Caspin Resources Ltd (ASX:CPN) is primed to make new precious and critical mineral discoveries after kicking off reverse circulation (RC) drilling at its Mount Squires Project in WA.
The explorer plans to hit the ground running with a 4,000-metre campaign, designed to test multiple prospects and high-priority targets over the next two months.
Depending on what the drill bit turns up, Caspin may elect to extend the program, prolonging the hunt for Mount Squires’ rare earth and gold bounty.
With drilling expected through to July, it’s likely that Caspin will have more news to share in the first quarter of FY24.
Targets acquired
Caspin’s 4,000-metre campaign will see the RC drill bit spin in the project’s northwest before heading east to test three polymetallic targets.
The RC drill rig at Duchess East.
Top of the company’s to-do list is drilling the Duchess East target, a relatively new rare earths discovery to Mount Squires’ northwest. Assays from Duchess East delivered up to 1.25% total rare earth oxides (TREO) in aircore results last month,
At the time, Caspin CEO Greg Miles said Duchess East marked “a sensational discovery” given the tiny scale of its assay program.
"The company has long recognised the conceptual potential for rare earth mineralisation at the Mount Squires Project, but given the more obvious prospectivity for nickel, copper and gold this potential had not been investigated until now,” he stated.
“We are barely past the start line on assessing this opportunity.”
Caspin’s targets include an induced polarisation anomaly and gold extensions around the Handpump and Duchess West prospects, where the WA government will front half the costs under an Exploration Incentive Scheme co-funding grant.
Finally, Caspin will set the RC drill bit on potentially fertile nickel, copper and platinum group element ground, probing the Sienna, Auburn and Vermilion targets near the West Musgrave nickel sulphide corridor.
Caspin plans to test a wide range of priority targets at Mount Squires.
Back in May, Caspin brought in A$2 million from an oversubscribed share purchase plan, establishing a robust funding runway ahead of the RC program.
With the cash in hand and the Duchess East discovery on the horizon, the explorer is eager to test for mineralisation extensions and gather sampels for metallurgical test-work.
Read more on Proactive Investors AU
