Leeuwin Metals Raises $5.8M to Expand High-Grade Gold Drilling at Marda
Leeuwin Metals has raised A$5.8 million to fund an aggressive 10,000m drilling campaign targeting extensions of high-grade gold mineralisation at its Marda Gold Project, with assays pending from 31 holes and ongoing geophysical surveys.
- A$5.8 million placement fully subscribed by institutional and sophisticated investors
- 10,000m reverse circulation drilling program to commence November 2025
- Focus on expanding high-grade gold zones at Evanston prospect within Marda Project
- Pending assay results from 31 drill holes and ongoing down-hole EM surveys
- Company well-funded with approximately A$7 million cash post-placement
Capital Raise to Accelerate Exploration
Leeuwin Metals Ltd (ASX – LM1) has successfully completed a placement raising approximately A$5.8 million, fully utilising its placement capacity under ASX Listing Rules. The capital injection was strongly supported by existing shareholders alongside new institutional and sophisticated investors, reflecting confidence in the company’s exploration strategy and the potential of its flagship Marda Gold Project in Western Australia.
The placement shares were issued at A$0.235 each, representing a discount to recent trading prices, a common practice to ensure swift capital raising. With this funding, Leeuwin now holds around A$7 million in cash, positioning it to aggressively pursue its exploration objectives.
Targeting High-Grade Extensions at Evanston
The fresh capital will primarily support a substantial 10,000-metre reverse circulation (RC) drilling program scheduled to begin in November 2025. This program aims to test shallow step-outs and down-dip extensions along the 1.6-kilometre Evanston trend, a key prospect within the Marda Gold Project known for its shallow, high-grade gold mineralisation.
Recent drilling at Evanston has delivered encouraging results, including intercepts such as 9 metres at 5.23 grams per tonne (g/t) gold, including 4 metres at 10.68 g/t, and 8 metres at 6.05 g/t gold from shallow depths. These results underpin the company’s confidence in expanding the resource base.
Ongoing Assays and Geophysical Surveys
Leeuwin is awaiting assay results from 31 recently completed drill holes, which will provide critical data to refine drilling targets. Concurrently, down-hole and surface electromagnetic (EM) surveys are underway to identify conductive zones that may indicate further mineralisation. These geophysical tools are expected to enhance targeting precision for the upcoming drilling campaign.
The Evanston deposit is characterised by stratiform, sulphide-associated gold mineralisation within laminated cherts, controlled by large-scale folding structures. Its shallow, gently dipping geometry means that drill intercepts closely approximate true widths, a favourable factor for resource estimation.
Strategic Positioning and Next Steps
Located on granted mining leases with proximity to established infrastructure, the Marda Gold Project offers logistical advantages for exploration and potential development. Leeuwin is advancing work towards a maiden Mineral Resource Estimate, supported by ongoing modelling and evaluation.
Beyond Evanston, the company continues to review and assess other prospects within the Marda portfolio, aiming to define new structurally prospective corridors and build a pipeline of follow-up targets. The combination of strong funding, promising drill results, and systematic exploration planning sets the stage for sustained news flow through late 2025 and into 2026.
Bottom Line?
Leeuwin Metals’ well-funded drilling campaign at Marda could unlock significant new gold resources, but upcoming assay results will be critical to confirm the project's scale.
Questions in the middle?
- Will the pending assays confirm extensions of high-grade mineralisation at Evanston?
- How will down-hole EM survey results influence the prioritisation of drill targets?
- What timeline is Leeuwin targeting for delivering its maiden Mineral Resource Estimate?
