Caspin Resources Ltd (ASX:CPN) has made strong progress in its extensive field program comprising both reverse circulation and diamond drilling, testing a suite of priority targets at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia.
At Serradella, the company delivered ‘significant’ rhodium results such as 0.52 metres at 2.27g/t 4E, including 0.36g/t rhodium from 328.48 metres.
The new rhodium results add to high-grade intersections similar to 1-metre at 6.44g/t 4E, including, 0.15g/t rhodium intersection at Serradella.
At XC-46 prospect, drill hole YAD0024, which visually contains the strongest sulphide mineralisation, returned a broad zone of anomalism comprising 13.9 metres at 0.20% nickel and 0.15% copper, warranting further drill testing in current program.
Looking ahead, drilling is expected to continue over the summer, with multiple objectives including:
- extensions of high-grade PGE including rhodium mineralisation at Upper Serradella;
- identification of the basal intrusion contact at Lower Serradella;
- infill and extension drilling at the new Vicia Prospect; and
- WA government EIS funding for deep drilling of Yarabrook Intrusion.
Reinforcing the prospectivity
Caspin chief executive officer Greg Miles said: “This is a great time to be a Caspin shareholder.
“The final results from our earlier drilling campaign have provided additional targets across the project as well as reinforcing the prospectivity of our main targets at Serradella, which only two months ago provided the best drilling results in the project so far.
“We’re now embarking on a substantial drill campaign to test the extensions of that mineralisation and ultimately consolidate the Serradella discovery as a new PGE, nickel and copper resource of note and only the second in the West Yilgarn.
“With so much activity and results over the coming months, Caspin is well placed to reward its loyal shareholders.”
Priority targets
Caspin is encouraged by the prospect of defining a new PGE-nickel-copper resource at Upper Serradella, centred on the excellent results delivered by drill hole YARC0036.
Also, the company’s new PGE discovery, now known as the Vicia prospect, is also on the cards for exploration.
At Lower Serradella, Caspin is attempting a broad-scale approach to exploration, to develop a conceptual model which indicates potentially stronger mineralisation, associated with the basal contact of the intrusion, located to the northeast of the current drill area.
New rhodium results
Full 6E assay results have been received from three diamond holes, YARCD0025, YARCD0027 and YARCD0041, providing further high-grade rhodium intersections over narrow widths.
These additional intersections of rhodium will significantly contribute to the economic value of mineralisation at Serradella.
Caspin is continuing to develop geological models for Serradella (and across the entire Yarabrook Intrusion) where mineralisation is now recognised to variably comprise rhodium-rich lodes, palladium-platinum-dominant lodes and nickel-copper-dominant lodes
Looking ahead, the company expects to delineate the various lode styles with close-spaced drilling in the upcoming program.
Anomalous nickel and copper at XC-46
At XC-46 prospect, broad zones of sulphide mineralisation have been confirmed to contain anomalous grades of nickel, copper and PGEs.
Drill hole YAD0024 also intersected a narrow zone of 0.52 metres at 0.35% nickel, 0.17% copper and 0.42g/t 3E demonstrating potential for economic mineralisation.
It is anticipated that step out drilling further to the northwest along the approximately 100-metre long anomaly could conceivably encounter stronger sulphide mineralisation coincident with the highest modelled zone of conductivity.
A single hole is planned to test this zone in the back half of the current program.
EIS co-funded drilling
Caspin has been awarded $150,000 by the WA government exploration incentive scheme (EIS) to co-fund a stratigraphic diamond hole to test the stratigraphic upper contact Yarabrook Intrusion.
The target is in part defined by anomalous PGE-nickel-copper mineralisation intersected in the bottom of YAD0019, drilled in late 2021, another EIS co-funded drill hole.
The Yarabrook Intrusion is demonstrated to be very large, currently defined over 4,000 metres of strike and greater than 1,200 metres in true thickness.
Exploration to date has tested only a small volume of the total mineralisation potential within the intrusion.