Caspin Resources Ltd (ASX:CPN) has increased confidence in the prospectivity of Yarawindah Brook Nickel-Copper-Platinum Group Elements (PGE) Project in Western Australia after assessing the results of a surface geochemical fixed loop electromagnetics (FLTEM) program at the XC-29 anomaly.
This anomaly was identified in an airborne electromagnetic (AEM) survey in late 2020 and consists of three discrete zones over a strike of 1.3 kilometres.
The FLTEM program was conducted over two southern parts of the anomaly and has confirmed the presence of several strong (up to 2,500 siemens), bedrock conductors.
Caspin is confident that the northern portion (XC-29c) also represents a bedrock source and plans to survey this section during a second phase of FLTEM later in the year.
Drill testing planned
The FLTEM program has provided sufficient confidence for drill testing the anomaly with the planned program to comprise of around 500 metres of diamond drilling at XC-29a and b.
The company is well advanced in the permitting process and targeting drilling activities late in the March quarter, subject to rig availability.
Four AEM conductors
A further four AEM conductors have so far been identified that are yet to receive any further advanced exploration and will be prioritised over the coming months once access has been granted.
The XC-34 and XC-35 anomalies were also surveyed in the recent FLTEM program with the survey suggesting that both are likely due to surficial weathering effects and as such have been downgraded against other targets in the project.
These anomalies will be re-assessed after the review of soil geochemistry results.
Modelled FLTEM conductors at XC-29a and XC-29b.
Yenart Prospect geochemistry sampling
The company has completed phase one of geochemistry sampling across the Yenart prospect to complement the reconnaissance traverse of soil sampling which previously returned elevated levels of palladium and platinum up to 13 parts per billion (background is typically <1 ppb) and copper.
This geochemistry program has also been extended north of Yarabrook Hill, the site of most previous exploration for PGEs.
Around 1,800 samples have been submitted for analysis with all results currently pending.
The company believes these results could potentially identify new targets for low sulphide, PGE-rich mineralisation.