Leeuwin Metals (ASX:LM1) defines Marda Gold Exploration Target

Leeuwin Metals has defined an Exploration Target outside the current Mineral Resource Estimate at its Marda Gold Project in Western Australia, covering deposits across the Northern, Central and Southern areas of the project.

Highlights

The potential quantity and grade of the Exploration Target are conceptual in nature, with insufficient exploration undertaken to estimate a Mineral Resource and uncertainty as to whether further exploration will result in the estimation of a Mineral Resource.

The Exploration Target is additional to and excludes all material contained within the existing Mineral Resource Estimate, which comprises 3.1 Mt at 1.04 g/t gold for 104,000 oz in the Indicated category and 8.3 Mt at 1.03 g/t gold for 274,600 oz in the Inferred category.

Leeuwin Executive Chairman Christopher Piggott said:

“The definition of this maiden Exploration Target, on top of our 378,600 oz Mineral Resource, shows just how much more the Marda gold system has to give.”

The Exploration Target covers Die Hardy, Red Legs and Red Boomerang in the Northern Area, Goldstream and Taipan in the Central Area, and Golden Orb in the Southern Area.

Lower and upper ranges have been reported to reflect the uncertainty associated with the current level of geological confidence and drill coverage.

At Die Hardy, the reported range is 2.44 Mt at 1.0 g/t gold for 78,000 oz to 3.89 Mt at 0.8 g/t gold for 106,000 oz.

The deposit comprises 5 modelled mineralised domains over an approximate strike length of 2,700 m.

Mineralisation generally dips approximately 40° to the south and has been modelled to depths of around 185 m below surface.

Red Legs has a reported range of 780,000 t at 0.9 g/t gold for 23,000 oz to 1.11 Mt at 0.8 g/t gold for 28,000 oz, with its 7 modelled mineralised domains extending over an approximate strike length of 600 m and ranging in thickness from 2 m to 20 m.

At Red Boomerang, the range is 460,000 t at 1.3 g/t gold for 19,000 oz to 630,000 t at 1.2 g/t gold for 24,000 oz.

The deposit comprises 8 modelled mineralised domains over an approximate strike length of 1,350 m and does not currently contain a Mineral Resource.

Its standalone conceptual target was derived from interpreted mineralisation, geological modelling and existing drill results.

Goldstream ranges from 30,000 t at 1.4 g/t gold for 2,000 oz to 40,000 t at 1.2 g/t gold for 2,000 oz, with its 6 modelled mineralised domains extending over an approximate strike length of 400 m and modelled to depths of approximately 120 m below surface.

Taipan ranges from 60,000 t at 1.0 g/t gold for 2,000 oz to 160,000 t at 0.8 g/t gold for 4,000 oz, with the deposit containing a series of mineralised domains extending over an approximate strike length of 400 m and modelled to depths of around 100 m below surface.

At Golden Orb, the reported range is 540,000 t at 1.0 g/t gold for 18,000 oz to 820,000 t at 0.8 g/t gold for 22,000 oz.

The deposit comprises 8 modelled mineralised domains over an approximate strike length of 1,350 m, with mineralisation modelled to depths of around 175 m below surface.

Leeuwin prepared the Exploration Target from its compiled drill hole database, assay results, 3 dimensional geological interpretation and mineralised wireframe modelling.

It is based on exploration results already received by Leeuwin and prior explorers and is not based on any proposed exploration program.

The mineralised domains were interpreted from logged lithology, structural measurements and downhole gold assay results.

Grade ranges were established using gold grades derived from previous block model estimates and mineralised wireframe interpretations for each deposit, with the block model estimates not classified as Mineral Resources under the JORC Code 2012.

The target includes modelled volumes constrained by existing drill hole intersections and conceptual extensions projected along strike and down dip beyond the current limits of drilling.

Infill and extensional drilling will be required to establish whether any part can be reported as a Mineral Resource.

Leeuwin plans to test the 6 deposits through approximately 10,000 m of reverse circulation drilling, with the program and updated geological models planned for completion by Q2 2027, subject to funding and approvals.

Prospect reviews are ongoing across Marda, while the company is focused on defining new structurally prospective corridors and building a pipeline of follow up targets.

Development work includes increasing resource confidence, environmental studies, mine designs and planning, with Leeuwin assessing a standalone operation and a 3rd party milling scenario.