Caspin Resources Ltd (ASX:CPN) has achieved what it describes as a “breakthrough” at the Serradella prospect of the Yarawindah Brook Nickel-Copper-Platinum Group Elements (PGE) Project in Western Australia, where diamond drilling has revealed a ‘significant’ body of mineralisation.
Adding to several high-grade intercepts previously reported, Caspin has now fielded more assays from the ‘upper’ and ‘lower’ sections of the Serradella prospect, including 35 metres at 1.03 g/t 3E (palladium-platinum-gold) and 0.14% nickel from 91 metres, with a higher-grade core of 12.1 metres at 2.07 g/t 3E and 0.20% nickel from 105.9 metres.
Read: Caspin Resources confirms PGE discovery at Serradella prospect; shares higher
CPN has observed an increasing accumulation of metal elements as the company continues to explore down dip and down plunge and believes there are two distinct exploration targets at Serradella.
Caspin will further explore these targets with infill and step-out drilling expected to begin in the fourth quarter of this year.
“Breakthrough for project”
“These results have confirmed a significant body of mineralisation in the ‘upper’ sections of the Serradella Prospect,” Caspin Resources CEO Greg Miles said.
“The drill holes are still a long way apart and further infill and extensional drilling may define additional higher-grade mineralisation in areas that are open or haven’t been effectively tested.
“Simultaneously, we’ve developed an equally prospective front in the ‘lower’ position of Serradella. This mineralisation remains completely open with metal accumulation apparently increasing as we step towards the conceptually more favourable basal contact position of the intrusion.
“The results of the past month have proven to be a breakthrough for the project, and we’re poised for an exciting upcoming drilling campaign.”
Rhodium potential
Several selected intervals from recent assays have been resubmitted to the laboratory for full six-PGE analysis (platinum, palladium, rhodium, osmium, ruthenium, iridium).
Caspin is now waiting on more than 1,000 samples to be analysed and believes there is potential for widespread rhodium enrichment in Serradella’s mineralised zones.
Assays are also still pending from the Northwest Soil Anomaly as well as holes drilled on the Brassica Shear Zone, including XC-46.
As it awaits results, the company is preparing for a second phase of drilling at the Mount Squires Project later this month, with details to follow shortly.