Caspin Confirms High-Grade Tin Extensions at Kelpie Deposit

Strong Tin Intersections Signal Resource Upside

Caspin Resources Limited (ASX:CPN) has delivered encouraging high-grade tin results from the initial 11 holes of its 2026 reverse circulation drilling campaign at the Kelpie Deposit, part of the Bygoo Tin Project in New South Wales. Notably, mineralisation was intersected in every hole, extending well beyond the current resource boundary of 3.94 million tonnes at 0.50% tin, equating to 19,300 tonnes of contained tin.

Among the standout intercepts are 13 metres at 1.16% tin from 103 metres depth and 24 metres at 0.50% tin from 153 metres, with some zones reaching nearly 3% tin over shorter intervals. These grades are particularly significant given the deposit’s shallow, open-pit mining depths, suggesting potential for economically viable expansion.

Geophysical Surveys Sharpen Exploration Focus

The drilling program has been informed by recent geophysical work, including an Induced Polarisation (IP) survey that revealed previously unrecognised fault structures controlling mineralisation. Caspin has adjusted its drilling orientation to better test these NE-SW trending faults intersecting the granite-rhyolite contact, which appear to act as fluid pathways for tin mineralisation.

This refined targeting follows the company’s earlier announcement of the IP survey breakthrough at Bygoo, where the survey helped identify new tin targets and structural controls. The integration of IP data with a recently completed gravity survey is proving effective in mapping bedrock lithologies and guiding drill hole placement.

Ongoing Drilling and Future Work Program

Drilling at Kelpie is ongoing, with the rig returned from Ardlethan East to continue resource extension efforts. While assays from 11 holes have been released, results from approximately 26 additional holes remain pending. The program has been extended beyond the initial 5,000 metres and is expected to continue into late May.

Complementing the drilling, a second IP survey is underway to expand coverage over 1,000 metres to the west and north, including the Area 1 Prospect, which features surface mineralisation and historical workings. Soil sampling and further historical data compilation are also planned to enhance targeting accuracy.

Strategic Positioning in Australian Tin Sector

Caspin’s Bygoo Project sits within the prolific Wagga Tin Belt, a significant tin province in the Lachlan Fold Belt of NSW. The Kelpie Deposit’s high-grade, shallow mineralisation offers a compelling exploration and development opportunity in a market with growing demand for critical minerals. The company’s broader portfolio includes frontier nickel-copper-PGE projects in Western Australia, positioning Caspin across multiple strategic commodities.

These developments build on Caspin’s recent capital raising efforts to accelerate exploration at Bygoo, reflecting a focused strategy to expand resources and unlock value. The integration of geophysical surveys with drilling campaigns exemplifies a data-driven approach to exploration in a historically under-drilled region.