Leeuwin Metals Eyes Gascoyne Gold Target With 1,600 Soil Samples From October
Key Takeaways
- Leeuwin has identified a high-priority structural gold target at its 100%-owned Gascoyne Project, with roughly 1,600 soil samples due to start in October 2026.
- No gold results have been reported from Gascoyne, so this is a reassessment of 500km² of ground previously explored for lithium and rare earths, not a discovery.
- The project sits in the same belt as Benz Mining's Glenburgh and Falcon Metals' Errabiddy gold projects, though their results don't apply to Leeuwin's ground.
- Drilling at the cornerstone Marda Gold Project starts in the coming weeks, against a resource of 11.4 Mt @ 1.03 g/t Au for 378,600 oz, with 274,600 oz still Inferred.
- Leeuwin keeps a 30% free-carried stake in the West Pilbara Iron Ore Project through to a Bankable Feasibility Study and Decision to Mine, while the Canadian lithium review remains unresolved.
Gascoyne gold exploration target identified as soil sampling set to start in October 2026
Leeuwin Metals Ltd (ASX: LM1) has identified a high-priority structural gold target at its 100%-owned Gascoyne Project in Western Australia, following a strategic review of its tenure. A soil sampling program is set to commence in October 2026.
The announcement signals a new gold exploration angle for the company, in ground it describes as underexplored. Here are the key points:
- Initial exploration will comprise approximately 1,600 soil samples, with results guiding further work programs.
- Regional geophysical and geochemical datasets defined the high-priority area for initial exploration.
- The area is underexplored and sits in the same belt as the Glenburgh Gold Project owned by Benz Mining Corp (ASX: BNZ).
Soil sampling means collecting small samples of surface soil and testing them for traces of metals. It is an early, low-cost way to decide where deeper work, such as drilling, might be worth the money. For you as an investor, that makes this a modest first step that runs alongside the main event, drilling at Marda.
Christopher Piggott, Executive Chairman
“Our strategic review has highlighted a compelling gold opportunity at our 100%-owned Gascoyne Project…”
“Soil sampling is a proven, low-cost first step in this terrain and will commence in October, allowing us to test the target quickly while our focus remains on drilling at our cornerstone Marda Gold Project, which is due to commence in the coming weeks.”
Why is the Gascoyne drawing attention?
The Gascoyne Project is 100% owned by Leeuwin and comprises four granted Exploration Licences covering approximately 500km² in the Gascoyne region of Western Australia. Previous work there was directed at lithium and rare earth element targets.
As part of its strategic review, the company reassessed the project for gold “in light of the exploration success being reported in the district”. That is a reassessment, not a discovery. No gold results have been reported from Gascoyne.
Figure 1 in the announcement shows the project relative to two neighbours: Benz Mining Corp’s Glenburgh Gold Project and Falcon Metals’ (ASX: FAL) Errabiddy Gold Project. Their results do not apply to Leeuwin’s ground, but they explain why the district is being looked at again.
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How does Gascoyne geology support the gold target?
Why do craton margins and shear zones matter for gold?
A craton is an ancient, stable block of the Earth’s crust. Where two cratons meet, the boundary zones are often heavily deformed, and shear zones (narrow bands where rock has been squeezed and sheared) can act as pathways for gold-bearing fluids.
The announcement places the Gascoyne Province of the Capricorn Orogen between the Yilgarn Craton to the south and the Pilbara Craton to the north. In the southern Gascoyne Province, the Glenburgh Terrane is separated from the Yilgarn Craton by the Errabiddy Shear Zone. According to the company, craton margins of this type are recognised as prospective settings for large gold deposits.
At Glenburgh, gold mineralisation is hosted in shears within quartz-feldspar-biotite ± garnet gneiss containing lenses of amphibolite. Leeuwin’s targeting has focused on identifying comparable structural settings within its own tenure.
This is early-stage work. The announcement reports no resource at Gascoyne, and the soil sampling results are intended to guide further work programs.
What is happening at Marda and across the wider portfolio?
Drilling is planned to commence in the coming weeks at the Marda Gold Project, which hosts a Mineral Resource Estimate of 11.4 Mt @ 1.03 g/t Au for 378,600 oz, reported above a 0.30 g/t Au cut-off grade. The company’s About Us section states that all reported Mineral Resources are located on granted Mining Leases. The estimate was first reported in an ASX announcement dated 29 July 2026.
| Category | Tonnes | Grade | Ounces |
|---|---|---|---|
| Indicated | 3.1 Mt | 1.04 g/t Au | 104,000 oz |
| Inferred | 8.3 Mt | 1.03 g/t Au | 274,600 oz |
| Total | 11.4 Mt | 1.03 g/t Au | 378,600 oz |
Indicated resources carry higher geological confidence than Inferred resources, so the split matters when judging how firm the ounces are. Inferred ounces make up the larger share of the total here.
Earlier Marda gold drilling results pointed to high-grade mineralisation, which is why the next round is being watched closely for any sign of resource growth beyond the current estimate.
Other assets in the portfolio include:
- Canadian lithium assets: the strategic review is continuing, with no outcome disclosed.
- West Pilbara Iron Ore Project: joint venture partner Arrow Minerals Limited (ASX: AMD) is advancing exploration, and Leeuwin retains a 30% interest, free carried through to a Bankable Feasibility Study and Decision to Mine.
Free carried means Leeuwin does not have to contribute its share of costs up to those stages. Together, the assets span gold, iron ore and critical minerals, with Marda described by the company as its cornerstone gold asset.
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What’s next for Leeuwin investors?
The announcement points to four near-term items to watch:
- Gascoyne soil sampling set to start in October 2026.
- Drilling at Marda, planned to commence in the coming weeks.
- The outcome of the strategic review of the Canadian lithium assets.
- Exploration at the West Pilbara Iron Ore Project, advanced by Arrow Minerals.
Only the Gascoyne sampling and Marda drilling carry timing in the announcement. The source gives no budgets, drill metres or result dates.
The investment angle is straightforward. Gascoyne offers low-cost, early-stage optionality in a district drawing exploration interest, while Marda drilling targets resource growth. As with any exploration program, results are not guaranteed and the company notes that forward-looking statements involve known and unknown risks.
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