Caspin Resources has revealed a new high-grade tin discovery at its Bygoo Tin Project, the Errol’s Zone, with exceptional assay results outside the current resource. The company also highlights promising PGE mineralisation at its Yarawindah Brook Project, supported by a solid cash position of A$7.1 million.
- New Errol’s Zone discovery delivers high-grade tin intersections
- Kelpie Deposit resource remains 3.94Mt at 0.50% Sn for 19,300t contained tin
- Moss Prospect shows strong geophysical and geochemical signatures
- Yarawindah Brook reports notable rhodium grades in PGE mineralisation
- Company ends quarter with A$7.1 million cash and no debt
Breakthrough at Bygoo with Errol’s Zone Discovery
Caspin Resources Limited (ASX:CPN) has delivered a significant exploration breakthrough at its Bygoo Tin Project in New South Wales, unveiling a new high-grade mineralised zone dubbed the Errol’s Zone. This discovery sits outside the existing Kelpie Deposit resource envelope, which currently stands at 3.94 million tonnes grading 0.50% tin for 19,300 tonnes of contained tin.
The Errol’s Zone was identified through targeted drilling guided by subtle features in induced polarisation and gravity surveys. Assay results include standout intersections such as 20 metres at 2.11% tin from 107 metres and 20 metres at 1.79% tin from 185 metres, which notably contains a 3-metre interval grading 9.32% tin, the highest individual metre assay recorded at the project to date. These intervals are at shallow depths, well within open-pit mining parameters, indicating strong potential for near-term resource expansion.
Moss Prospect Emerges as a Compelling New Target
Adding to the momentum, Caspin has identified the Moss Prospect approximately 1,000 metres north of Kelpie, exhibiting geophysical and geochemical signatures remarkably similar to the Kelpie Deposit. Soil sampling revealed tin anomalies up to 28.8 ppm, matching the intensity of Kelpie’s signature. Despite no prior effective drilling, reconnaissance drilling has been completed with assays pending, positioning Moss as a high-priority target for future exploration.
Yarawindah Brook Project Shows Encouraging PGE-Ni-Cu Mineralisation
Meanwhile, at the Yarawindah Brook Project in Western Australia, where Caspin holds an 80% interest, the company reported ongoing progress with platinum group element (PGE), nickel, and copper mineralisation. The Serradella Prospect has yielded significant intersections, including 17 metres at 0.39 g/t palladium, 1.73 g/t platinum, and 0.20 g/t rhodium. Notably, Caspin recorded what it believes to be the highest-grade rhodium intersection in Western Australia: 3 metres at 0.56 g/t rhodium.
These findings underscore the prospectivity of the region, which lies near Chalice Mining’s Gonneville deposit. Additional greenfield targets such as the Vicia and Balansa prospects have returned promising first-pass results, including 32 metres at 0.48 g/t 3E (combined PGE) and highlight the potential for further discoveries beneath structural boundaries previously considered limits.
Financial Position Supports Aggressive Exploration
Caspin closed the quarter with a robust cash balance of approximately A$7.1 million and no debt, underpinning its ability to continue aggressive exploration programs. The company’s cash outflows of A$1.7 million were predominantly directed towards exploration and evaluation activities at Bygoo, with administrative and corporate costs well controlled.
Looking ahead, Caspin plans to update the Kelpie resource estimate in the September quarter, incorporating the latest high-grade results from the Errol’s Zone. Diamond drilling will also commence to extend mineralisation and refine geological models. Parallel efforts will focus on advancing the Moss Prospect and other regional targets to unlock further value within the Bygoo Project.
The tin market backdrop remains supportive, with tin prices approximately 50% higher than when Caspin announced its maiden resource estimate last year. Given tin’s critical role in technology and electrification, Caspin’s discoveries position it well to capitalise on growing demand for this strategic metal.
Bottom Line?
Caspin’s new high-grade discoveries at Bygoo and promising PGE results at Yarawindah, backed by a strong cash position, set the stage for a pivotal resource update and further exploration success.
Questions in the middle?
- How materially will the Errol’s Zone impact the upcoming Kelpie resource estimate?
- What exploration results will emerge from the Moss Prospect assays currently pending?
- Can the high-grade rhodium intersections at Yarawindah translate into a commercially viable deposit?