Caspin Resources Ltd (ASX:CPN) has found significant rhodium mineralisation from drill hole YARC0022 at the XC-22 Prospect at its Yarawindah Brook PGE-Nickel-Copper Project in Western Australia.
Significant rhodium up to 465 ppb associated with platinum and palladium have been identified.
Rhodium is an extremely rare and valuable platinum group element (PGE).
Caspin plans to undertake selected re-assaying of past and upcoming drilling for the full PGE suite.
Another step closer to economic discovery
Caspin chief executive officer Greg Miles said: “This is an interesting new development for XC-22 and indeed our entire Yarawindah Brook Project.
“It’s a pleasant surprise given this is the first time we’ve ever assayed for rhodium and bodes well for the discovery of more mineralisation.
“Because of its value, small amounts as low as 100ppb can make a significant contribution to the economics of PGE deposits.
“We’ve now got an extensive assaying program ahead of us and if we can demonstrate that rhodium mineralisation occurs consistently with platinum and palladium at XC-22, then we could be another step closer to an economic discovery.
Significant results
Following the significant results in YARC0022, the company analysed the lower PGE-rich mineralised zone for the full six PGE suite of elements - iridium, osmium, rhodium, and ruthenium, as well as platinum and palladium.
This analysis has returned significant grades of rhodium associated with the already recognised platinum and palladium mineralisation, with a peak value of 465ppb rhodium.
Grades greater than 100ppb, or 0.1 g/t, are considered highly significant.
The revised intercepts are as follows:
➢ 13 metres at 0.17 g/t palladium, 0.74 g/t platinum, 0.11 g/t rhodium, 0.26% nickel, 0.21% copper from 101 metres, including 2 metres at 0.40 g/t palladium, 2.45 g/t platinum, 0.41 g/t rhodium, 0.23% nickel, 0.09% copper from 112 metres.
When adding the minor gold contribution, this can be expressed as 13 metres at 1.08 g/t 4E, 0.26% nickel & 0.21% copper, including 2 metres at 3.29g/t 4E, 0.23% nickel & 0.09% copper.
Implications at Yarawindah
Despite the value of rhodium, routine analysis is rarely undertaken because of the scarcity of the metal and significant additional cost to assay the full six-PGE suite.
Prior to Caspin’s involvement in the project, only five samples had ever been assayed for rhodium as part of a metallurgical sighter program in 2006.
The company is extremely encouraged that its first-ever assaying of rhodium has returned such significant results.
Caspin will now review all of its past exploration results to select zones of PGE-rich mineralisation for six-element PGE assay, with the aim to identify further rhodium mineralisation.
The current phase of drilling at XC-22 is progressing well.
Assaying for rhodium will be conducted after confirmation of platinum and palladium mineralisation, with a focus on the pyroxenite-peridotite contact zone, which appears to be the host of mineralisation intersected so far.