Caspin Resources Ltd (ASX:CPN) has completed drilling, soil and rock chip sampling and airborne geophysics over the past six weeks along the West Musgrave nickel-copper corridor at the Mount Squires Project.
Surface copper mineralisation
The company is particularly buoyed by further ultra-fine fraction (UFF) soil geochemistry results that indicate it may be looking at copper mineralisation in a surface outcrop.
This newly discovered copper-palladium soil geochemistry anomaly continues over a strike of 8 kilometres and is coincident with a magnetic lineament striking over 17 kilometres through the project area.
The copper-palladium anomaly is the same style of mineralisation observed at OZ Minerals’ Succoth Deposit and a type of anomaly highly likely to be associated with magmatic sulphide mineralisation, rather than any barren lithological source.
West Musgrave nickel-copper mineralisation trend showing copper-palladium anomaly and location of copper mineralisation outcrop, soil sample locations and drill hole locations (results pending).
Effectiveness of UFF
A strategically significant aspect of this work is the effectiveness of the UFF soil geochemistry in identifying bedrock anomalism through shallow transported cover.
Caspin believes that the use of UFF opens up a major new search space within the prospective terrane.
The spatial association of this large copper-palladium geochemical anomaly with a strong northeast lineament in magnetic data is also considered further evidence of the potential of this anomaly to host mineralisation.
This magnetic lineament potentially represents a deep-seated structure that has provided a conduit for the emplacement of mineralised magmatic intrusions.
In other news
Caspin has also picked out some new geophysical targets thanks to an airborne electromagnetic (AEM) survey flown over the West Musgrave corridor and Handpump-Duchess corridors in September, targeting potential massive sulphide mineralisation.
Ten preliminary anomalies were detected along the corridor, which are likely to require heritage clearance prior to ground electromagnetic surveying to assist drill targeting.
Further soil geochemistry results are pending, including infill of earlier positive results.
The company has also wrapped up reconnaissance aircore drilling across AEM anomalies and geological targets near OZ Minerals’ One Tree Hill prospect. Caspin has also finished drilling at the Duchess prospect. Results are pending for the drilling at these prospects.
“While at a very early stage in exploration, our field programs have provided some tantalising results already,” chief executive officer Greg Miles said.
“Shareholders should be very pleased with progress at the Mount Squires Project. The project has demonstrated significant value, not just because of its address in the heart of an emerging province, but with obvious mineralisation potential.
“This new copper and palladium anomaly, with occurrences of copper at surface, is a significant breakthrough for the company.
“With drilling programs now underway at Yarawindah Brook and results from Mount Squires to come shortly, the short-term outlook for the company has never looked better.”