Leeuwin Metals Pursues 500,000 oz Milestone With Marda Exploration Target
Key Takeaways
- Leeuwin Metals has defined a maiden Exploration Target of 142,000 to 186,000 oz at Marda, sitting entirely outside the existing 378,600 oz Mineral Resource Estimate announced 29 July 2026.
- Combined, the existing resource and the upper end of the Exploration Target put a 500,000+ oz project within conceptual reach — a threshold the company has explicitly identified as a strategic goal.
- Red Boomerang carries no existing Mineral Resource, meaning any ounces defined there through future drilling would be entirely additive to the current resource base.
- A 10,000m RC drilling programme across all six Exploration Target deposits is planned to commence Q4 2026, with updated geological models targeted for Q2 2027, subject to funding and approvals.
- Development studies are advancing in parallel, with environmental studies underway, mine planning scheduled to commence, and a dual-track strategy assessing both a standalone operation and third-party milling.
Marda gold system shows room to grow beyond 378,600 oz resource
Leeuwin Metals (ASX: LM1) has defined a maiden Exploration Target at its Marda Gold Project in Western Australia, sitting entirely outside the existing Mineral Resource Estimate of 11.4 Mt @ 1.03 g/t Au for 378,600 oz (announced 29 July 2026). The Exploration Target adds a conceptual 4.3 Mt to 6.6 Mt @ 0.9–1.0 g/t Au for approximately 142,000 oz to 186,000 oz of gold across six deposits spanning the Northern, Central and Southern portions of the project.
Combined, the existing resource base and the upper end of the Exploration Target put a 500,000+ oz project within conceptual reach, a milestone the company has explicitly identified as a strategic goal.
The six deposits covered are Die Hardy, Red Legs, Red Boomerang, Goldstream, Taipan and Golden Orb.
Cautionary statement: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with Clause 17 of the JORC Code (2012).
When big ASX news breaks, our subscribers know first
Exploration Target breakdown across six deposits
The table below presents the deposit-level Exploration Target figures from Table 1 of the announcement. Figures are as disclosed by the company; metal ounces are rounded to the nearest 1,000 oz.
| Area | Deposit | Lower Range (Tonnes) | Lower Range (g/t Au) | Lower Range (oz) | Upper Range (Tonnes) | Upper Range (g/t Au) | Upper Range (oz) |
|---|---|---|---|---|---|---|---|
| North | Die Hardy | 2,440,000 | 1.0 | 78,000 | 3,890,000 | 0.8 | 106,000 |
| North | Red Legs | 780,000 | 0.9 | 23,000 | 1,110,000 | 0.8 | 28,000 |
| North | Red Boomerang | 460,000 | 1.3 | 19,000 | 630,000 | 1.2 | 24,000 |
| Central | Goldstream | 30,000 | 1.4 | 2,000 | 40,000 | 1.2 | 2,000 |
| Central | Taipan | 60,000 | 1.0 | 2,000 | 160,000 | 0.8 | 4,000 |
| South | Golden Orb | 540,000 | 1.0 | 18,000 | 820,000 | 0.8 | 22,000 |
| Total | 4,310,000 | 1.0 | 142,000 | 6,650,000 | 0.9 | 186,000 |
Die Hardy is the dominant contributor, accounting for 78,000 to 106,000 oz of the total target range.
Red Boomerang stands apart from the other five deposits in one important respect: it currently carries no Mineral Resource. The Exploration Target at Red Boomerang is a standalone conceptual target derived entirely from interpreted mineralisation, historical drilling and geological modelling — meaning any ounces defined there in the future would be entirely additive to the existing resource base.
What does an Exploration Target mean for investors?
For Leeuwin, the key distinction is this: the 142,000 to 186,000 oz Exploration Target is entirely additive to the 378,600 oz MRE. It does not restate or repackage existing ounces. If drilling converts any portion of this target into a classified resource, the total reported resource base grows. That is the upside the market is being asked to weigh — with the understanding that conversion is not guaranteed.
A clear path to more than 500,000 oz
Christopher Piggott, Executive Chairman, Leeuwin Metals
“The definition of this maiden Exploration Target, on top of our 378,600 oz Mineral Resource, shows just how much more the Marda gold system has to give… With today’s Exploration Target, we see a pathway to the critical milestone of plus 500koz in time and demonstrates the strategic value of the project.”
The company has outlined a structured work programme to test and potentially convert the Exploration Target, subject to funding and approvals:
- An approximately 10,000m RC extensional and infill drilling programme across all six Exploration Target deposits, planned to commence in Q4 2026 and to be completed, together with updated geological models, by Q2 2027 (subject to funding and approvals).
- Geological model updates and target ranking to validate the Exploration Target and support further Mineral Resource Estimate growth.
- Ongoing prospect reviews across the Marda Gold Project to define new structurally prospective corridors and build a pipeline of follow-up targets.
- Development and studies advancing in parallel: environmental studies are underway, mine planning is scheduled to commence, and the company is pursuing a dual-track strategy assessing both a standalone operation and a third-party milling scenario.
- Ongoing strategic review of non-core Iron Ore and Lithium assets to unlock additional value.
The next major ASX story will hit our subscribers first
Investment case: resource growth strategy in motion
Leeuwin already holds a 378,600 oz gold resource at Marda, and this maiden Exploration Target provides a defined conceptual pathway to materially grow that figure toward the 500,000+ oz threshold the company has identified as strategically significant.
The project carries structural advantages that support the development pathway. Marda sits on granted mining leases, close to established infrastructure and processing facilities in Western Australia. The dual-track strategy — evaluating both a standalone operation and third-party processing options simultaneously — reflects a disciplined approach to de-risking the production pathway while exploration drilling continues.
Beyond Marda, the company holds a 30% interest in the West Pilbara Iron Ore Project, held in joint venture with Arrow Minerals (ASX: AMD) and carried free through to a Bankable Feasibility Study and Decision to Mine. Nickel, Copper, PGE and Lithium projects in Canada and Western Australia are currently under strategic review as non-core assets.
The approximately 10,000m RC drilling programme, anticipated to begin in Q4 2026, will test all six Exploration Target deposits and produce updated geological models by Q2 2027.
Don’t Miss the Next ASX Gold Discovery
Big News Blast delivers FREE breaking ASX gold news directly to your inbox within minutes of release, complete with in-depth analysis so the work is already done. Join 30,000+ subscribers staying ahead of the market on ASX mining and energy stocks. Click the “Free Alerts” button at Discovery Alert to start receiving alerts the moment news breaks.