Kelpie Deposit Hosts 19,300 Tonnes of Tin; Caspin Raises $4.6M for Exploration

Maiden Tin Resource at Kelpie

Caspin Resources Limited (ASX – CPN) has marked a significant milestone with the announcement of its maiden inferred tin resource estimate at the Kelpie Deposit, part of the Bygoo Tin Project in New South Wales. The resource stands at 3.94 million tonnes grading 0.5% tin, equating to approximately 19,300 tonnes of contained tin within an optimised open pit shell. This estimate, prepared by Cube Consulting Pty Ltd, is based on an extensive drilling database of 275 holes totaling over 20,000 metres.

The Kelpie Deposit is just the beginning; Caspin has defined a substantial Exploration Target ranging from 12 to 20 million tonnes at 0.35% to 0.50% tin. This suggests the potential to more than triple the current resource, although further drilling is required to confirm this expansion. The company’s geological model indicates continuous mineralisation along a 1,000-metre strike, with multiple untested historical workings nearby hinting at a larger mineralised system.

Ore Sorting Technology Shows Promise

In a first for the company, initial ore sorting trials conducted by TOMRA Ore Sorting Solutions demonstrated encouraging results. High-grade and low-grade samples from Kelpie were upgraded by factors of three and six respectively, with significant mass rejection of waste material (up to 92%). This technology could enhance project economics by improving concentrate grades and reducing processing costs. Further optimisation programs are planned to refine recoveries and product quality.

Weethalle Gold Project Option Secured

Expanding its portfolio, Caspin has secured an option to earn an 80% interest in the Weethalle Gold Project, located just 30 kilometres north of Bygoo. This large-scale, drill-ready target features a 2,000-metre-long geophysical anomaly with coincident geochemical signatures indicative of intrusive-related gold mineralisation. Historical workings and recent soil sampling have revealed high-grade gold and pathfinder elements, drawing parallels to the prolific Hemi discovery in Western Australia. Drilling is anticipated to commence shortly, potentially unlocking significant value.

Other Project Highlights and Corporate Update

Additional exploration at the Yarawindah Brook Project in Western Australia has identified new copper and platinum group element soil anomalies, while the Mount Squires Project shows promising gold and silver mineralisation, including newly discovered silver zones. Caspin is evaluating options to advance these frontier projects alongside its NSW assets.

Financially, Caspin completed a $4.6 million equity raising during the quarter, strengthening its cash position to approximately $5.7 million pro-forma post placement and with no debt. This capital injection supports upcoming drilling campaigns and metallurgical test work planned for the December quarter, underpinning the company’s growth ambitions.

Looking Ahead

With a maiden resource now established and multiple exploration targets identified, Caspin is poised for an active period of drilling and development. The company’s focus will remain on expanding the Kelpie resource, testing the Weethalle gold anomalies, and advancing metallurgical studies to confirm the economic viability of its tin project. Investor interest appears strong, reflecting confidence in Caspin’s strategic positioning within critical and technology metals markets.