Caspin Unveils High-Grade Tin Concentrate with 84% Recovery at Kelpie
Caspin Resources reports outstanding initial metallurgical test results from its Kelpie Tin Deposit, delivering high-grade tin concentrate and strong recovery rates that bolster the project’s development prospects.
- 53.6% tin concentrate grade with 83.8% recovery from combined gravity and flotation
- 58.3% tin concentrate with 58.7% recovery from gravity-only separation
- Potential for simple, low-cost gravity-only processing plant
- Ore sorting tests indicate further grade and recovery improvements possible
- Upcoming resource extension drilling targeting 12-20Mt exploration target
Strong Metallurgical Performance at Kelpie
Caspin Resources Limited (ASX, CPN) has delivered a significant milestone for its Kelpie Tin Deposit in New South Wales with initial metallurgical test work revealing excellent concentrate grades and recovery rates. The combined gravity separation and flotation process produced a tin concentrate grading 53.6% Sn with an impressive 83.8% recovery, while gravity separation alone yielded a 58.3% Sn concentrate at 58.7% recovery. These results exceed early expectations and compare favourably with established tin operations globally.
Implications for Project Development
The test work, conducted by BHM Process Consultants and ALS Laboratories, highlights the exceptional metallurgical characteristics of the Kelpie ore. Notably, the majority of tin recovery occurs during the first-stage gravity concentration, suggesting that a relatively simple and cost-effective gravity-only plant could be a viable development pathway. This flexibility offers Caspin optionality in designing a processing flowsheet that balances capital expenditure with operational efficiency.
Room for Optimisation and Growth
While the results are promising, Caspin emphasises that this is an initial program and not fully optimised. Opportunities exist to improve both concentrate grades and recoveries, particularly through finer grinding and enhanced gravity separation techniques. Additionally, ore sorting tests conducted in parallel have demonstrated potential to upgrade feed grades by three to six times, which could unlock lower-grade mineralisation and improve overall project economics.
Strategic Context and Next Steps
These metallurgical outcomes come ahead of planned resource extension drilling aimed at delineating a 12-20 million tonne exploration target at Kelpie. With tin prices recently surging above US$50,000 per tonne, Caspin is well positioned to capitalise on favourable market conditions. The company also intends to commence marketing and off-take studies, confident that the high-grade concentrate from a stable, first-world jurisdiction will attract strong interest.
Broader Portfolio and Long-Term Outlook
Beyond Kelpie, Caspin holds several other promising projects including the Weethalle gold project and nickel-copper-PGE prospects in Western Australia. However, the Kelpie Tin Deposit remains the flagship asset, with these metallurgical results providing a critical de-risking step as the company advances towards development decisions in 2026.
Bottom Line?
Caspin’s Kelpie test work sets a robust foundation for development, but further optimisation and drilling will be key to unlocking full project value.
Questions in the middle?
- How will further metallurgical optimisation impact overall project economics and plant design?
- What are the timelines and expected outcomes for the upcoming resource extension drilling?
- How might rising tin prices influence Caspin’s development strategy and financing options?
