Bygoo Tin Project Boasts 19,300 Tonnes of Contained Tin at 0.5% Grade

Bygoo Tin Project: A New Contender in Australian Tin

Caspin Resources has taken a significant step forward with the announcement of a maiden resource estimate at its Bygoo Tin Project in New South Wales. The Kelpie Deposit, a key part of the project, hosts an inferred mineral resource of 3.94 million tonnes grading 0.5% tin, equating to approximately 19,300 tonnes of contained tin. This grade is considered robust for an open pit tin operation and compares favourably with peer projects across Australia.

The Bygoo Project is strategically located in the historic Wagga Tin Granite Belt, surrounding the former Ardlethan Tin Mine, which was once the largest tin mine on mainland Australia. Caspin’s resource estimate is based on extensive drilling exceeding 20,000 metres and is constrained within an optimised pit shell to a depth of 190 metres, leaving ample room for resource growth.

Exploration Upside and Metallurgical Advantages

Beyond the maiden resource, Caspin has outlined a substantial exploration target ranging from 12 to 20 million tonnes at grades between 0.35% and 0.50% tin. This target reflects the potential to significantly expand the resource through ongoing drilling, including infill and strike extensions, as well as depth extensions down to 250 metres. The project area remains largely underexplored, with historical workings and geochemical anomalies suggesting a much larger mineralised system yet to be fully delineated.

Metallurgical test work has delivered encouraging results, demonstrating high tin recoveries of around 75-80% using simple gravity separation and flotation techniques. Additionally, early ore sorting trials have shown the potential to upgrade feed grades substantially, offering flexibility in processing and potential cost advantages. This metallurgical simplicity could provide Caspin with a competitive edge in developing the project efficiently.

Diversification with Gold Exploration at Weethalle

In addition to its tin assets, Caspin holds an option to earn 80% of the Weethalle Gold Project, also in New South Wales. This project targets a large-scale intrusive-related gold system, with geological features and structural settings comparable to the renowned Hemi deposit in Western Australia. Early indications include high-grade gold samples and geophysical anomalies that support the potential for a significant discovery. A Phase 2 drilling program is planned to test these targets further.

Strategic Positioning Amid Rising Tin Demand

Caspin’s developments come at a time when tin prices have surged by over 50% in the past year, driven by growing demand linked to electrification and critical minerals supply chains. The company’s focus on establishing a high-grade, open pit tin resource positions it well to capitalise on these market dynamics. With a market capitalisation of approximately A$34 million and a cash balance nearing A$4.8 million, Caspin is actively progressing a 5,000-metre reverse circulation drilling program aimed at resource growth and new discoveries.

Supported by recent aeromagnetic surveys and ongoing metallurgical work, Caspin’s exploration and development strategy reflects a balanced approach to risk and opportunity in the evolving critical minerals sector.