Leeuwin Metals (ASX:LM1) delivers early high grade confirmation at Evanston

Leeuwin Metals has opened its 2026 drilling campaign at the Evanston Mine within the Marda Gold Project in Western Australia with early assay results that reinforce the geological rationale underpinning its current exploration strategy.

The initial data comes from step out drilling below the existing Evanston resource and sits within a broader 10,000 m reverse circulation program that is now well advanced, with multiple holes still awaiting laboratory results.

Highlights

• First 2026 RC assays from Evanston returned 13 m @ 3.2 g/t gold from 91 m, including 3 m @ 10.05 g/t gold from 93 m.

• A parallel hole returned 10 m @ 1 g/t gold from 96 m.

• Drilling is testing shallow step outs and down dip extensions along a 1.6 km mineralised trend.

• Approximately 2,000 m of additional samples are currently in the laboratory.

• The company reports it remains well funded following a recently completed placement.

The Evanston results sit within the Marda Gold Project, which hosts a global Mineral Resource of 342,300 oz of gold across Indicated and Inferred categories, with Evanston accounting for 135,800 oz of that total.

The current drilling program is designed to probe mineralisation beyond the existing pit limits, particularly down dip, where prior work has indicated continuity of sulphide associated gold mineralisation.

Geologically, Evanston is characterised by stratiform gold mineralisation hosted in laminated cherts within a folded sequence, with the mineralised system extending approximately 1.6 km along a shallow south west plunging anticline.

The flat lying nature of the lenses means down hole electromagnetic surveys have proven to be an effective targeting tool, allowing Leeuwin to vector drilling toward conductive sulphide rich zones that may host higher grade gold.

The company has reported that the first approximately 650 m of drilling completed in 2026 targeted an interpreted high grade shoot and an extension of a previously identified DHEM anomaly.

The resulting intercepts are notable not only for grade but also for their position around 250 m down dip of the existing Evanston pit, providing evidence that mineralisation persists beyond the current resource envelope.

Executive Chairman Christopher Piggott described the opening results as a constructive validation of the exploration model, noting that

“the drilling has extended the high grade shoot beyond the existing resource area at Evanston”

and that the outcomes

“support the potential for further resource growth and confirm DHEM to be a useful tool to aid exploration at the project”.

From a corporate perspective, the work at Evanston forms part of a broader exploration and resource development program across Marda, which is positioned on granted mining leases close to established infrastructure north of Southern Cross.

The company is advancing drilling while continuing to review and refine geological models across the project area, with the stated aim of building confidence in structural controls and improving drill prioritisation.

Beyond gold, Leeuwin has also flagged strategic reviews of its Cross Lake Lithium and William Lake Ni PGE projects, although the immediate operational focus remains on discovery and resource growth within the Marda Gold Project.

Looking ahead, the near term narrative is likely to be driven by the steady flow of pending assays from the ongoing RC program.

With drilling continuing and down dip targets generated from DHEM surveys still being tested, the Evanston results provide early technical momentum as Leeuwin seeks to add depth and continuity to an already defined gold inventory within a historically productive Western Australian gold district.