Caspin Resources Ltd (ASX:CPN) has unearthed material platinum group element (PGE) mineralisation beneath a northwest soil geochem anomaly at its Yarawindah Brook project in WA.
The anomaly — known as the Vicia prospect — is home to strong PGE readings like 32 metres at 0.48 g/t palladium, platinum and gold (3E) from 58 metres, including 4 metres at 1.12 g/t 3E from 81 metres.
Caspin made the discovery thanks to a broad-spaced reverse circulation (RC) drill program, which revealed that mineralisation at Vicia extends over at least 600 metres and remains open at depth.
There are more anomalies at Yarawindah that are yet to be tested, but Caspin believes this finding validates its exploration and soil geochemistry work.
Broadening horizons
Caspin CEO Greg Miles said the Vicia discovery was “ a real bonus” in an enlightening RC drill campaign.
He believes there are two key developments: “Firstly, we previously thought the intrusion west of the Radio Tower Fault, comprising approximately 60% of the Yarabrook Intrusion, was completely barren,” he explained.
“This is clearly not the case and opens another future exploration front. Secondly, our soil geochemistry program is working extremely well to identify new bodies of mineralisation.
“This bodes well for the large number of anomalies that have already been identified and waiting further exploration.
“One of those anomalies coincides with roughly 3 kilometres of the Hanging Wall Shear north of Serradella, suggesting mineralisation is continuous for a considerable distance down plunge from the mineralisation already discovered at surface.”
Why is Vicia important?
For Caspin Resources, this new discovery is all about location, location, location.
Essentially, the Vicia prospect represents a previously unrecognised mineralised position just 500 metres from its Serradella discovery — its flagship finding at Yarawindah Brook.
Interestingly, Vicia marks the first time Caspin has intersected mineralisation beneath the Radio Tower Thrust structure, which was previously thought to host barren gabbroic rocks.
Thanks to the new finding, the company could be looking at another exploration opportunity around Radio Tower Thrust, where there’s been no systematic drill testing in the past.
All in all, Caspin says this latest discovery is further evidence of stronger mineralised potential at the Yarabrook Intrusion’s northern end.
Looking at the big picture, Miles said these results demonstrated the scale of the opportunity at Yarawindah Brook.
“The Yarabrook Intrusion is developing into a very large mineralised intrusive complex, with more than 4 kilometres of strike and exceptional prospects for further economic discoveries,” he noted.
“We’re looking forward to the recommencement of drilling, starting at Serradella, in the coming weeks.”
On the agenda
There’s no sign of slowing down at Yarawindah Brook — the Caspin team is readying to commence a comprehensive summer drill program.
While the immediate focus remains to define high-grade mineralisation at the new Serradella discovery, the program will now also include further drilling at Vicia to evaluate the extent of the new lenses and determine the potential for economic zones of mineralisation.
Beyond Yarawindah, aircore drilling continues at the Mount Squires Project, where work is expected to wrap up in mid-November.
Soil geochemistry programs will also continue during the upcoming field season once crop harvest has been completed.
More broadly, there are several anomalies that require infill sampling prior before they’re considered for drill testing, as well as new areas yet to be covered by first-pass sampling.
Caspin will keep the market abreast of its fieldwork and any drilling updates.
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