Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Leeuwin Metals Ltd (ASX:LM1).
The company has announced the acquisition of the Marda Gold Project from Ramelius Resources Ltd (ASX:RMS).
This acquisition includes mining, exploration and prospecting leases spanning over 500 square kilometres in the Western Australian Goldfields, located 120 kilometres north of Southern Cross.
The project features several existing pits, historical workings and underexplored areas with high-grade potential.
Leeuwin plans to focus on these advanced and underexplored regions to define resource extensions.
Targets are spread across four main areas: Marda Central, Marda North, Marda South, and Marda West.
The acquisition, structured via a share sale agreement, includes an upfront payment of $500,000 in Leeuwin shares and milestone payments of up to $1.5 million tied to resource definitions.
Upon completion, Ramelius Resources will become a strategic shareholder in Leeuwin.
Leeuwin’s management emphasised the strategic value of the acquisition, citing significant exploration potential and the opportunity to quickly develop resources from existing mineralisation.
The company plans an initial exploration campaign focused on high-priority drilling targets and resource growth strategies.