Caspin Resources Ltd (ASX:CPN) has increased confidence that the Yarawindah Brook Platinum Group Element-Nickel-Copper Project in Western Australia could hold a major discovery after unearthing “significant” zones of strong sulphide mineralisation in diamond drilling at XC-22 Prospect.
The company used diamond-drilled tails to follow up reverse circulation (RC) drilling at XC-22, testing prospective geological contact zones over 1.2 kilometres of strike.
Assay results are still pending – and have been expeditated with the use of a second laboratory – but the preliminary interpretation of results has led Caspin to recognise XC-22 as a distinct (stratigraphically lower) part of the prospective intrusion compared to the Central Yarabrook Hill Prospect.
“On cusp of major discovery”
“We’ve made excellent progress over the past couple of months at Yarawindah Brook, drilling over 6,000 metres of RC and 2,500 metres of diamond core,” Caspin Resources CEO Greg Miles said.
“We are really excited by what we’ve seen at the XC-22 Prospect, particularly the significant zones of sulphide mineralisation intersected in recent diamond drilling.
“Just as importantly, these zones appear continuous and predictable, which gives us some confidence that we’re on the cusp of a major discovery at Yarabrook Hill.
“We look forward to assay results in due course. To this end, we’re addressing the persistent delays in assay turnaround by utilising a second laboratory and streamlining our assay methodology.
“Meanwhile, we’re also drilling a number of peripheral targets, such as the Northwest soil anomaly and the Brassica Prospect, because we believe that Yarawindah Brook is a camp-scale intrusive complex, with multiple prospective settings and many opportunities for discovery.
“We’ll continue to evaluate new targets as we systematically collect data from across the project.
“I’d like to thank our technical team for their fantastic effort during this drill program and hope they and our shareholders enjoy some reward in the not-too-distant future.”
Drilling at the Brassica prospect is underway while drilling at the northwest soil geochemical anomaly nearby has intersected prospective rock with minor disseminated sulphides.
Caspin’s next steps will be to further explore the XC-22 prospect with more RC drilling once assays are returned, continue to target a magnetic anomaly at Brassica Prospect that has generated anomalous nickel and copper rock chips, as well as investigate the XC-46 conductor, identified during the last airborne Electromagnetic (AEM) survey.