Could Leeuwin Metals’ Evanston Drilling Spark a New Gold Rush?

Promising Early Drilling Results

Leeuwin Metals Ltd (ASX, LM1) has announced encouraging results from its first large-scale reverse circulation (RC) drilling program at the Evanston Prospect, part of the Marda Gold Project in Western Australia. The initial assays reveal multiple shallow, high-grade gold intersections, including standout intercepts such as 9 meters at 5.23 grams per tonne (g/t) gold and 8 meters at 6.05 g/t gold. These results suggest the presence of a substantial gold system that has remained largely underexplored for over two decades.

Geophysical Insights and Exploration Upside

Complementing the drilling success, Down Hole Electromagnetic (DHEM) surveys have identified a new conductor target at Evanston, indicating potential for mineralisation to extend both along strike and at depth. This geophysical tool is proving effective in detecting sulphide-rich gold lodes within the project's complex geology, which includes folded cherts and mafic-ultramafic stratigraphy. The identification of repeating structures at depth adds a compelling dimension to the exploration story, enhancing the prospect of expanding the resource base.

Ongoing Work and Strategic Positioning

With assays pending for 31 additional drill holes, Leeuwin Metals is well positioned for a steady flow of news in the coming weeks. The company plans to resume drilling later this quarter to further test extensions of mineralisation and refine its understanding of the deposit's structural controls. These efforts will feed into a maiden mineral resource estimate for the Marda Gold Project anticipated before the end of the year.

The Marda Project benefits from granted mining leases and proximity to existing infrastructure, factors that could facilitate efficient development should the exploration success translate into a viable resource. Leeuwin’s strategic focus remains on systematic discovery across multiple gold targets within the project area, leveraging modern exploration techniques to unlock value in this historically underexplored region.

Historical Context and Future Potential

Evanston was first discovered and mined in the 1930s, with sporadic exploration and small-scale mining occurring through the late 20th century. However, no significant modern exploration has taken place until Leeuwin’s recent activities. The current drilling program not only validates historical data but also expands the known mineralisation envelope, highlighting the prospect’s potential to evolve into a significant gold discovery.

Leeuwin Metals’ Executive Chairman, Christopher Piggott, emphasised the significance of these early results and the promising outlook for further discoveries, underscoring the company’s commitment to advancing the project through systematic exploration and resource definition.