Weethalle Soil Anomaly Spans 400m with Rock Chips up to 11.6 g/t Au

Phase One Exploration Insights

Caspin Resources Limited (ASX, CPN) has delivered encouraging results from its initial drilling campaign at the Weethalle Gold Project in New South Wales. The Phase One program, completed in October 2025, comprised four reverse circulation drill holes totaling 690 meters. These holes targeted a strong induced polarisation (IP) chargeability anomaly east of the historic Euratha workings, a geophysical signature often associated with disseminated sulphides that can host gold mineralisation.

While the drilling intersected broad zones of sulphide-bearing alteration and quartz veining indicative of significant hydrothermal fluid flow, the gold grades encountered were modest, with the best intercept being 1 meter at 0.25 grams per tonne. Importantly, the presence of arsenopyrite and pyrite sulphides, along with pathfinder elements such as silver and arsenic, suggests a distal part of a mineralised system rather than the core mineralisation itself.

Discovery of a New Soil Geochemistry Anomaly

Complementing the drilling, Caspin’s infill soil geochemistry program has uncovered a discrete and coherent gold-in-soil anomaly approximately 200 meters northwest of the Phase One drill area. This anomaly extends over 400 meters along strike and coincides with a structural intersection near the historic Euratha Mine workings. Rock chip samples within this zone have returned impressive gold assays, including values as high as 11.6 grams per tonne, reinforcing the prospectivity of this target.

Geophysical modelling also reveals a resistivity high anomaly about 160 meters below surface beneath the soil anomaly, potentially indicating strong quartz veining or silica alteration; both common hosts for gold mineralisation. This multi-disciplinary evidence positions the soil anomaly as a compelling new drill target for Caspin.

Looking Ahead, Phase Two Drilling and Strategic Focus

Building on these findings, Caspin plans to commence Phase Two drilling at Weethalle in late January 2026. The upcoming program will prioritise testing beneath the newly defined soil anomaly to intersect both the structural controls and the geophysical resistivity anomaly. Additional targets may also be incorporated as pending soil assay results are received.

Following completion of the Weethalle drilling, the rig will be redeployed to Caspin’s flagship Bygoo Tin Project to advance resource extension drilling at the Kelpie Deposit, which currently hosts an inferred resource of 19,300 tonnes of contained tin. Metallurgical test work results from Kelpie are anticipated early in the new year, potentially unlocking further value.

Strategic Implications

Caspin’s methodical approach; combining geophysics, geochemistry, and drilling; reflects a mature exploration strategy aimed at unlocking the potential of the Weethalle Gold Project. While initial drilling has yet to deliver high-grade gold intercepts, the extensive hydrothermal alteration and new soil anomalies suggest the presence of a larger mineralised system yet to be fully delineated. The upcoming Phase Two program will be critical in testing these hypotheses and could significantly enhance the project’s valuation if successful.