Caspin Resources Ltd (ASX:CPN) focused on advancing its two project areas, the 80% owned Yarawindah Brook Project and the 100% owned Mount Squires Project, during financial year 2020-21.
Yarawindah Brook Project
The Yarawindah Project is in the West Yilgarn region, 100 kilometres northeast of Perth, Western Australia.
Caspin owns 80% of the project including five granted exploration licenses and two exploration license applications.
The West Yilgarn region is an exciting new mineral province demonstrated by the recent success of Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) and its Julimar PGE-Ni-Cu Project.
Caspin has rapidly advanced exploration since listing in November 2020, conducting airborne electromagnetic surveys, soil geochemical surveys and drilling programs.
All programs are designed to identify orthomagmatic nickel-copper-PGE mineralisation which has received little exploration across the project area in the past.
AEM survey
An airborne electromagnetic (AEM) survey covering 116 square kilometres across the southern and eastern portions of the project was flown in late 2020.
AEM is an effective first-pass screening tool for detecting shallow conductive sources such as accumulations of massive sulphides.
The AEM survey identified 15 new anomalies which were prioritised based on their geophysical as well as geological attributes.
Drilling campaign
Caspin commenced its maiden drilling campaign in April 2021 testing the XC-29 anomaly identified by the AEM survey and the Yarabrook Hill Prospect, which had been lightly tested by shallow drilling by previous explorers and returned encouraging intersections of PGE’s over 2 kilometres of strike but had never been adequately tested in bedrock.
Two diamond drill holes (YAD0017 & YAD0018) were completed at Yarabrook Hill for a total of 601.6 metres.
Both holes encountered significant widths of sulphides.
Diamond drilling at Yarabrook Hill, May 2021
Both drill holes returned broad zones of anomalous PGE (Platinum Group Elements, primarily palladium and platinum) mineralisation with narrow intercepts of significant palladium, platinum, nickel and copper mineralisation.
Better results were returned from drill hole YAD0017 and include:
- 4.4 metres at 0.78g/t PGE (0.52g/t palladium, 0.26g/t platinum), 0.43% nickel & 1.00% copper from only 66.2 metres, - including 0.65 metres at 1.93g/t PGE (1.11g/t palladium, 0.82g/t platinum), 1.46% nickel and 1.60% copper from 67.75 metres.
Mount Squires Project
The Mount Squires Project lies within the West Musgrave region of Western Australia and is 100% owned by Caspin.
Mount Squires is a large scale, greenfield-style gold and base metal project.
Gold mineralisation was first identified at the Handpump Prospect by Western Mining Corporation (WMC) during geochemical surveying in the late 1990s.
Most of the project is yet to have any form of modern exploration.
As such, Caspin’s objectives are geared towards reconnaissance-style soil geochemistry and drilling along a 50-kilometre-long structural corridor, which if proved positive can be followed by targeted RC (reverse circulation) and diamond drilling.
The project is also contiguous with the West Musgrave nickel-copper sulphide project, owned and operated by OZ Minerals Limited (ASX:OZL), on the eastern tenement boundary.
Soil sampling
During FY2020-21, 675 close-spaced soil geochemical samples were collected over the Handpump structural corridor utilising an ultra-fine fraction assay technique which is well suited to sandy soil conditions found in the Musgrave region.
The survey has identified a zoned molybdenum-lead-copper-gold anomaly covering an area of at least 2 square kilometres, about 4 kilometres southeast of the Handpump Prospect, referred to as the Duchess Prospect.
Next steps
Caspin has identified several fronts on which to advance the Mount Squires Project:
- Undertake a new IP survey over the Duchess Prospect to identify potential sulphide mineralisation that may represent a blind Porphyry Copper style deposit;
- Simultaneously conduct a reconnaissance-style drilling program across the Duchess Prospect to test gold and copper mineralisation beneath the weathering zone. A suitable drill rig is currently being sourced;
- Drill test the Handpump IP anomaly. This would be a separate program from the reconnaissance drill program requiring a rig with greater depth capabilities; and
- Extend the soil geochemistry program further to the southeast along the Handpump structural corridor.