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Leeuwin Metals (ASX:LM1) has announced strong initial assay results from its maiden reverse circulation drilling program at the Evanston Prospect, part of the Marda Gold Project in Western Australia.
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The company reported several shallow, high-grade gold intersections, highlighting Evanston’s potential to host a significant mineralised system.
Key intercepts from the first batch include nine metres at 5.23 grams per tonne gold from 57 metres, including four metres at 10.68g/t from 60 metres (hole MGRC0041), eight metres at 6.05g/t from 12 metres (MGRC0035), and 11 metres at 3.12g/t from 85 metres, including six metres at 4.88g/t from 85 metres (MGRC0042).
The assays mark the first large-scale drilling at Evanston in over two decades and were supported by a Down Hole Electromagnetic (DHEM) survey, which has identified a new conductor and potential for repeating structures at depth. According to Leeuwin, mineralisation remains open along strike and down-dip.
Executive chairman Christopher Piggott said the results demonstrate Evanston could be a “significant opportunity” for the company, with multiple high-grade zones exceeding 5g/t gold. “Recent DHEM indicates the potential for repeating structures at depth, further highlighting the significant exploration upside,” he said, adding the ongoing geophysical program will help expedite further discovery.
A total of 31 drill hole assays remain pending, with further results expected in the coming weeks. Follow-up drilling at Evanston is scheduled to resume later this quarter as part of Leeuwin’s broader exploration strategy across Marda.
Leeuwin’s drilling to date has been designed to confirm historical data, expand the known mineralised envelope, and identify new targets and extensions at depth.
The company stated that these results, together with previous drilling across other project areas, will contribute to a maiden mineral resource estimate for the Marda Gold Project anticipated before the end of 2025.
Leeuwin noted that Evanston’s mineralisation occurs within shallow, stratiform, sulphide-associated gold zones hosted by laminated cherts and mafic-ultramafic units. The deposit extends roughly 1.6 kilometres along strike, with mineralisation remaining open at depth and along trend.
The company plans to continue systematic exploration across multiple targets within the Marda Gold Project, it explained to shareholders today, focusing on expanding known mineralisation, refining structural models, and building geological confidence to support future resource definition.
LM1 shares have opened +31.59% higher today.
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