Leeuwin Metals (ASX:LM1) has upgraded the resource estimate for its Marda project in Western Australia, elevating the global resource to 11.4 million tonnes at 1.03 grams per tonne gold for a total of 378,600 contained ounces.
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Reported above a 0.30 g/t gold cut-off grade, the updated inventory comprises Indicated Mineral Resources of 3.1M tonnes at 1.04 g/t gold for 104,000 ounces and Inferred Mineral Resources of 8.3 million tonnes at 1.03 g/t gold for 274,600 ounces. All reported mineral resources are situated on granted leases.
Announced on July 29, 2026, the updated estimate follows exploration work completed within six months of the company’s December 2025 maiden resource.
The Evanston deposit demonstrated notable growth, recording a 22% increase in total ounces to reach 165.5K ounces across 5.4M tonnes at 0.96 g/t gold.
This included a higher-grade component of 2.4M tonnes at 1.49 g/t gold for 115.4Koz, reported above an 0.80 g/t cut-off grade. The Evanston upgrade incorporates data from 69 additional drillholes during the CY26 drilling campaign, refining geological interpretations across the 1.6km mineralised corridor.
Marda Central also contribute a combined resource of 94.4Koz at 1.25 g/t gold. This incorporates a maiden estimate at Dugite of 6.6Koz at 1.15 g/t gold, derived from recent drilling targeting down-dip and stretched strike.
And the other local deposits included in the now-updated Marda global inventory included Die Hardy, at 76K ounces, and Golden Orb, at 24.7K ounces.
“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 system at Marda and the ongoing prospectivity, and we are just getting started,” Leeuwin chair Chris Piggott said today.
“Importantly, all of our mineral resources sit on granted mining leases, providing a strong platform for development studies and permitting we are now commencing.
“Evanston now stands at 165,500oz with a higher-grade component of 115,400oz at 1.49 grams per tonne. This will remain a key focus… through CY26. 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.”
LM1 has been 18cps today, after dropping around -5%.
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