Leeuwin Metals (ASX:LM1) targets scale at Marda with new drilling and high-grade gold prospects

Executive Chairman Christopher Piggott provides insight into Leeuwin Metals (ASX:LM1) recent progress at the Marda Gold Project in Western Australia.

With Phase Two drilling now complete and assays pending, Leeuwin is preparing to commence a new drilling campaign at the high-grade Evanston target.

Christopher discusses the strategic significance of the work to date, standout results from earlier drilling, and what shareholders can expect as the company continues its 2025 exploration campaign.

What was the goal of the recently completed Phase Two drilling program?

The main goal for Phase Two was to build on the early success we had in Phase One by targeting extensions to shallow, high grade gold mineralisation at the Python and Golden Orb pits.

These are both previously mined open pits at Marda Central, and we saw some strong results from our maiden drilling campaign that indicated potential for additional ounces at relatively shallow depths.

This round of approximately 3,000 metres of reverse circulation drilling was designed to confirm those extensions, improve our understanding of the geology, and advance the scale potential of the project.

“We are taking a staged, systematic approach to exploration at Marda, and this program plays a key part in that.”

The assays from Phase Two are now pending, and we expect results to come through in the next three to six weeks.

Why is the upcoming drilling at Evanston considered a major opportunity?

Evanston is a really exciting area for us, it is high grade, underexplored, and shows strong signs of continuity, which is exactly what you want when you are looking to build a gold inventory.

We recently reviewed and compiled historical data, which revealed some impressive past results that were never properly followed up with modern drilling.

That presents a huge opportunity and we will be starting a focused drill campaign at Evanston in July, aimed at testing both the continuity and scale of the mineralisation.

The target lies along a very prospective trend and has been largely overlooked in the past.

We think Evanston could be a key part of the broader Marda story and help us demonstrate that this project has multi deposit potential.

“With assays expected in 3 to 6 weeks and drilling planned at Evanston, the Company is looking to build a significant project over the course of 2025.”

What were some of the standout results from the earlier Phase One program?

Phase One really delivered the kind of results we were hoping for. It confirmed that there are multiple zones of high-grade mineralisation at Marda, both at depth and along strike.

Some of the standout intercepts included 22 metres at 1.25 grams per tonne gold, including a higher-grade section of 3 metres at 6.3 grams per tonne.

We also saw 8 metres at 3.04 grams per tonne and 16 metres at 2 grams per tonne in other holes.

These results gave us strong encouragement to push ahead with Phase Two and to continue targeting those extensions.

It is not just about hitting gold, but about building confidence in a system that can support further growth and we are seeing that potential take shape with every round of drilling.

“The program just completed further validated Marda’s excellent potential for near surface ounces and expanding our understanding of the broader system.”

How does Leeuwin plan to maintain news flow and exploration momentum?

Keeping up momentum is a big focus for us, one of the advantages we have at Marda is the scale and structure of the project, which allows us to roll from one program into the next without a long gap in between.

Phase Two is now complete and assays are on the way, while Phase Three at Evanston is already scheduled to start in July.

We are also running 3D geological modelling in parallel, using both recent and historical data to define structural controls on mineralisation.

That work feeds directly into future drill targeting, in addition, we are assessing regional prospects like King Brown and Golden Orb to ensure we have a steady pipeline of high priority targets to work through.

Our aim is to deliver regular updates and results that continue to demonstrate the scale of what we are building.

“We have so much potential to test as part of our plan to establish a WA gold project with real scale. Given all these opportunities and the huge upside, we are moving almost seamlessly from one drilling program to the next.”

Is Leeuwin well funded to continue exploration at Marda?

Yes, we are in a strong financial position to continue our exploration strategy throughout 2025.

We have planned a 10,000 metre campaign for the year, and we are already well into that with Phase One and Two completed.

Having the funding in place gives us the flexibility to act on new targets as they emerge and to keep the drill rigs turning where the geology supports it.

It is also important from an operational standpoint as it allows us to commit to consistent exploration, which helps with workforce planning, contractor engagement, and data continuity.

Being well funded gives us the confidence to pursue the full potential of the Marda Gold Project without cutting corners or delaying decisions.

Path Forward

Leeuwin Metals is maintaining strong operational momentum at Marda, underpinned by a well-funded and structured exploration strategy.

With assays from Phase Two due shortly and drilling at Evanston scheduled for July, the company is positioning itself to deliver consistent news flow and value adding results through the second half of 2025.

As the pipeline of high priority targets continues to expand, Marda is shaping up to be a project with genuine scale potential in the Western Australian Goldfields.