Caspin Resources Ltd (ASX:CPN) is set for a busy three months at its Yarawindah Brook Nickel-Copper-Platinum Group Elements (PGE) Project in WA as it prepares for gold exploration at the Mount Squires Project in the second quarter in the Musgrave Province.
The company, which has a prime position in Australia’s newest nickel-copper-PGE district north of Perth, has found “exciting new targets” defined by recent EM surveys.
It is now preparing for its maiden drill program in the coming months and expects new targets to emerge from concurrent geochemistry programs.
Exploration on multiple fronts
The company has been collecting data in areas where there has been no previous exploration and has around 1,800 soil geochemistry samples.
It is now systematically working through priority areas and targets.
XC-29 an exciting new target
XC-29 anomaly has been identified and confirmed by group geophysics with multiple bedrock conductors over 700 metres with likely extensions.
Magmatic sulphides were identified on the Brassica Trend in the 2020 drill program. The entire Brassica Trend of around 6 kilometres strike is potentially prospective.
With multiple supporting datasets, it makes XC-29 a priority drill target.
Numerous other AEM anomalies will be systematically explored.
Next steps
At its Yarawindah Brook Project, preparations for drilling at XC-29 are in full swing, targeted to start late this quarter.
The soil geochemistry program will continue with the initial results expected in the coming weeks.
There is potential to generate new drilling targets and there is a pipeline of prospects for the systematic exploration of XC-29, XC-07 to 10, Aries, Yenart and others to come.
Large-scale gold project
At its Mt Squires Project in the state's east, only the Hand Pump Prospect has been drilled to date.
Limited soil geochemistry has identified other gold anomalies along the structural corridor.
There is also evidence for a camp-scale mineralised belt over 50 kilometres.
Significant drill results include:
- 20 metres at 1.27 g/t gold from 23 metres, including 7 metres at 2.54 g/t; and
- 15 metres at 2.30 g/t from 31 metres, including 9 metres at 3.25 g/t.
Potential strike extension of nickel-copper
There is also a potential strike extension of nickel-copper mineralisation adjacent to OZ Minerals Limited’ (ASX:OZL) One Tree Hill discovery of 40 metres at 1.2% copper and 22 metres at 1.8% copper.
It is only about 200 metres from the tenement boundary.