Leeuwin Metals secures Western Australian gold ground
- The company agreed to buy three tenements in Western Australia covering approximately 105km2.
- The all-scrip deal requires 350,000 shares plus a 1% royalty instead of any cash outlay.
- The acquired ground complements the company's existing Marda Gold Project to strengthen its regional presence.
Leeuwin Metals (ASX:LM1) has entered into a binding agreement with Mining Equities to acquire a 100% interest in three gold tenements covering roughly 105km2.
The expansion adds one granted exploration licence at Lake Johnston and two licence applications at Marvel Loch and Forrestania to its portfolio.
Leeuwin Executive Chairman Christopher Piggott said, “The Marvel Loch ground in particular sits besides the Marvel Loch gold mine in a district that has produced gold for more than 130 years.”
The company stated that the transaction involves a low-cost, all-scrip consideration of 350,000 Leeuwin shares alongside a 1% royalty with no immediate cash outlay.
The acquired tenure at Marvel Loch directly neighbours the established Marvel Loch gold mine and complements the Marda Gold Project, which holds a Mineral Resource Estimate of 11.4 million tonnes at 1.03 grammes per tonne for 378,600 ounces of gold.
Following the announcement, the Leeuwin Metals share price was unchanged at $0.26.
The company plans to compile and validate historical datasets immediately after transaction completion before initiating first-pass exploration across the new and existing regional ground.
