Leeuwin Metals’ Exploration Push Hinges on Upcoming Phase Three Drilling Success
Leeuwin Metals has reported strong high-grade gold assay results from its recent drilling at the Marda Gold Project, confirming mineralisation continuity along a 3km corridor and setting the stage for further exploration.
- Completed over 5,000m of drilling in Phase One and Two at Marda Gold Project
- Multiple thick, high-grade gold intercepts confirmed along a 3km mineralised trend
- Evanston target prioritised for upcoming Phase Three drilling
- Cash balance of $2.9 million supports ongoing exploration activities
- No mining production during the quarter; focus remains on resource definition
Strong Drilling Momentum at Marda
Leeuwin Metals Ltd (ASX, LM1) has delivered a robust quarterly update, highlighting significant progress at its 100%-owned Marda Gold Project in Western Australia. The company completed two successive drilling programs, totaling over 5,000 metres, targeting extensions below and adjacent to historical pits. Early assay results have confirmed multiple thick zones of high-grade gold mineralisation along a 3-kilometre corridor at Marda Central, validating Leeuwin's geological model and exploration strategy.
Key Intercepts Signal Resource Potential
Among the standout drill results reported were intercepts such as 16 metres at 2.00 grams per tonne (g/t) gold from 134 metres depth, and 8 metres at 3.04 g/t from 215 metres in hole MGRC0006. Other notable hits include 22 metres at 1.25 g/t gold, including a higher-grade 3 metres at 6.3 g/t, and 21 metres at 1.09 g/t gold. These results demonstrate both the thickness and continuity of mineralisation beneath historical workings, reinforcing the project's potential to host a substantial gold resource.
Evanston Emerges as a High-Grade Focus
Beyond Marda Central, Leeuwin has identified Evanston as a compelling new target area approximately 50 kilometres north. Historical data reveals multiple shallow, unmined high-grade gold zones, including intercepts of 5 metres at 17.6 g/t and 6 metres at 11.8 g/t gold beneath an old open pit. The company has commenced drill planning for Evanston, aiming to test these zones in the upcoming Phase Three program scheduled for the September quarter.
Strategic Approach and Financial Position
Leeuwin’s Executive Chairman, Christopher Piggott, emphasised the company’s rapid advancement since acquiring Marda, noting the dual focus on building scale and converting exploration success into a defined resource. The company’s cash position of $2.9 million at quarter-end provides a solid foundation for continued drilling and geological modelling efforts. No mining production occurred during the quarter, underscoring the company’s current emphasis on exploration and resource definition within granted mining leases.
Looking Ahead
With Phase Three drilling imminent, Leeuwin aims to refine its understanding of mineralisation continuity and depth extensions at both Marda Central and Evanston. The integration of historical datasets with new drilling results will underpin the maiden resource estimation, a critical milestone for the company’s growth trajectory. Investors and analysts will be watching closely as assay results from the next drilling phase emerge, potentially reshaping the valuation and strategic outlook for Leeuwin Metals.
Bottom Line?
Leeuwin Metals is poised to translate promising drill results into a defined gold resource, with upcoming assays and resource updates set to shape its market narrative.
Questions in the middle?
- How will Phase Three drilling results at Evanston influence Leeuwin’s resource estimates?
- What timeline does Leeuwin anticipate for completing its maiden resource definition at Marda?
- Could Leeuwin’s cash reserves sustain exploration through to resource declaration without additional funding?
