Caspin’s Kelpie resource grows as new drilling points beyond the pit

Kelpie resource rises to 28kt of contained tin

Caspin Resources Limited (ASX:CPN) has given investors a larger and more defined target at its Bygoo Tin Project, with the Kelpie Deposit now carrying 6.5 million tonnes at 0.43% tin for 28,000 tonnes of contained metal. The estimate represents a 45% increase in contained tin since September 2025 and is entirely constrained within an optimised open-pit shell.

The upgrade includes 1.4Mt at 0.47% tin in the maiden Indicated category, containing 7kt of tin, while the remaining 5.1Mt at 0.41% tin remains Inferred. The resource was announced after the quarter ended, but forms the centrepiece of Caspin’s September quarter report and follows the 45% Kelpie resource upgrade, which was reported earlier in October.

Deeper drilling keeps Kelpie open

Caspin says the resource is limited by drilling rather than by the apparent extent of mineralisation. The pit-constrained estimate extends to about 200 metres depth across the Dumbrell’s and Stewart’s zones, while mineralisation has been identified to roughly 240m.

Four recently completed diamond holes at those zones were not included in the estimate because assays remain outstanding. All intersected strong greisen-style alteration, with hole BRCD082 stepping about 80m down-plunge from the nearest Dumbrell’s drill hole. That is evidence of a possible continuation, not yet a new resource, and the company is awaiting assays before the geological picture can be sharpened.

Bygoo broadens beyond the main tin deposit

The resource update is accompanied by a widening exploration campaign across the Greater Kelpie area. At Moss, seven reverse-circulation holes failed to reach the targeted granite-rhyolite contact, although alteration and mineralogy in the rhyolite were interpreted as indicating proximity to a hydrothermal system. Two further holes tested a revised contact position, with all results pending.

At Ardlethan East, hole BRC042 returned 4m at 0.49% tin from just 8m in sedimentary rocks, supporting the search for concealed breccia-style mineralisation. At Ardlethan South, BRC045 returned 3m at 0.56% copper and 20.3g/t silver from 80m, alongside 1m at 0.12% tin. Caspin is also revisiting Taylors Hill tungsten anomaly, where historical drilling and modern soil sampling point to an 800m tungsten trend.

Yarawindah retains a second exploration option

Caspin’s 80%-owned Yarawindah Brook project in Western Australia remains a meaningful secondary asset, although the report makes clear that Bygoo is the current priority. At Serradella, the company describes a mineralised system extending across about 1,000m of strike and up to 1,000m down-dip. One highlighted intersection carried 3m at 0.56g/t rhodium, alongside 4.60g/t platinum and 0.87g/t palladium.

Further north, first-pass drilling at Vicia returned 32m at 0.48g/t 3E from 58m, including 4m at 1.12g/t 3E, and 10m at 0.42g/t 3E from 42m. Caspin says those intersections are open along strike and represent the first mineralisation identified beneath the Radio Tower Thrust in that area. It is assessing how to progress Yarawindah against the stronger recent focus on Bygoo and the reported recovery in PGE and nickel prices.

Cash supports near-term drilling, but development remains early

Caspin ended September with A$5.537 million in cash, no debt and no financing facilities drawn. It spent A$1.403 million on exploration and evaluation during the quarter, alongside A$286,000 in administration and corporate costs, and reported an estimated 3.10 quarters of funding based on the quarter’s relevant cash outgoings.

The company plans to restart RC drilling in November, continue infill and extension work at Kelpie, and advance geophysical and drilling plans at Ardlethan East, Ardlethan South and Taylor’s Hill. It also intends to begin further metallurgical test work and environmental baseline studies. Those steps move Bygoo closer to development assessment, but the filing does not report an Ore Reserve, feasibility study, production decision or definitive economic assessment. The next test is whether pending assays and follow-up drilling convert the open-pit resource’s exploration promise into a more robust development case.