Leeuwin Metals (ASX:LM1) uncovers eleven new high-grade gold trends at Marda Project

Leeuwin Metals Limited (ASX:LM1) has delivered outstanding rock chip assay results from its Marda Gold Project, with grades reaching up to 209 g/t gold.

The assays have defined eleven new structural trends at Marda Central, an extensive underexplored corridor where mineralisation is hosted in north–north-west striking quartz veins that were not systematically tested by previous explorers.

Importantly, a number of these newly identified trends are located within a granted mining lease, which provides Leeuwin with the ability to advance work quickly without requiring additional approvals.

Alongside high-grade assays at Evanston confirming a 1.2 kilometre southern strike extension, the results provide strong momentum ahead of the company’s 5,000 metre RC drilling program scheduled to commence in September.

To provide further insight into the significance of these outcomes and what they mean for the project, Executive Chairman Christopher Piggott responds to key questions investors are asking.

What makes the recent rock chip assays at Marda Central significant?

The rock chip assays confirm the presence of very high-grade gold mineralisation in zones that have not been properly tested before.

Some of the standout results include 209 g/t, 62.4 g/t, 49.2 g/t and 40.6 g/t gold, while multiple other samples returned more than 20 g/t.

These assays highlight a new style of mineralisation compared with what has historically been mined, which focused on banded iron formation–hosted deposits controlled by east–west structures.

The new assays have outlined quartz vein systems striking north–north-west, which were not the subject of systematic drilling in the past, leaving the majority of this high-grade corridor open and untested.

Importantly, many of these results sit within a granted mining lease, creating a direct pathway for Leeuwin to progress exploration with fewer regulatory hurdles.

“Today’s results validate our approach to exploration at Marda, looking at the project with fresh eyes and returning to first-principle exploration.”

How many new targets have been identified and what is their potential?

A total of eleven new high-grade structural trends have been mapped at Marda Central.

These trends are associated with quartz vein systems typical of orogenic gold deposits and have delivered consistent high-grade assays, with multiple samples in double-digit grades and several exceeding 40 g/t.

Less than ten percent of these structures have been intersected by shallow RAB drilling, which means the majority of this extensive corridor remains completely untested.

Because the trends are located within a granted mining lease, exploration can move forward efficiently without the need for additional permitting, which is a clear advantage in terms of timeframes and future optionality.

Collectively, the new trends mark a major opportunity for Leeuwin to generate new discoveries in an established goldfield.

“The results confirm the potential for a very high-grade system in a completely different orientation to what has previously been mined.”

What exploration programs are planned to follow up these results?

Leeuwin has scheduled systematic follow-up work to build geological confidence and prioritise targets.

In the December quarter of 2025, surface mapping and air core drilling will be carried out across Marda Central to test the newly defined high-grade corridors.

At the same time, a 5,000 metre reverse circulation drilling program is set to begin at Evanston in early September, designed to target down-dip and strike extensions of historical shallow high-grade intercepts, along with zones around historical workings.

By combining mapping, air core drilling, and RC drilling, Leeuwin is advancing multiple work streams in parallel, aimed at unlocking structural controls on mineralisation and progressing the project’s growth.

“Samples collected from mullocks around historical shafts highlight the presence of a typical high-grade vein system.”

What were the key outcomes from sampling at Evanston?

At Evanston, mapping and sampling confirmed that high-grade mineralisation continues well beyond the historically mined pits. Assays returned 44.1 g/t, 33.4 g/t and 7.76 g/t gold, extending the mineralised strike by more than 1.2 kilometres south of the main workings.

Numerous historical shafts and stopes were identified, indicating the presence of untested ground that had not been subjected to modern exploration methods.

These results validate the exploration model and provide confidence for the upcoming RC drilling program, which is designed to test these extensions and adjacent underexplored areas.

What are the broader next steps for advancing the Marda Gold Project?

The next phase of activity is focused on maintaining exploration momentum across multiple fronts.

The RC drill program at Evanston will commence in September to test extensions to known mineralisation, while air core drilling and mapping at Marda Central will systematically advance the newly identified high-grade structural corridors.

In addition, ongoing resource evaluation and modelling work at Marda will support a formal resource estimate in the second half of 2025.

Prospect reviews are also underway across the broader project area, aimed at defining further structurally prospective corridors to expand the pipeline of exploration opportunities.

“We look forward to following up these targets and will develop an exploration program around them through the remainder of 2025.”

Building momentum across Marda

The Marda Gold Project is emerging as a cornerstone asset in Leeuwin Metals portfolio, with the identification of high-grade structural trends, confirmation of strike extensions at Evanston, and imminent drilling programs all combining to strengthen exploration momentum.

With several of the newly defined high-grade trends already sitting within a granted mining lease, Leeuwin has the ability to accelerate exploration and, in time, advance development opportunities.

As Executive Chairman Christopher Piggott outlined in this Q&A, the company will continue to advance multiple work streams through the remainder of 2025, with the goal of unlocking the project’s full potential and establishing Marda as a key driver of Leeuwin’s growth strategy.

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