Leeuwin Grows Marda Gold Resource 22% to 378,600oz in Six Months on Mining Leases
Leeuwin lifts Marda global gold resource to 378,600oz, Evanston jumps 22%
Leeuwin Metals has upgraded the Marda Gold Project Mineral Resource Estimate to 378,600oz at 1.03 g/t Au (11.4Mt), just six months after the Maiden Resource. The flagship Evanston deposit grew 22% in total ounces and 53% in Indicated ounces, with all reported ounces sitting on granted Mining Leases. Development studies—environmental, mine planning—now commence under a “dual-track standalone and third-party milling strategy.”
Key highlights include:
- Global MRE: 11.4Mt @ 1.03 g/t Au for 378,600oz (0.30 g/t cut-off)
- Indicated: 3.1Mt @ 1.04 g/t Au for 104,000oz
- Inferred: 8.3Mt @ 1.03 g/t Au for 274,600oz
- Timeframe: within 6 months of December 2025 Maiden Resource
Executive Chairman Christopher Piggott stated: “To grow our global resource to 378,600oz, and to lift Evanston by 22% in total ounces and 53% in Indicated ounces, only six months from our Maiden Resource, demonstrates the strength of the mineralised system at Marda and the ongoing prospectivity of the Project, and we are just getting started. Importantly, all of our Mineral Resources sit on granted Mining Leases, providing a strong platform for the development studies and permitting we are now commencing. The resource at Evanston now stands at 165,500oz with a higher-grade component of 115,400oz @ 1.49g/t Au. This will remain a key focus of our exploration through 2026. Growth across Marda is now focused at Golden Orb, Deception Hill and Mt King. The more we grow the Resource, the more value we create for shareholders.”
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Inside the numbers — where the ounces sit
The resource divides across three key areas: Marda North, Central, and South. Evanston underpins the portfolio with 165,500oz @ 0.96 g/t Au, including a higher-grade component of 115,400oz @ 1.49 g/t Au (0.80 g/t cut-off). This higher-grade core strengthens the economic case for development.
Marda Central added a maiden Dugite resource of 6,600oz @ 1.15 g/t Au. Multiple deposits provide feed optionality for future milling strategies.
| Deposit/Area | Tonnes (Mt) | Grade (g/t Au) | Contained Ounces |
|---|---|---|---|
| Evanston | 5.35 | 0.96 | 165,500 |
| Marda North Total | 8.53 | 0.94 | 258,500 |
| Marda Central Total | 2.35 | 1.25 | 94,400 |
| Golden Orb (South) | 0.51 | 1.56 | 25,700 |
| Global Total | 11.4 | 1.03 | 378,600 |
Christopher Piggott, Executive Chairman
“The resource at Evanston now stands at 165,500oz with a higher-grade component of 115,400oz @ 1.49g/t Au. This will remain a key focus of our exploration through 2026. Growth across Marda is now focused at Golden Orb, Deception Hill and Mt King.”
What a Mineral Resource Estimate actually means for investors
A JORC-compliant Mineral Resource Estimate reports tonnes, grade, and contained metal based on drilling data, geological interpretation, and statistical modelling. It does not guarantee commercial viability—that requires further studies. The classification system reflects geological confidence:
- Measured (highest confidence) — none classified at Marda
- Indicated (moderate-high) — 104,000oz
- Inferred (lower confidence) — 274,600oz
Indicated vs Inferred: Indicated material has closer drill spacing and higher confidence in continuity. Inferred has wider spacing and lower certainty. There is no guarantee Inferred converts to Indicated or Measured.
Cut-off grade determines which material is economic to mine. A 0.30 g/t Au cut-off captures broad tonnage; a 0.80 g/t higher-grade lens at Evanston targets higher-margin ore. Granted Mining Leases reduce permitting risk—resources on exploration tenure face longer approval timelines. Evanston’s 53% Indicated growth moves ounces toward development readiness.
Growth runway — the targets driving the next 12 months
Management says “we are just getting started.” Evanston mineralisation remains open along strike and at depth across a ~1.6km corridor. Multiple untested targets support the resource growth pipeline.
Near-term catalysts and priority targets:
- Resource growth targets: Golden Orb, Deception Hill, Mt King
- Environmental studies commencing August 2026
- Mine planning and design underway
- “Dual-track standalone and third-party milling strategy” (refer ASX announcement 11 June 2026)
- Strategic review of non-core Iron Ore and Lithium assets
The proximity to third-party processing facilities supports a low-capital development pathway. The dual-track strategy evaluates both standalone operations and toll-milling scenarios.
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Why the Marda upgrade strengthens the Leeuwin investment case
Leeuwin delivered rapid resource growth—378,600oz within six months—with grade consistency across deposits and a higher-grade core at Evanston. All ounces sit on granted Mining Leases, de-risking the development timeline. The clear pathway to development studies—environmental work starting August, mine planning underway—directly connects exploration success to value creation.
Each ounce added on granted tenure with a defined milling strategy is directly value-accretive. The diversified portfolio (West Pilbara Iron Ore, Canadian and WA battery metals) provides strategic optionality, but Marda is the cornerstone gold asset. 2026 shapes as a year of resource growth plus first development studies, positioning the company for production decisions.
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