Chart Analysis
LM1 Daily Timeframe Chart as of 19 May 2026
Leeuwin Metals (ASX: LM1) — 5,000m RC Drill Program Commences at 342,300oz Marda Gold Project Targeting Resource Extensions and New DHEM Anomalies
On 19 May 2026, Leeuwin Metals Ltd (ASX: LM1) announced the commencement of a 5,000-metre RC drilling program at its Marda Gold Project near Southern Cross in Western Australia. The program is designed to test extensions to the existing 342,300-ounce Mineral Resource (Indicated 2.1Mt at 1.1 g/t Au for 73,800 oz; Inferred 8.1Mt at 1.03 g/t Au for 268,500 oz), as well as newly identified downhole electromagnetic (DHEM) anomalies at Evanston and Golden Orb and 11 under-drilled north-south structural trends at Marda Central. The drilling will also test gold workings trends at Atkinson Find and Allens Find, where prior rock chip sampling returned peak assays of 209 g/t, 62.4 g/t, 49.2 g/t, and 40.6 g/t gold. The DHEM anomalies represent conductive, sulphide-rich targets located outside the current Mineral Resource envelope — at Evanston, the modelled conductor measures approximately 150m x 130m, and at Golden Orb approximately 165m x 165m. First assay results are expected in the coming months.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Marda Gold Project, near Southern Cross, WA (100%-owned) |
| Drill Program | 5,000m RC drilling — commenced |
| Existing MRE (Total) | 342,300 oz Au (Indicated 73,800 oz + Inferred 268,500 oz) |
| Indicated Resource | 2.1Mt @ 1.1 g/t Au for 73,800 oz |
| Inferred Resource | 8.1Mt @ 1.03 g/t Au for 268,500 oz |
| MRE Cut-Off | 0.30 g/t Au within A$6,500/oz pit shell (+ underground at Python at 1.50 g/t) |
| Drill Targets | Resource extensions, DHEM anomalies (Evanston, Golden Orb), 11 structural trends, Atkinson Find, Allens Find |
| DHEM Anomaly — Evanston | ~150m x 130m conductor, outside current MRE envelope |
| DHEM Anomaly — Golden Orb | ~165m x 165m footwall conductor, outside current MRE envelope |
| Rock Chip Peak Assays (Prior) | 209 g/t, 62.4 g/t, 49.2 g/t, 40.6 g/t Au |
| Assay Results | Expected in the coming months |
Drill Targets — Four Categories of Target Within the 5,000m Program
The RC program is targeting four distinct categories across the Marda Gold Project:
1. Resource extensions at Marda Central: Drilling to test extensions to the existing 342,300 oz Mineral Resource along known structural corridors, with the aim of growing resource ounces at existing deposits.
2. DHEM anomalies at Evanston and Golden Orb: Newly identified downhole electromagnetic conductors from surveys completed in recently drilled Leeuwin holes. The Evanston conductor (~150m x 130m) and Golden Orb footwall conductor (~165m x 165m) are both located outside the current Mineral Resource envelope, representing potential new zones of sulphide-hosted gold mineralisation not previously tested.
3. Eleven under-drilled structural trends: Multiple north-northwest striking quartz vein systems at Marda Central where high-grade rock chip samples have been collected but limited systematic drill testing has been conducted.
4. Atkinson Find and Allens Find: Historical gold workings trends with prior rock chip results including 62.4 g/t Au at Atkinson Find and multiple samples above 10 g/t Au at Allens Find (peak 18.55 g/t Au at a historic state battery site).
Marda Gold Project — Location and Mineral Resource
The Marda Gold Project is located near Southern Cross in the Eastern Goldfields of Western Australia. The project comprises an extensive tenement package including granted mining leases and exploration licences, positioned close to existing infrastructure and processing facilities. Historical mining at Marda dates to the late 1800s, with modern exploration and production by several operators including Ramelius Resources (production between 2019 and 2023).
The Maiden Mineral Resource Estimate of 342,300 oz gold was announced on 10 December 2025. Mineralisation is controlled by shear zones and fault zones passing through competent chert and BIF rock units hosted within mafic/ultramafic stratigraphy, with gold associated with pyrite alteration in chert, brecciated BIF, and quartz veining.
About Leeuwin Metals — Diversified Explorer
Leeuwin Metals is an ASX-listed exploration company with a diversified portfolio including the Marda Gold Project (Western Australia, flagship), the West Pilbara Iron Ore Project (Western Australia, rock chips above 50% Fe over 2.4 km strike near Rio Tinto's Mesa A mine), and nickel, copper, PGE, and lithium exploration projects in Canada and Western Australia.
Market Context
LM1 closed at $0.180 on the announcement day, up +33.3% from a previous close of $0.135, with an intraday high of $0.185. The 52-week range spans $0.083 to $0.310. The move occurred amid elevated gold prices and investor interest in resource growth stories in Western Australia's goldfields.
Risks & Considerations
Drilling commenced, no results yet: The announcement reports the commencement of drilling — no new assay results have been disclosed. The market reaction is based on drill program design and target descriptions, not on confirmed exploration results.
DHEM anomalies are geophysical targets: The Evanston and Golden Orb DHEM conductors are electromagnetic anomalies that indicate electrically conductive material, which may include sulphide mineralisation. However, electromagnetic conductors can also be caused by non-economic materials such as graphite, pyrrhotite, or conductive groundwater zones. Drilling is required to confirm whether the anomalies are gold-bearing.
Rock chip samples are point data: The previously reported rock chip grades of 209 g/t, 62.4 g/t, 49.2 g/t, and 40.6 g/t Au are grab samples from surface outcrops and historical workings. These are selective point data and are not representative of the broader deposit. Drill results may differ materially from surface rock chip grades.
Resource classification: The existing 342,300 oz Mineral Resource is predominantly Inferred (268,500 oz, 78%). Inferred Resources carry a lower level of geological confidence and may not convert to higher-confidence categories or economically mineable material.
No economic study: No scoping, pre-feasibility, or feasibility study has been completed for the Marda Gold Project. The Mineral Resource is not an Ore Reserve and does not have demonstrated economic viability.
Competent Person is Executive Chairman: The Competent Person for the announcement, Christopher Piggott, is the Executive Chairman of Leeuwin Metals. While permitted under JORC guidelines, this represents a potential conflict of interest.
Funding: The company states it is well funded for the current program but does not disclose its cash position in this announcement.
Key Dates & Timeline
| Date | Event |
|---|---|
| August 2025 | Rock chip sampling results reported (peak 209 g/t Au) |
| 10 December 2025 | Maiden Mineral Resource Estimate — 342,300 oz Au |
| 19 May 2026 | 5,000m RC drill program commenced; share price moved +33.3% |
| Coming months | First assay results from the current drill program expected |
| Ongoing | 5,000m RC program across resource extensions, DHEM targets, structural trends |
Price Data
- Previous Close: $0.135
- Close Price (19 May 2026): $0.180
- Change (19 May 2026): +33.3%
- 52-Week Range: $0.083 – $0.310
Notable Price Levels
- $0.200 — round number and prior trading level
- $0.195 — earlier consolidation zone
- $0.190 — near the upper end of announcement-day range
- $0.185 — intraday high on announcement day
- $0.180 — announcement-day close
- $0.175 — intermediate level
- $0.160 — prior consolidation zone
- $0.135 — pre-announcement close
Key Takeaways
- LM1 moved +33.3% on 19 May 2026 following a price-sensitive ASX disclosure, with an intraday high of $0.185.
- The announcement — High Impact Drilling Commences at Marda — was the primary catalyst for the price movement.
- Leeuwin has commenced a 5,000m RC drill program at the Marda Gold Project targeting extensions to the 342,300 oz Mineral Resource, newly identified DHEM anomalies at Evanston (~150m x 130m) and Golden Orb (~165m x 165m), 11 under-drilled structural trends, and historical workings at Atkinson Find and Allens Find.
- No new assay results have been reported — the announcement relates to drill program commencement only. First assays are expected in the coming months.
- The DHEM targets are located outside the current MRE envelope and represent potential new zones of sulphide-hosted gold not previously tested. DHEM anomalies require drill confirmation — conductors can be caused by non-gold-bearing materials.
- The existing MRE is predominantly Inferred (78%). No economic study has been completed for the Marda Gold Project.
Summary
Leeuwin Metals announced the commencement of a 5,000-metre RC drilling program at the Marda Gold Project near Southern Cross in Western Australia, targeting extensions to the existing 342,300-ounce Mineral Resource, newly identified DHEM anomalies at Evanston and Golden Orb (both outside the current resource envelope), 11 under-drilled north-south structural trends, and historical gold workings at Atkinson Find and Allens Find where rock chip samples have returned up to 209 g/t gold. The announcement coincided with a +33.3% move to $0.180. No new assay results were reported — the announcement relates to the commencement of drilling, with first assays expected in the coming months. The DHEM conductors at Evanston (~150m x 130m) and Golden Orb (~165m x 165m footwall) represent geophysical targets requiring drill confirmation. The existing MRE is 78% Inferred, and no economic study has been completed.
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