Leeuwin Metals Announces Major Gold Discovery at Australian Project

Striking Gold: Marda Delivers Promising Results

Leeuwin Metals (ASX: LM1) has announced significant results from its latest drilling campaign at the Marda Gold Project in Western Australia, confirming the substantial growth potential of this strategic asset. The campaign has successfully delivered multiple thick, high-grade gold intercepts that extend known mineralisation below existing open pits.

The standout results from the Python prospect at Marda Central include:

• 5m @ 5.0g/t Au from 229m to end-of-hole, including 1m @ 10.0g/t Au from 231m (MGRC0018)
• 23m @ 1.29g/t Au from 207m, including 10m @ 2.3g/t Au from 207m (MGRC0027)
• 9m @ 1.15g/t Au from 193m (MGRC0023)

These intercepts demonstrate strong continuity of mineralisation below the existing Python pit, covering an area of approximately 200m by 200m. Particularly encouraging was the diamond tail extension of MGRC0018, which intercepted an additional 5m of sulphide-rich banded iron formation (BIF) and heavily altered zone, with assays still pending.

"These results reinforce the scale and potential of the Marda system," said Christopher Piggott, Leeuwin's Executive Chairman. "A maiden Mineral Resource Estimate is targeted for this quarter based on previously announced drilling, with the assays reported today to support a subsequent update later this calendar year."

Uncovering New Target Areas

Beyond the drilling success, Leeuwin's recent field mapping has identified 11 new target areas across a 500m surface expression, supported by historical workings. These newly identified mineralised corridors represent significantly under-explored potential, with over 120 assays pending from rock chip sampling.

Interestingly, these areas follow north-south oriented, quartz vein dominant structures that cross-cut the known east-west trending BIF-hosted mineralisation at Marda Central. This structural orientation suggests previous modern exploration drilling may have missed these targets by drilling parallel to these trends. Similar exploration success has been seen with Great Boulder Resources announcing new gold targets at their Side Well project.

The gold discovery by Leeuwin Metals at these new target areas represents a significant expansion of the project's potential beyond the previously known mineralisation zones.

Understanding BIF-Hosted Gold Mineralisation

Banded Iron Formation (BIF) refers to a specific type of rock consisting of alternating layers of iron-rich minerals and silica that formed through chemical processes billions of years ago. These formations are particularly important in gold exploration because they can serve as excellent host rocks for gold mineralisation when affected by geological forces like faults or shear zones.

At Marda, gold is typically associated with pyrite (iron sulphide) alteration in brecciated (fractured and re-cemented) BIF, often accompanied by quartz veining. This geological setting is significant for investors because:

1. BIF-hosted gold deposits tend to have predictable and continuous mineralisation patterns when properly understood
2. The hard, brittle nature of BIF creates favourable conditions for fracturing that allows gold-bearing fluids to penetrate
3. These deposits often form part of larger gold systems with multiple mineralised zones

The association with sulphide minerals also means these deposits can sometimes be identified through geophysical techniques, potentially making future exploration more efficient and targeted.

Strategic Next Steps

Leeuwin has outlined a clear strategy to build momentum across multiple gold targets within the broader Marda Gold Project:

1. Evanston Drilling: RC drilling scheduled to commence in mid-August, targeting down-dip and strike extensions to historical shallow high-grade intercepts.

2. Structural Mapping: A field campaign investigating structural controls on gold mineralisation across existing pits and historical workings will commence immediately to inform further drill targeting.

3. 3D Geological Modelling: Ongoing modelling at Marda North to support resource estimation in the second half of 2025.

4. Regional Target Assessment: Prospect review underway at Golden Orb, Evanston, King Brown, and other structurally prospective corridors to build a pipeline of follow-up targets.

This methodical approach demonstrates Leeuwin's commitment to systematically unlocking value across the project while building geological confidence and understanding. In fact, several companies in Western Australia have been employing similar systematic approaches, with Metal Bank achieving a 73% gold resource increase at their Livingstone project through targeted exploration.

Why Marda Matters: The Investment Opportunity

The Marda Gold Project represents a compelling investment case based on several key factors:

1. Advanced Stage with Immediate Growth Potential

• Located in an established gold-producing region with a history dating back to 1901
• Previously mined by Ramelius Resources from 2019-2023, producing 143,000 ounces from 2.3Mt at 1.9g/t Au
• Granted mining lease and broader tenement position provide flexibility for rapid advancement

2. Data-Rich Environment

• Extensive exploration dataset with over 350,000m of drilling completed historically
• This wealth of data provides strong support for targeted exploration, reducing risk and potentially accelerating discoveries

3. Strategic Location and Infrastructure

• Positioned close to existing infrastructure, supporting efficient field operations
• Spans a 70km greenstone corridor from Evanston in the north to Golden Orb in the south

4. Multiple Growth Pathways

• Near-term resource definition at Marda Central
• Parallel exploration of newly identified mineralised corridors
• Regional targets across the broader tenement package

The gold discovery by Leeuwin Metals at Marda demonstrates the company's ability to identify and advance high-potential targets within an established gold province. Recently, Artemis Resources has struck gold with their drilling expanding at Carlow, highlighting the broader regional potential.

The Bigger Picture: Leeuwin's Diversified Portfolio

While the Marda Gold Project is clearly the focus of current activities, investors should note that Leeuwin Metals maintains a diversified portfolio of assets:

• West Pilbara Iron Ore Project (Western Australia): Features high-grade iron ore (>50% Fe) over a 2.4-kilometer strike length, strategically located near Rio Tinto's Mesa A mine.

• Battery Metals Projects (Canada and Western Australia): Highly prospective exploration targets for nickel, copper, PGE, and lithium, supporting the global demand for critical battery metals.

This diversification provides potential catalysts across multiple commodities while maintaining the company's primary focus on advancing Marda.

Why Investors Should Watch Leeuwin Metals

Leeuwin Metals represents an attractive opportunity for investors seeking exposure to a gold exploration company with near-term development potential. The recent gold discovery by Leeuwin Metals has positioned the company for significant growth through:

1. Imminent Resource Definition: With a maiden resource estimate targeted for this quarter, investors won't have to wait long for a concrete valuation milestone.

2. Dual-Focus Strategy: Simultaneously advancing resource definition and new discovery opportunities provides multiple pathways to value creation.

3. Strategic Asset Portfolio: The company's diversified assets provide potential upside across multiple commodities while maintaining gold as the primary focus.

4. Experienced Leadership: Led by a team with expertise in project generation, discovery, development, operations, and transactions.

With drilling at Evanston set to commence in mid-August and over 120 assays pending from recent field work, the next few months promise to deliver a steady stream of news flow and potential catalysts for Leeuwin Metals as it continues to advance the Marda Gold Project. Furthermore, this comes at a time when companies like Auric Mining reports record profit as gold production soars, and Matsa Resources hits high-grade gold at their Fortitude North project, indicating a positive environment for gold explorers and producers in Western Australia.

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