Leeuwin Metals has expanded its Marda Gold Project resource to 378,600 ounces, boosting Indicated ounces by 41% and Evanston ounces by 22%. The upgrade sets the stage for development studies and ongoing exploration.
- Marda Gold Project resource grows to 378,600oz
- Indicated Mineral Resources increase 41%
- Evanston deposit ounces up 22%, Indicated up 53%
- All resources on granted Mining Leases
- Environmental studies and mine planning underway
Resource Upgrade Highlights Marda’s Growing Potential
Leeuwin Metals Ltd (ASX:LM1) has boosted the Mineral Resource Estimate (MRE) for its Marda Gold Project in Western Australia to 378,600 ounces of gold, marking a significant expansion just six months after its maiden resource. The upgrade includes a 41% increase in Indicated Mineral Resources to 104,000 ounces and a 22% rise in total ounces at the Evanston deposit, which now stands at 165,500 ounces with a higher-grade portion of 115,400 ounces at 1.49 g/t Au.
Crucially, all reported resources sit on granted Mining Leases, providing a solid foundation for imminent development work. Leeuwin plans to initiate environmental studies in August and mine planning activities, pursuing a dual-track approach that evaluates both standalone mining and third-party milling options. This strategic flexibility could accelerate the path to production.
Evanston Deposit Drives Growth with High-Grade Lenses
The Evanston deposit, hosted within sulphide-rich stratiform gold mineralisation in laminated cherts, extends about 1.6 kilometres along a shallowly plunging anticline. Recent drilling has improved geological understanding and confidence, underpinning the resource expansion. The deposit features multiple flat-lying, near-surface lenses that remain open for extension along strike and at depth, signalling further upside potential.
Compared to the December 2025 maiden resource, Evanston’s contained gold ounces have increased by 22%, with Indicated ounces surging 53%. This growth owes much to an additional 69 drill holes completed in 2026, refining the mineralisation model and confirming continuity. The company’s Executive Chairman, Christopher Piggott, emphasised that "we are just getting started," with exploration now focusing on other promising targets such as Golden Orb, Deception Hill, and Mt King.
Dugite and Marda Central Complement Resource Base
The Dugite deposit in Marda Central contributes 6,600 ounces at 1.15 g/t Au to the overall resource, with the broader Marda Central area now hosting 94,400 ounces at 1.25 g/t Au. Mineralisation here is structurally controlled within banded iron formations and quartz veining, with recent drilling confirming broad zones of shallow to moderate-depth higher-grade gold. This adds material confidence to the resource base acquired in 2025.
Robust Methodology and Reasonable Economic Prospects
The updated MRE adheres to JORC Code (2012 Edition) standards, with Exora Consulting Pty Ltd responsible for the resource estimation. The estimate incorporates 11.4 million tonnes at 1.03 g/t Au, including both Indicated and Inferred categories. Notably, no Ore Reserves have been declared yet, and the resource is reported above a 0.30 g/t Au cut-off grade.
Leeuwin considers the mineralisation amenable to conventional open-pit mining, supported by shallow depths (5 to 90 metres for Evanston) and proximity to existing infrastructure and third-party processing facilities. Historical metallurgical test work suggests gold recoveries exceeding 92%, although current drilling material has yet to be metallurgically tested. Environmental factors such as waste rock and tailings management remain to be confirmed by site-specific studies.
Exploration and Development Plans Signal Active Pipeline
Looking ahead, Leeuwin is prioritising resource growth and target assessment across the Marda Project, with ongoing prospect reviews aimed at defining new structurally prospective corridors. The company’s dual-track development strategy will assess both standalone mining operations and third-party milling scenarios to optimise project economics.
Environmental studies are set to commence in August, alongside mine planning and permitting activities. This follows a recent non-binding MOU with Bain Global Resources and MEGA Resources, aimed at unlocking development and funding pathways. The focus on Golden Orb, Deception Hill, and Mt King targets underscores the project’s exploration upside beyond the current resource base.
With all mineral resources secured on granted leases and a clear roadmap for advancing towards production, Leeuwin Metals is positioning Marda as a cornerstone asset in its portfolio. The next critical steps will be pit optimisation studies and the eventual declaration of Ore Reserves, which will provide greater clarity on the project’s economic viability.
Bottom Line?
Leeuwin Metals’ resource upgrade at Marda sharpens the project’s development profile, but upcoming pit optimisations and environmental studies will be key to translating ounces into ounces in the bank.
Questions in the middle?
- How will the dual-track milling strategy impact project economics and timelines?
- What results will the upcoming environmental studies yield regarding arsenic and waste management?
- Can exploration at Golden Orb, Deception Hill, and Mt King replicate Evanston’s resource growth?