Caspin Resources Ltd (ASX:CPN) has received “significant” rare earth element (REE) results from reverse circulation (RC) drilling at the Duchess prospect within its Mount Squires Project in Western Australia.
The assay results received so far point to the growing potential for a large deposit of rare earth mineralisation at Mount Squires, a region that has never seen systematic rare earths exploration.
These are the first results from the company’s 4,500-metre RC program in June that tested several REE, gold, nickel and copper targets across the project, with results pending from a majority of the drilling.
At the Duchess prospect, the primary goal of the drill program was to step out and extend REE mineralisation from the initial discovery of 46 metres grading 0.71% total rare earth oxide (TREO), including 22 metres at 1.25% TREO.
Caspin drilled a pattern of nine holes on around 100-metre centres, stepping out from the initial discovery hole and focusing on apparent geological contacts and faults that may control mineralisation.
Assays from a further two holes at this initial REE target remain pending, which will test further extensions to the east of the currently defined mineralisation at Duchess.
Caspin chief executive officer Greg Miles said: “The mineralisation remains open in multiple directions with no previous drilling of the controlling structures.
"Importantly, this mineralisation contains an exceptionally high proportion of heavy rare earths, which are many times more valuable than the light rare earths which dominate the profiles of many Australian rare earth projects.
"This offers Caspin a unique position amongst its peers. It is also encouraging to recognise rare earth mineralisation associated with monazite, a common rare earth ore mineral with a well-understood processing route.”
Potential for large REE system
Caspin has drilled an additional three holes about one kilometre to the southeast at Duchess East, which has coincident base metal and highly anomalous REE mineralisation. Assays from the first seven holes here have been returned.
The program successfully identified broad extensions of mineralisation such as:
- 27 metres grading 0.70% TREO including a higher-grade zone of 12 metres at 1.15% TREO comprising 1,662 parts per million (ppm) neodymium, 404ppm praseodymium, 325ppm dysprosium and 54ppm terbium, and
- 12 metres grading 0.81% TREO, including a higher-grade zone of 6 metres at 1.15% TREO comprising 1,946ppm neodymium, 455ppm praseodymium, 296ppm dysprosium and 51ppm terbium.
Once it has evaluated these results, Caspin will develop an appropriate follow-up drill program, likely focusing on the untested extensions and contacts that are now recognised to host mineralisation.
It is also investigating a sighter metallurgical program to evaluate potential recoveries and processing routes, while the REE potential of the entire Mount Squires Project area will also be reviewed.
The remaining rare earth assays from Duchess East, along with gold, nickel and copper results from the remainder of the program are still to be returned from the lab.