Caspin Resources reports standout metallurgical results from its Bygoo Tin Project, alongside promising gold and PGE exploration progress, positioning the company for a dynamic 2026.
- Kelpie Tin Project achieves 53.6% tin concentrate at 83.8% recovery
- Phase Two drilling set to expand Weethalle Gold Project targets
- Yarawindah Brook reveals significant copper and PGE soil anomalies
- Mount Squires uncovers new gold and silver mineralisation alongside rare earth elements
- Strong cash position of A$4.82 million with no debt supports ongoing exploration
Bygoo Tin Project, Metallurgical Breakthrough
Caspin Resources Limited has delivered compelling metallurgical test results from its flagship Bygoo Tin Project in New South Wales. The Kelpie Tin Deposit’s initial test work, conducted by BHM Process Consultants and ALS Laboratories, demonstrated a high-grade tin concentrate of 53.6% with an impressive 83.8% recovery rate through a two-stage process combining gravity separation and flotation. Notably, a gravity-only approach also yielded a strong 58.3% tin concentrate at 58.7% recovery, suggesting flexible and potentially cost-effective processing options.
These early-stage results, while not yet optimised, compare favourably with existing tin operations and provide Caspin with multiple development pathways. The company is optimistic about further improvements, particularly in gravity separation efficiency and ore sorting, which could enhance recovery and economic viability. With a maiden inferred resource of nearly 20,000 tonnes of contained tin already established, Caspin is gearing up for a 5,000-metre resource extension drilling campaign starting in February 2026.
Weethalle Gold Project, New Targets Emerge
Exploration at the Weethalle Gold Project, located near Bygoo, has also gained momentum. Phase One drilling intersected sulphide-bearing alteration zones consistent with a large hydrothermal system, although gold grades were modest. Crucially, infill soil geochemistry has revealed a substantial gold-in-soil anomaly spanning 400 metres, with rock chip samples reaching up to 11.6 grams per tonne gold. This anomaly coincides with geophysical features indicative of mineralisation, prompting Caspin to commence a Phase Two drilling program in early February focused on extending the historical Euratha workings and testing beneath the new soil anomaly.
Yarawindah Brook and Mount Squires, Strategic Diversification
In Western Australia, Caspin’s Yarawindah Brook Project has identified significant copper and platinum group element (PGE) soil anomalies, particularly at the XC-47 target, now accessible following a land access agreement. These anomalies align with airborne electromagnetic signatures, reinforcing their prospectivity. Meanwhile, the Mount Squires Project has revealed encouraging gold and silver mineralisation at the Handpump and Duchess prospects, including a newly recognised silver mineralisation style. The company also retains 100% rights to rare earth elements at Mount Squires, with previous drilling highlighting zones rich in neodymium, praseodymium, dysprosium, and terbium, critical metals for emerging technologies.
Financial Position and Outlook
Financially, Caspin ended the quarter with approximately A$4.82 million in cash and no debt, providing a solid foundation for its ambitious exploration plans. The company spent $553,000 on exploration activities during the quarter, focusing on Bygoo and Weethalle, alongside administrative costs and director fees. With tin prices supported by strong demand for technology metals and rising gold and PGE prices, Caspin is well-positioned to capitalise on its diverse portfolio.
Looking ahead, Caspin’s management expresses confidence in advancing the Bygoo Tin Project through further drilling and metallurgical optimisation, while simultaneously pursuing promising gold and PGE targets. The combination of high-grade tin metallurgy and emerging gold and critical mineral prospects offers a compelling growth narrative for investors.
Bottom Line?
Caspin’s strong metallurgical results and diversified exploration pipeline set the stage for a pivotal year of growth and discovery.
Questions in the middle?
- How will further metallurgical optimisation impact the economics of the Bygoo Tin Project?
- Can Phase Two drilling at Weethalle confirm a commercially viable gold deposit?
- What are the timelines and funding strategies for advancing the rare earth and PGE prospects?