Caspin Resources Ltd (ASX:CPN) has demonstrated strong platinum group elements (PGE) potential at its Yarawindah Brook Nickel-Copper-PGE Project in Western Australia following recent diamond drilling at the Yarabrook Hill and XC-29 prospects.
As expected from visual observations, drill holes YAD0017 and YAD0018 at Yarabrook Hill returned broad zones of anomalous PGE mineralisation with narrow intersections of highly encouraging palladium, platinum, nickel and copper.
Results have validated the company’s geological model with the strongest mineralisation at the interpreted base of ultramafic section of the intrusion providing a clear target for follow-up exploration.
Better intersections were returned from YAD1007 and include:
- 4.4 metres at 0.78 g/t PGE (0.52 g/t palladium, 0.26 g/t platinum), 0.43% nickel and 1.0% copper from only 66.2 metres, including 0.65 metres at 1.93 g/t (1.11 g/t, 0.82 g/t) 1.46% and 1.60% from 67.75 metres;
- 0.2 metres at 4.17 g/t PGE (0.95% palladium, 3.22 g/t platinum), 3.49% nickel, 1.43% copper from 155.97 metres; and
- 9.2 metres at 0.74 g/t PGE (0.35 g/t palladium, 0.39 g/t platinum), 0.19% nickel and 0.24% copper from 300.85 metres, including 0.7 metres at 4.10 g/t PGE (0.77 g/t palladium, 3.33 g/t platinum) 0.56% nickel and 2.01% copper from 308.50 metres.
“Fantastic opportunity”
Speaking to the drilling results, Caspin chief executive officer Greg Miles said: “The two holes at Yarabrook Hill demonstrate the bedrock sulphide PGE potential of the prospect and have provided the proof of concept we required before launching a large-scale drill program to target higher-grade concentrations of mineralisation.
“These are just two holes in a prospect that extends over at least 2 kilometres of strike.
“We’ve seen in hole YAD0017 that the better mineralisation appears to be near the base of the ultramafic section of the intrusion, which has never been tested closer to surface by previous drilling and is an obvious target in the next stage.
“This is clearly the most advanced exploration prospect in the region outside Chalice Mining’s Gonneville Intrusion, with demonstrated basement PGE mineralisation and it’s still largely unexplored.
“It’s a fantastic opportunity.”
High background PGE content
A similar tenor of mineralisation was returned from YAD0018, such as 0.28 metres at 1.13 g/t PGE (0.95g/t palladium, 0.18g/t platinum), 0.27% nickel & 1.29% copper from 95.22 metres.
Mineralisation in the upper portion of the drill hole appears to have been stoped by a late-stage dolerite dyke.
These assays have confirmed the extremely high background PGE content of the Yarabrook Hill intrusion, with the entire interval from 0-311m in YAD0017 averaging >150 ppb PGE.
“Exciting time”
Miles continued: “We are now committing to our next phase of drilling which will focus on finding where PGE’s might be concentrated.
“It’s great to see some high-grade amongst the broader anomalous PGE results which gives confidence that the prospect can host economic deposits of PGE’s, nickel and copper.
“We’re also pleased to report that we’ll be commencing our next drill program in a few weeks. Our aerial gravity gradiometer survey is also now complete, and we look forward to seeing the results which we believe will further assist us with targeting.
“We’re in an active exploration phase and it’s an exciting time for our company and shareholders.”
Looking ahead
Caspin will begin its next drilling campaign shortly, comprising around 5,000 metres of RC, in a staged approach with potential for extensions and within the company’s 2021 exploration budget.
The program will include large step-outs between YAD0017 and YAD0018, over approximately 1.25 kilometres of strike, as well as targeting the up-dip position closer to surface, where the dip of the intrusion is interpreted to flatten.
This is potentially a favourable mineralising position in these types of PGE systems, for example as seen in the Flatreef Deposit within the Platreef Mine owned by Ivanhoe Mines Ltd subsidiary Ivanplats in South Africa.
As more holes are drilled, Caspin anticipates being able to vector towards the PGE-rich zones.
The recently completed airborne gravity gradiometer survey will assist with mapping the host intrusion and its geometry, providing another important tool for drill targeting.
Caspin looks forward to receiving these survey results in the coming weeks and extending the drill program if warranted.