Leeuwin Metals Unveils Up to 186,000oz Exploration Target at Marda Gold

New Exploration Target Adds Significant Gold Potential

Leeuwin Metals Ltd (ASX:LM1) has expanded the growth story at its Marda Gold Project by defining a maiden Exploration Target ranging from 4.3 to 6.6 million tonnes grading 0.9 to 1.0 grams per tonne gold. This equates to approximately 142,000 to 186,000 ounces of gold, representing a material addition outside the current Mineral Resource Estimate of 378,600 ounces announced in July 2026.

The Exploration Target excludes all material within the existing resource and covers six deposits, Die Hardy, Red Legs, Red Boomerang, Goldstream, Taipan, and Golden Orb, across the northern, central, and southern parts of the project. These deposits remain open and under-drilled, highlighting substantial upside potential for resource expansion.

Strategic Drilling and Development Plans Set for 2026–27

To validate and potentially convert this target into a Mineral Resource, Leeuwin plans an approximately 10,000-metre reverse circulation (RC) drilling program commencing in the fourth quarter of 2026. The program will focus on extensional and infill drilling across the six deposits, with updated geological models and target rankings expected by mid-2027. This drilling campaign is contingent on securing funding and necessary approvals.

Alongside exploration, the company is advancing environmental studies and mine planning, adopting a dual-track strategy to assess both standalone mining operations and third-party processing options. This approach aims to de-risk the project and accelerate its path toward production.

Exploration Target Reflects Geological Uncertainty and Potential

The Exploration Target is conceptual, reflecting uncertainties inherent in geological modelling and drill density. Lower range estimates combine lower tonnage with higher grades, while upper range estimates assume higher tonnage with slightly lower grades. For example, the Die Hardy deposit alone could hold between 78,000 and 106,000 ounces across 2.4 to 3.9 million tonnes, illustrating the scale of potential expansions.

Importantly, Red Boomerang represents a standalone target with no current Mineral Resource, based on interpreted mineralisation from historical drilling and geological modelling. This deposit alone could add between 19,000 and 24,000 ounces, underscoring the project's underexplored nature.

Pathway to Surpassing 500,000 Ounces

Executive Chairman Christopher Piggott emphasised the strategic value of the Exploration Target, noting it provides a clear pathway to push the Marda Gold Project beyond the critical milestone of 500,000 ounces. He highlighted that multiple deposits remain open, and further exploration is expected to generate additional growth.

This announcement builds on the company’s recent resource upgrade to 378,600 ounces, which featured a 41% increase in Indicated resources, and follows ongoing efforts to secure mining leases and advance project development studies. Leeuwin’s broader portfolio also includes iron ore and battery metals projects, with non-core assets under strategic review to unlock further value.