Australia's Leeuwin Acquires 105 km² Gold Exploration Tenements

en.Wedoany.com Reported - On September 10, Leeuwin Metals announced that it had signed a binding tenement sale agreement with Mining Equities to acquire a 100% interest in three tenements within the Southern Cross, Forrestania, and Lake Johnston greenstone belts in Western Australia, adding a total tenement area of approximately 105 km². The transaction includes one granted exploration licence, E63/2427 at Lake Johnston, and two exploration licence applications, E77/3376 at Marvel Loch and E77/3413 at Forrestania.

The transaction is payable entirely in scrip, with Leeuwin to issue 350,000 ordinary shares to the vendor and grant the vendor a 1% royalty over the relevant tenements. The acquisition is a binding tenement transaction, but the Marvel Loch and Forrestania tenements remain at the licence application stage and cannot yet be treated as granted tenements.

The Marvel Loch tenement is adjacent to the Marvel Loch Gold Mine, in the Southern Cross region, which has a gold mining history of more than 130 years; the Lake Johnston tenement has been identified by the company as a target area for gold, nickel, and lithium exploration. Both Forrestania and Lake Johnston are located within the greenstone belt system of the Yilgarn Craton in Western Australia, and historical exploration data indicate that the region hosts gold and lithium, nickel, and other mineralisation targets.

Leeuwin plans to first consolidate and re-review historical geological, geophysical, and drilling data within the newly added tenement areas, and then use this to screen first-round exploration targets. Lake Johnston already has a basis of regional geological surveys and publicly available geophysical data processing, and historical work has identified greenstone remnants beneath shallow cover and regional structural targets; the new tenements acquired by the company will be advanced in early-stage exploration alongside its existing Marda Gold Project.

Leeuwin's current core asset remains the Marda Gold Project. In July, the company increased the Marda mineral resource to 378,600 ounces of gold, and on September 1 it announced new exploration targets outside the existing resource envelope. This tenement acquisition does not change the project stage of Marda, but instead adds new early-stage exploration assets across three known gold-bearing greenstone belts in Western Australia.