Leeuwin Metals Ltd has wrapped up a strong quarter in which it picked up the Marda Gold Project in WA and is now gearing up for a rapid launch of its first drilling program.
New phase of exploration
This has ushered in a new phase of exploration for the company, backed by infrastructure access, a strategic project footprint and a strong balance sheet.
The acquisition of the project, 120 kilometres north of Southern Cross in WA’s Yilgarn Craton, was finalised in March after shareholder approval.
The project includes eight historical open pits, haul roads and over 500 square kilometres of granted tenure. Marda previously produced 143,000 ounces of gold at 1.9 grams per tonne under Ramelius Resources.
Leeuwin executive chair Christopher Piggott said: “Marda is shaping up exactly as we’d hoped — a high-grade, under-explored gold system with significant near-term upside.
“The speed at which we’ve progressed from acquisition to drilling in less than under a month reflects our commitment to delivering results.
“With thick, unmined historical intercepts confirmed and assays pending from recent Leeuwin drilling, we’re entering a very active phase of growth, backed by a strong balance sheet and a clear exploration strategy”.
Large program in early stages
As soon as it sealed the deal, Leeuwin mobilised for a 10,000-metre drill program, with an initial 2,000 metres completed at Marda Central, with assay results pending.
A comprehensive review of historical drilling at Marda Central, completed in April, confirmed multiple high-grade, near-surface intercepts over a three-kilometre corridor.
These include 62 metres at 1.94 g/t gold and 11 metres at 6.9 g/t gold. Additional prospects at Evanston, Golden Orb and King Brown also returned promising historical results, forming the basis for follow-up exploration.
To support its gold strategy, Leeuwin completed a two-tranche placement during the quarter, raising A$3.25 million. The funds are being directed towards exploration at Marda, with A$129,000 in capitalised expenditure recorded for the period.
The company closed the March quarter with A$3.77 million in cash, and maintains exposure to critical minerals through its Canadian lithium and nickel assets, which remain on care and maintenance.