Caspin Resources has reported substantial down-plunge extensions of high-grade tin mineralisation at its Kelpie Deposit in New South Wales, pushing the resource envelope by more than 75 metres and doubling the strike length of the Stewart Fault Zone.
- 21m at 0.78% tin intersection extends mineralisation 75m down-plunge
- Stewart Fault Zone strike length more than doubled
- Latest drilling validates geological model and targeting approach
- Kelpie hosts 3.94Mt at 0.50% tin for 19,300t contained tin
- Additional 3,000m drilling program planned for further extensions
Step-Out Drilling Unlocks New High-Grade Tin Zones
Caspin Resources Limited (ASX:CPN) has delivered a compelling update from its Kelpie Deposit within the Bygoo Tin Project, revealing significant extensions of high-grade tin mineralisation. Step-out reverse circulation (RC) drilling on the Stewart Fault Zone has pushed mineralisation more than 75 metres beyond the current resource boundary, with standout intercepts including 21 metres at 0.78% tin from 132 metres, featuring a 5-metre high-grade zone at 1.54% tin.
These results not only extend the known mineralised strike length of the Stewart Fault Zone by over 100% but also confirm the geological model underpinning Caspin’s targeting strategy. Managing Director Greg Miles highlighted that the model has evolved rapidly, integrating drill logging, field mapping, and recent geophysical surveys, particularly induced polarisation (IP) data, to sharpen exploration focus and enhance predictive targeting.
Geological Insights and Structural Controls Confirmed
The primary orientation of mineralisation at Kelpie is now confidently established as striking southwest to northeast, aligning with the Stewart Fault Zone and the granite-rhyolite contact. Drill hole BRC033 notably intersected the strongest mineralisation where these structures converge, reinforcing the importance of fault-contact intersections as key controls for tin mineralisation. Meanwhile, holes BRC032 and BRC034 revealed mineralisation within the hanging wall rhyolite, suggesting additional mineralised positions beyond the main lode.
This structural understanding is crucial as it guides ongoing and future drilling programs. It also frames historical hanging wall intersections in a new light, potentially unlocking further resource upside. The integration of geophysical data with drilling results has been pivotal in refining this model, as seen in the recent Induced Polarisation survey breakthrough that helped delineate these controls.
Resource Context and Exploration Momentum
The Kelpie Deposit currently hosts a high-grade open pit resource estimated at 3.94 million tonnes grading 0.50% tin, containing approximately 19,300 tonnes of tin metal. This resource is notable for its size and grade at shallow depths, making it a significant asset within the Wagga tin belt. Caspin’s recent drilling success builds on earlier phases of the 2026 campaign, which already confirmed extensions beyond the resource envelope and supported resource growth potential.
The company's focus on Bygoo follows a strategic decision to sharpen its portfolio, exemplified by the recent Mount Squires divestment, allowing Caspin to concentrate resources and capital on advancing its flagship tin project. Additionally, Caspin has secured funding with a $6 million capital raise earlier this year to fuel exploration efforts, underscoring strong investor support for the Bygoo project’s potential.
Next Steps in Drilling and Regional Exploration
Building on these promising results, Caspin has added an extra 3,000 metres to its drilling program, targeting further down-plunge extensions and new prospective structures such as Errol’s Fault. After a brief pause, drilling is set to resume in mid-May, with assays pending for an additional 15 holes across Kelpie and Ardlethan East.
The company is also expanding its exploration scope beyond Kelpie, with regional targeting underway, leveraging the refined geological model and geophysical tools. These efforts aim to identify new mineralised zones and enhance the overall resource base within the Bygoo Tin Project.
Bottom Line?
Caspin’s latest drilling results at Kelpie reinforce the potential for meaningful resource growth, but pending assays and further drilling will be critical to confirming the scale and economic viability of these extensions.
Questions in the middle?
- Will upcoming assay results confirm consistent high-grade tin mineralisation beyond current intercepts?
- How will further drilling refine the geological model and influence resource classification?
- What impact will regional exploration have on expanding Caspin’s footprint in the Wagga tin belt?