Untested 2km Gold Anomaly at Weethalle Poses High Exploration Risk for Caspin
Caspin Resources has commenced Phase 1 drilling at its Weethalle Gold Project in NSW, aiming to test a newly identified 2,000m long geophysical anomaly linked to historic high-grade gold mineralisation. The project’s geological setting mirrors that of the prolific Hemi deposit, raising exploration hopes.
- Phase 1 RC drilling underway targeting a 2,000m long IP anomaly
- Project shares geological similarities with De Grey Mining’s 10Moz Hemi deposit
- Historical gold grades up to 5oz/t and rock chips up to 64.5g/t gold
- Coincident geochemical and geophysical anomalies indicate Intrusion Related Gold system
- Phase 2 drilling planned for Euratha workings and nearby anomalies in late 2025 or early 2026
Drilling Commences on a Promising Gold Frontier
Caspin Resources Limited (ASX – CPN) has officially kicked off its Phase 1 reverse circulation (RC) drilling program at the Weethalle Gold Project in New South Wales. This marks a significant step forward in exploring a largely untested, highly prospective gold target that has attracted attention due to its striking geological parallels with the 10 million ounce Hemi deposit discovered by De Grey Mining in Western Australia.
The focus of the initial drilling campaign is a newly defined, undrilled induced polarisation (IP) geophysical anomaly stretching over 2,000 metres in strike length and lying less than 200 metres below surface. This anomaly, located southeast of the historic Euratha gold workings, is complemented by a coincident geochemical signature in soil sampling, including pathfinder elements such as arsenic, tungsten, and lead, which are typical indicators of Intrusion Related Gold (IRG) systems.
Historical High-Grade Gold and Untapped Potential
The Weethalle Project area has a rich mining history, with the Euratha workings having produced gold grades averaging between 1 to 3 ounces per tonne, and historical samples reaching up to 5 ounces per tonne. Recent rock chip sampling by Caspin has returned assays as high as 64.5 grams per tonne, underscoring the high-grade nature of the mineralisation. Despite this, the core of the newly identified IP anomaly remains untested by drilling, presenting a compelling exploration opportunity.
The project’s structural setting is particularly noteworthy. Situated in the Central Lachlan Fold Belt, the Weethalle Granite and associated regional structures are known hosts to significant mineralisation, including gold deposits in the nearby Cobar Basin and tin deposits at Ardlethan. The IP anomaly’s annular shape and magnetic features suggest the presence of a pencil-like intrusive body at depth, potentially the source of the mineralisation observed at surface.
Strategic Exploration and Future Plans
Caspin’s exploration strategy includes a second phase of drilling targeting additional anomalies around the Euratha workings and other geochemical hotspots, scheduled for later in 2025 or early 2026. The combined drilling program is expected to comprise approximately eight holes totaling 1,200 metres. The company also plans to assess the potential for tin mineralisation, given the proximity to known tin occurrences and Caspin’s expertise with its nearby Bygoo Tin Project.
Accessibility and infrastructure at the Weethalle Project are favourable, with major highways and local roads providing easy access, and land access agreements already secured. This logistical advantage supports efficient exploration progress without significant delays.
Overall, Caspin’s methodical approach to testing a large, undrilled geophysical and geochemical anomaly in a proven mineralised belt positions the Weethalle Gold Project as an exciting discovery-stage opportunity. The coming months will be critical as drilling results start to flow, potentially unlocking significant value for the company and its shareholders.
Bottom Line?
As Caspin drills deeper into Weethalle’s untapped anomaly, the market watches closely for signs of a new gold discovery.
Questions in the middle?
- Will the drilling confirm the presence of economically viable gold mineralisation within the 2,000m IP anomaly?
- How might the potential discovery at Weethalle impact Caspin’s valuation and exploration focus relative to its Bygoo Tin Project?
- Could the project’s tin mineralisation potential emerge as a secondary value driver alongside gold?
