Caspin Resources has identified a significant new tin mineralised zone, the Errol’s Fault Zone, outside the existing resource at its Kelpie Deposit. Early drilling shows promising grades and thickness, with follow-up work underway to define extensions.
- Discovery of Errol’s Fault Zone with high-grade tin intercepts
- Mineralisation outside existing resource, increasing at depth
- New targets identified via Induced Polarisation survey
- Kelpie Deposit hosts 3.94Mt at 0.50% Sn for 19,300t tin
- Ongoing drilling to test down-plunge and strike extensions
New High-Grade Tin Lode Emerges at Kelpie
Caspin Resources (ASX:CPN) has unveiled a fresh tin mineralised position at its Kelpie Deposit within the Bygoo Tin Project in New South Wales. The newly discovered Errol’s Fault Zone lies outside the current resource boundary, offering a tantalising opportunity to expand the project's footprint. Recent reverse circulation (RC) drilling has intersected encouraging grades including 8 metres at 1.39% tin from 56 metres and 7 metres at 0.50% tin from 13 metres, highlighting the potential for shallow, high-grade mineralisation.
Geophysical Survey Unlocks Hidden Structure
This discovery owes much to a recent Induced Polarisation (IP) survey that illuminated several previously unrecognised sub-parallel structures near the Stewart’s Fault area. The Errol’s Fault Zone, about 60 metres north of Stewart’s, was initially subtle on surface but shows increasing thickness and grade at depth, a pattern that bodes well for resource growth. Early holes BRC051 and BRC053 delivered standout results, prompting Caspin to accelerate follow-up drilling to test down-dip and strike extensions.
Resource Extensions Across Multiple Zones
Beyond Errol’s, Caspin has also confirmed extensions at Stewart’s and Dumbrell’s Zones, with intercepts such as 21 metres at 0.78% tin from 132 metres and 4 metres at 1.08% tin from 90 metres. These results build on earlier findings that expanded the Stewart Fault Zone’s strike length by over 75 metres, effectively doubling its known extent. The company is methodically filling drilling gaps and testing conceptual targets west of Stewart’s Fault, where anomalous tin values hint at further upside.
Implications for Project Economics and Exploration Strategy
With the Kelpie Deposit currently hosting an inferred resource of 3.94 million tonnes at 0.50% tin for 19,300 tonnes of contained tin, the Errol’s Zone discovery could enhance the project's economic profile by adding higher-grade material at shallow depths. Caspin’s Managing Director Greg Miles emphasised the significance of the IP survey in guiding the team to this new lode and flagged the importance of continuing to test these newly identified structures. The discovery also influences regional exploration strategy, as similar hidden faults may exist elsewhere within the Bygoo tenure.
Next Steps in Defining the Resource
Drilling is ongoing, with six additional holes completed in the Errol’s and Stewart’s Zones awaiting assay results. Meanwhile, seven holes at Ardlethan East remain pending, and Caspin is evaluating potential repetitions of mineralised structures beyond Kelpie using the new IP data. The company plans further RC drilling, IP and gravity geophysical surveys, and soil sampling to refine targets and expand the resource base.
Bottom Line?
Caspin’s discovery of the Errol’s Fault Zone adds a fresh dimension to Kelpie’s resource potential, but the true scale and economic impact hinge on forthcoming assay results and deeper drilling.
Questions in the middle?
- Will follow-up drilling confirm the down-plunge continuity and grade improvements of the Errol’s Fault Zone?
- How might the newly identified sub-parallel structures influence the overall resource model and project scale?
- What impact will these extensions have on the feasibility and economics of open-pit mining at Kelpie?