Caspin Resources Ltd (ASX:CPN) is doubling down on a suite of new nickel-copper-platinum group element (PGE) targets at its Mount Squires Project in WA.
The multi-element explorer recently completed extensive drilling, soil and rock chip sampling along the West Musgrave nickel-copper corridor, defining several new prospects along the way.
Thanks to the campaign, Caspin has locked in on a nickel-copper magmatic sulphide opportunity, a new nickel anomaly, a large, coherent palladium target and anomalous copper mineralisation.
The company hopes to return to the soil this year with further fieldwork and drilling.
“Unique, early-stage exploration opportunity”
Caspin CEO Greg Miles said: “The soil sampling program at Mount Squires has proven to be highly successful, primarily due to the effectiveness of the ultra-fine fraction soil methodology to identify mineralised signatures beneath the extensive, but shallow sand cover.
“This is a great example of technical innovation creating a brand-new exploration search space.
“Combine this with our knowledge of the geological setting, that is at the intersection of two major, regional-scale fault zones, which already host the world-class Nebo-Babel deposits, we believe it’s delivered evidence of a large field of mineralised intrusions.
“Our Mount Squires Project is a unique, early-stage exploration opportunity for the camp-scale discovery of world-class deposits of nickel and copper.
“We’re excited about the upcoming work programs which will include an extension of the soil sampling program, ground-based geophysics and ultimately drilling of numerous targets. Caspin is set for a very active field season in 2023.”
Targets acquired
Caspin is looking forward to exploring the emerging nickel-copper magmatic sulphides at Mount Squires.
Recent soil geochemistry has identified at least 10 probable mafic intrusion sites, which resemble the type of intrusions that host magmatic mineralisation commonly referred to as chonoliths.
On top of that, Caspin’s soil sampling program has already identified an 8-kilometre copper anomaly, with copper mineralisation found in outcrop at the Sienna prospect.
Beyond the magmatic sulphide opportunity, the company is also investigating a new nickel anomaly at the Auburn prospect.
The high-order airborne electromagnetic anomaly sits to the north, along a lineament that could point to sulphide in the system.
There also appears to be smaller structural features in the magnetics that link the Auburn and Sienna prospects.
At Vermilion, Caspin is honing in on a 1,800-metre by 800-metre coherent palladium anomaly, weighing in at 20 parts per billion with a peak reading of 38 parts per billion.
The anomaly is also thought to host minor platinum and gold — elements that could also hint at a magmatic sulphide opportunity, despite only trace levels of nickel and copper.
Caspin is yet to revisit the Vermilion prospect, which appears mostly under sand cover, but infill soil sampling is planned later this year.
Finally, at the Redwood prospect, recent aircore drilling has unearthed highly anomalous copper.
The explorer fielded strong results like 7 metres at 0.14% copper from surface and 8 metres at 0.11% from 16 metres — a boon for the theory that higher-grade sulphide mineralisation can be found beneath the weathering surface.
Next steps
Planning for the 2023 field season is currently underway, with further soil sampling and anomaly investigation on the cards.
Caspin will look at ground-based moving loop electromagnetics and ground gravity surveys to support its modelling before drill testing begins.
Once it mobilises the rig, the explorer hopes to test a wide range of targets, subject to heritage clearance and environmental approvals.
Meanwhile, aircore results from the Duchess prospect — which recently returned material gold, silver, copper and molybdenum hits — are expected in the coming weeks.