Leeuwin Metals launches Phase 2 program to extend Marda Gold Project mineralisation

Leeuwin Metals (ASX:LM1) has commenced Phase 2 drilling at its Marda Gold Project in Western Australia, following up on promising Phase 1 results that included intercepts of 16m at 2.00 g/t Au from 134m and 22m at 1.25 g/t Au from 123m. The 3,000-meter RC drilling program aims to extend the high-grade gold mineralisation along strike and down-dip, with the company planning a total of 10,000 meters of drilling at Marda in 2025; regional geophysical surveys and field mapping have also commenced to explore the wider 500km² landholding.

Analysis

Leeuwin Metals Ltd (ASX:LM1) has commenced its Phase 2 drilling program at the Marda Gold Project in Western Australia, a development viewed with strongly positive sentiment (sentiment score 0.85). This 3,000-metre reverse circulation (RC) drilling initiative builds upon a highly successful Phase 1 program, which returned significant high-grade gold intercepts including 16m at 2.00 grams per tonne (g/t) Au from 134m, and 22m at 1.25 g/t Au from 123m (which included a higher-grade zone of 3m at 6.3 g/t Au). These initial results surpassed expectations, validating the geological model and suggesting a substantial, underexplored gold system. The primary aim of Phase 2 is to extend this mineralisation along strike and down-dip, as part of a broader 10,000-metre drilling strategy planned for Marda throughout 2025. Leeuwin's executive chairman, Christopher Piggott, highlighted the project's "immense exploration upside" and the current program's focus on establishing a significant gold resource to enhance shareholder value. Alongside targeted drilling, Leeuwin has initiated regional geophysical surveys and field mapping across its extensive 500km² landholding, which historically has seen little modern exploration and includes eight historical open pits. The Marda Gold Project is advantageously situated in the Goldfields region, benefiting from established infrastructure and proximity to multiple processing facilities, which provides crucial optionality for future development pathways. The outcomes from the Phase 2 drilling are anticipated in the September quarter and will be pivotal in shaping the subsequent stages of exploration and resource delineation.

Key Decisions for Investors

• Investors should closely monitor the Q3 2025 assay results from the Phase 2 drilling program, as these will be a key catalyst for Leeuwin Metals and provide further evidence of the Marda Gold Project's resource potential.
• The combination of positive Phase 1 drill intercepts, an expanded 10,000-metre drilling commitment for 2025, and the largely unexplored nature of the extensive tenement package suggests potential for significant resource growth, meriting attention from investors with an appetite for exploration-stage assets.
• Consider the strategic advantages offered by the Marda Project's location, including existing infrastructure and access to processing facilities, which could mitigate future development risks and potentially shorten timelines to production if exploration continues to be successful.