Caspin Resources reported robust drilling results at its Bygoo Tin Project, revealing high-grade tin mineralisation beyond existing resources at the Kelpie Deposit and new anomalies at Ardlethan East. A $6 million equity raise will fund accelerated exploration while the company sharpens focus by divesting non-core assets.
- High-grade tin intersections extend Kelpie Deposit resource
- New tin anomalies identified at Ardlethan East exploration front
- $6 million equity raising oversubscribed, led by Farjoy Pty Ltd
- Mount Squires Project divested to Agrimin; Weethalle Gold Option not exercised
- Yarawindah Brook Project shows promising PGE-rhodium mineralisation
Kelpie Deposit Drilling Reveals High-Grade Extensions
Caspin Resources Limited (ASX:CPN) has delivered a strong exploration update from its flagship Bygoo Tin Project in New South Wales, with assay results from the first 11 holes of the Kelpie Deposit extension drilling program confirming significant tin mineralisation beyond the current resource envelope. Noteworthy intersections include 13 metres at 1.16% tin from 103 metres (BRC018), featuring a high-grade 2-metre section at 2.94% tin, and 24 metres at 0.50% tin from 153 metres (BRC019). These results extend mineralisation both up and down-plunge, underscoring the deposit’s open-ended nature and potential for resource growth.
The standout intersection in BRC018 marks the highest-grade tin encountered to date along the Stewart Fault, previously considered to host only broad, low-grade mineralisation. Caspin’s recent Induced Polarisation (IP) geophysical survey has refined targeting by identifying NE-SW and NNE trending fault structures that likely control mineralisation, prompting a strategic reorientation of drilling to test these structural intersections more effectively. This survey is also guiding ongoing exploration across the broader project area.
With Kelpie already hosting a maiden Inferred Resource of 3.94 million tonnes at 0.50% tin for 19,300 tonnes of contained tin, these drilling results are a promising step toward expanding the resource base and advancing the project’s development case. The company anticipates further assay results from additional drill holes in the coming weeks, which will provide greater clarity on the deposit’s scale and grade continuity.
Emerging Exploration Front at Ardlethan East
Complementing the Kelpie drilling, Caspin has opened a second exploration front at Ardlethan East, adjacent to the historic Ardlethan Mine, which produced over 31,000 tonnes of tin concentrate before closing in 1986. Early soil geochemistry results have identified multiple tin and pathfinder element anomalies, with rock chip samples returning grades up to 3.78% tin alongside copper, lead, zinc, silver, bismuth, and antimony. Seven reverse circulation drill holes totaling approximately 1,100 metres have been completed to test these anomalies, with assay results pending.
This area is prospective for both breccia-style and greisen-style tin mineralisation, potentially concealed beneath shallow cover. The integration of soil geochemistry, aeromagnetic surveys, gravity data, and IP chargeability anomalies is providing a robust framework for identifying new targets across the 20-kilometre strike of the Bygoo Project. The Ardlethan East anomalies lie within 500 metres of the existing Ardlethan pit, highlighting the potential for near-mine discoveries.
Portfolio Streamlining and Capital Raising to Accelerate Growth
During the March quarter, Caspin successfully completed a $6 million equity raising at $0.135 per share, which was strongly oversubscribed and included a cornerstone investment from Farjoy Pty Ltd’s Sydney family office. The proceeds will primarily fund accelerated exploration and resource expansion at Bygoo, including ongoing drilling at Kelpie and regional reconnaissance work.
In line with its strategy to focus on high-potential assets, Caspin elected not to exercise its option over the Weethalle Gold Project following modest Phase 2 drilling results. Additionally, the company agreed to divest its 100% interest in the Mount Squires Project to Agrimin Limited (ASX:AMN) in a deal involving shares, options, performance rights, and a 1% net smelter royalty. This divestment allows Caspin to concentrate resources on Bygoo and explore strategic options for its Yarawindah Brook Project in Western Australia.
As of 31 March 2026, Caspin held approximately A$9 million in cash with no debt, providing a solid financial platform for its exploration programs. The company reported total cash outflows of A$1.6 million for exploration and corporate costs during the quarter.
Yarawindah Brook Project Shows Promising PGE and Rhodium Mineralisation
While Bygoo remains the primary focus, Caspin’s 80%-owned Yarawindah Brook Project in Western Australia continues to deliver encouraging results. The project hosts significant magmatic PGE-Ni-Cu mineralisation, with the Serradella Prospect yielding some of Western Australia’s highest-grade rhodium intersections, including 3 metres at 0.56 g/t rhodium accompanied by platinum and palladium. This is notable given rhodium’s rarity and premium pricing relative to other platinum group elements.
First-pass drilling at the Vicia Prospect, a large PGE soil anomaly near Serradella, returned intersections such as 32 metres at 0.48 g/t 3E (platinum, palladium, rhodium) and 10 metres at 0.42 g/t 3E, with mineralisation open along strike. Caspin is also evaluating other targets including the Brassica Shear Zone and Balansa Prospect, supported by geophysical data indicating mafic and ultramafic intrusions prospective for sulphide mineralisation.
Tin Market and Forward Plans
Tin prices have remained volatile but hovered around US$50,000 per tonne in 2026, approximately 40% higher than when Caspin announced its maiden Kelpie resource in September 2025. Given tin’s critical role in electronics soldering and its strategic importance as a technology metal, the market dynamics support continued exploration investment.
Caspin plans to expand its geophysical surveys, including IP, magnetics, and gravity, alongside soil sampling, to refine drill targets and accelerate resource definition. The company expects to release further assay results from Kelpie and Ardlethan East during the June quarter, which will be pivotal in assessing the project’s potential to support a standalone mining operation.
These developments build on the company’s recent milestones, including the strong $6m equity raising and the divestment of Mount Squires Project, which sharpen Caspin’s focus on its most promising assets. Meanwhile, the ongoing high-grade tin extensions at Kelpie underscore the potential for meaningful resource growth in the near term.
Bottom Line?
Caspin’s strategic focus on Bygoo, backed by robust drilling and fresh capital, sets the stage for a critical resource expansion phase, but the full scale of growth hinges on pending assay results and market conditions.
Questions in the middle?
- How will upcoming assay results from Kelpie and Ardlethan East influence Caspin’s resource upgrade timeline?
- What impact will tin price volatility have on the economic viability of the Bygoo Project’s open pit potential?
- How might Caspin leverage its rhodium-rich PGE discoveries at Yarawindah to diversify its project portfolio?