Leeuwin Metals Accelerates WA Gold Ambitions with Marda Acquisition and Drilling

Strategic Acquisition Positions Leeuwin Metals in WA Goldfields

Leeuwin Metals Ltd (ASX: LM1) has marked a pivotal shift in its corporate trajectory by completing the acquisition of the Marda Gold Project, a substantial and historically productive gold asset located 120km north of Southern Cross in Western Australia’s prolific Goldfields region. The project encompasses over 500 square kilometres of granted tenure, including eight historical open pits and existing haul roads, previously operated by Ramelius Resources, which produced approximately 143,000 ounces of gold at 1.9g/t between 2019 and 2023.

This acquisition, approved by shareholders in March 2025, was swiftly followed by the launch of a maiden drilling program targeting extensions around Marda Central, signalling Leeuwin’s intent to aggressively explore and unlock value from this under-explored gold system.

Drilling and Historical Data Reveal Promising Gold Potential

Leeuwin’s initial drilling campaign, comprising approximately 2,000 metres completed by early April, awaits assay results that are highly anticipated by the market. Complementing this, a comprehensive review of historical drilling data at Marda Central has confirmed multiple thick, high-grade gold intercepts over a 3-kilometre strike length outside previously mined areas. Noteworthy intercepts include 62 metres at 1.94g/t Au and 48 metres at 1.95g/t Au, among others, underscoring the potential for near-surface, high-grade lodes that could underpin a significant resource upgrade.

Additional prospects within the Marda project area, such as Evanston, Golden Orb, and King Brown, also exhibit compelling drill results with high-grade mineralisation remaining open along strike and at depth, setting the stage for further exploration phases.

Robust Capital Raising and Financial Position Support Growth

Backing its exploration ambitions, Leeuwin successfully raised $3.25 million through a two-tranche placement at $0.098 per share, attracting strong support from both new and existing institutional investors as well as directors who collectively contributed $250,000. This capital injection bolsters the company’s balance sheet, which stood at a healthy $3.77 million in cash at the end of March 2025, providing a solid runway for ongoing and expanded exploration activities.

The company’s disciplined capital management is evident in its measured expenditure of $129,000 on exploration and evaluation during the quarter, primarily focused on the Marda project, while maintaining its Canadian lithium and nickel projects in Manitoba and Ontario with limited activity amid current market conditions.

Infrastructure and Strategic Location Enhance Development Prospects

Marda’s location within trucking distance of multiple processing facilities and proximity to established regional service centres like Southern Cross enhances its development optionality. The project benefits from existing infrastructure, including sealed roads and historical haul routes, which could facilitate efficient future mining operations.

Looking Ahead: Assays and Exploration to Define Next Steps

With assay results from the maiden drilling program pending, Leeuwin is poised to enter a critical phase where these data will validate the historical intercepts and guide resource definition efforts. The company’s clear exploration strategy, supported by a strong financial position and strategic project acquisition, positions it well to capitalize on the robust gold market dynamics in Western Australia.