Caspin Resources Ltd (ASX:CPN) has made ‘significant’ progress during exploration at its 100%-owned Mount Squires Project in Western Australia, covering more than 2,000 metres of reverse circulation (RC) drilling to date.
The company is testing for extensions of gold mineralisation, investigating the Handpump IP (induced polarisation) anomaly and following up on the recent rare earth discovery at Duchess East.
At the Handpump IP anomaly, two deep holes have been drilled, with broad zones of minor disseminated pyrite hosted by felsic volcanics observed at the targeted depth.
These sulphides have the potential to host gold mineralisation, which will be confirmed when assays come back from the lab.
Drilling has also taken place to assess the extension of gold mineralisation previously identified in Duchess West and Handpump prospects, and encouraging signs – such as quartz veining/brecciation and some sulphide mineralisation – have been observed.
In addition, drilling has been conducted near MSAC0141 at Duchess East, a site where rare earth element (REE) mineralisation was found. The goal is to extend the zones of near-surface REE mineralisation.
Further mineralisation
Initial observations of the drill chips indicate a similar weathering profile and underlying bedrock to MSAC0141, suggesting the possibility of further REE mineralisation in the area.
The focus of drilling has now shifted to the West Musgrave nickel-copper corridor, targeting the Sienna, Auburn and Vermilion prospects. These prospects lie along the same strike as the Nebo-Babel nickel-copper mine, which is under construction by BHP (ASX:BHP).
Caspin has identified large soil geochemical anomalies and surficial copper mineralisation, with copper values of up to 10.5% from recent rock chip sampling. The objective is to identify suitable mafic intrusive rocks and investigate the presence of bedrock mineralisation.
While no assay results from the drilling have been reported yet, the progress of the RC drilling program and the encouraging observations made thus far indicate a positive start to the exploration efforts at the Mount Squires Project.
Caspin Resources remains focused on advancing its understanding of the project's potential and identifying valuable mineral deposits within the region.