Exploration Risks Loom as Caspin Targets Large Tin and Gold Deposits in NSW

Exploration Momentum Builds at Weethalle and Bygoo

Caspin Resources Limited (ASX, CPN) has commenced multiple exploration initiatives at its key New South Wales projects, signalling a proactive start to 2026. The company is currently drilling at the Weethalle Gold Project, focusing on newly identified geochemical and geophysical anomalies that suggest promising gold mineralisation. This phase follows extensive soil geochemistry surveys that revealed a coherent gold-in-soil anomaly at the intersection of significant geological structures, supported by rock chip samples with assays up to 11.6 grams per tonne gold.

Following the Weethalle program, Caspin will immediately shift its drilling rig to the Bygoo Tin Project, where a 5,000-metre reverse circulation (RC) drilling campaign is underway to expand the Kelpie tin resource. The current inferred resource at Kelpie stands at 3.94 million tonnes at 0.5% tin, containing approximately 19,300 tonnes of tin. The company aims to test the extents of a larger exploration target estimated between 12 and 20 million tonnes at grades ranging from 0.35% to 0.50% tin, although this remains conceptual pending further drilling.

Advanced Targeting Techniques and Regional Exploration

To enhance targeting accuracy, Caspin is conducting an Induced Polarisation (IP) survey over the Kelpie deposit and surrounding areas. This geophysical method helps map subsurface features such as granite contacts and zones of quartz veining, which are often associated with tin mineralisation. The survey benefits from co-funding by the NSW government’s Critical Minerals and High-Tech Metals Exploration Program, underscoring the strategic importance of these projects in the state’s critical minerals agenda.

Beyond the immediate drilling programs, Caspin is also advancing early-stage exploration at Ardlethan East, adjacent to the historic Ardlethan Mine, once Australia’s largest mainland tin producer. Systematic soil geochemistry surveys are underway to refine drill targets in this region, which holds potential for multiple styles of tin mineralisation, including greisen and breccia types. This regional work complements the company’s broader strategy to unlock the full potential of the Bygoo Project area.

Strategic Positioning and Outlook

Caspin’s dual focus on gold at Weethalle and tin at Bygoo reflects a diversified approach to resource growth in mineral-rich NSW. The recent positive metallurgical test results from Kelpie, demonstrating excellent concentrate grades and recoveries, add confidence to the economic viability of the tin resource expansion. Meanwhile, the identification of new gold targets at Weethalle, including high-grade surface samples and supportive geophysical anomalies, positions the company well to potentially unlock significant value.

Supported by government funding and a clear exploration roadmap, Caspin is poised to deliver meaningful updates over the coming months as drilling progresses and assay results emerge. The company’s efforts to integrate advanced geophysical surveys with systematic geochemical sampling exemplify a modern exploration approach aimed at de-risking and accelerating discovery.