“With granted mining leases included in the acquisition, Leeuwin is well-positioned to rapidly progress discoveries into development,” Mr Piggott said.

“We are excited to commence work programs and look forward to sharing updates as we advance this opportunity into 2025.”

Strategic rationale

With a proven gold production history, the project features established open pits on granted mining leases and significant drill intercepts, providing a solid foundation for near-term exploration and growth.

Leeuwin is looking to commence work immediately, prioritising follow-up on multiple high-priority targets.

The company believes that Marda complements its existing portfolio of critical metals by introducing an exposure to gold in a highly prospective and mining-friendly jurisdiction.

The project is also prospective for iron ore.

Share placement

To acquire the asset, Leeuwin will make an upfront payment of $500,000 in Leeuwin shares.

Additional milestone payments include $500,000 upon the definition of a JORC-compliant resource of 500,000 ounces and $1,000,000 if that reaches 1Moz.

Ramelius will become a strategic shareholder in Leeuwin at completion, reinforcing the potential for future collaborative growth opportunities.