Leeuwin Minerals (ASX:LM1) has set a resource estimate for the Marda project in Western Australia just nine months after acquiring the “strong” gold project, with indicated and inferred maiden numbers totalling 342,200 ounces.
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The global MRE for Marda is now recorded at 10.2Mt at 1.05 grams per tonne gold for 342,200oz, reported above a 0.3g/t gold cut-off grading.
That maiden mineral resource count includes 2.1 million tonnes at 1.1g/t for 73,800 ounces in the indicated category, as well as a further 8.1 million tonnes at 1.03g/t for 268,500 ounces in the Inferred category.
The Marda Central deposits – Python, Taipan, Dolly Pot, and Goldstream – combined for 87,800 ounces at 1.26g/t. That area is open in several directions, too, with recent drilling confirming broad zones of shallow to moderate-depth gold. Eleven high-grade trends outside the current resource were also spotted.
“To establish a resource [like this] in just nine months of project ownership shows the strength of the mineralised system at Marda and the ongoing prospectivity,” chairman Chris Piggott declared today. “And, we’re just getting started.”
The Market Link understands Leeuwin’s discovery costs came in at under $10/ounce, inclusive both exploration and corporate-related expenditures.
Drilling will restart in January, with resource growth at Evanston and more exploration across the high-grade trends at Marda Central as the main objectives. Leeuwin also wants to take a close look at those broader structural corridors.
“We have a 10,000-metre drilling program… which is aimed at delivering resource growth by extending the open mineralisation and testing the many targets we have identified through geophysics and sampling,” Mr Piggott said.
The higher-grade resource at Evanston (96,000 ounces at 1.52 grams per tonne) will also remain a key focus for Leeuwin through its CY26 exploring.
“The more we grow the resource, the more value we can create for our Leeuwin shareholders and the more options we will have for generating strong financial returns,” the company’s chair declared today.
LM1 heads into Wednesday’s morning trade at 17cps.
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