Caspin Resources Ltd (ASX:CPN) has extended the rare earth element (REE) footprint at the Duchess Prospect within its 100%-owned Mount Squires Project in Western Australia to more than 300 metres along strike and at the highest grade intersected so far.
The latest results from the 4,500-metre reverse circulation (RC) program conducted in June included 2 metres at 2.03% total rare earth oxide (TREO) comprising 2,712 parts per million (ppm) neodymium oxide (Nd2O3), 728 ppm praseodymium oxide (Pr6O11), 432 ppm dysprosium oxide (Dy2O3), and 72 ppm terbium oxide (Tb4O7) within 17 metres at 0.41% TREO.
This heavy REE mineralisation has been consistent and features highly in the results, averaging in excess of 30% of TREO, and remains open along at least two untested controlling structures for more than 1,000 metres.
Given the potentially large and highly valuable heavy REE scale of Mount Squires, Caspin intends to secure partners to accelerate the exploration, while it retains 100% of the project’s base and precious metals exposure.
More miles to go
“This is a further demonstration of the rare earth mineralisation potential at the Mount Squires Project,” Caspin chief executive officer Greg Miles said.
“The greatest attribute is the high proportions of heavy rare earths which are some of the most important critical minerals for future technologies and as a consequence, some of the most valuable.
“We’ve now discovered multiple structures and lithological contacts that host primary mineralisation at Duchess and it is pleasing to see some of the best grades intersected so far.
“The extent of mineralisation has not been tested at all. We’ve also recognised that the source rocks strike across almost 20 kilometres of strike through the project area and are hundreds of metres thick.
“This presents the possibility of further unique discoveries with more detailed targeting.
“We believe the scale, grade potential and unique composition of the rare earth mineralisation at Mount Squires would be attractive to a larger partner whilst Caspin remains focused on the base metals potential of the project along strike from BHP’s Nebo-Babel development.”
Other REE results
The June drill program also tested Duchess East, a more base metal-enriched part of the same hydrothermal system that hosts the main Duchess deposit about 1,000 metres away.
Three holes intersected elevated REE as well as molybdenum, lead, zinc and silver, with the best result of 4 metres at 0.52% TREO from 60 metres, 4 metres at 297 ppm molybdenum, 446 ppm lead, 306 ppm zinc and 0.9 g/t silver from 4 metres.
Meanwhile, reconnaissance drilling tested several geochemical base and precious metal targets beyond the Duchess and Handpump prospects, over a strike of greater than 20 kilometres.
These holes have all intersected anomalous REE grades, with the best result of 12 metres at 0.16% TREO demonstrating the potentially large REE deposit area.
Drill hole locations and significant mineralisation at the Duchess Prospect.
Hoping for more gold
As well, Caspin tested several prospective gold targets co-funded by the WA Government's Exploration Incentive Scheme during the drill program.
Drilling to extend a historical target at the Handpump Prospect returned a broad zone of low-level gold of about 16 metres at 0.30 g/t from 60 metres.
The down dip and plunge extensions of the mineralisation remain open at relatively shallow depths, giving the company greater confidence in its structural setting.
Two extension holes drilled at the Duchess West Prospect, where previous aircore drilling and rock chip samples intersected gold were unsuccessful, suggesting either highly 'nuggety' gold or that the drilling orientation was sub-optimal to the dip of mineralisation.
Same large system
A detailed interpretation of the REE and gold results is ongoing.
In the meantime, Caspin believes that the same hydrothermal system may be depositing both REE and gold mineralisation at the Duchess and Handpump prospects.
This suggests that the system is a very large and complex one, at least 5 kilometres in diameter.
Other gold targets remain on the 40-kilometre Handpump structural trend remain to be tested, with the Regal Prospect also a priority for further exploration once heritage clearance is received.
Mount Squires is a unique exploration project because of the varied mineralisation styles and has demonstrated prospectivity for copper, nickel, gold and rare earths.
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