Caspin Resources Ltd (ASX:CPN) is closing in on a rare earth endowment at its Mount Squires Project in WA, where diamond drilling at Duchess prospect has highlighted more critical minerals upside.
The company’s latest drill and rock chip findings showcase high proportions of valuable heavy rare earth elements (REEs) in Mount Squires’ total rare earth oxides (TREO), lending weight to its initial 46-metre rare earth discovery.
Rock chips returned up to 0.50% TREO, while large zones of geochemical anomalism indicate that host rhyolite units — dotted across the majority of Caspin’s 435-square kilometre tenement package — could be home to considerable rare earth bounty.
With radiometric and airborne electromagnetic anomalies firming up additional targets, Caspin plans to set the reverse circulation drill spinning at Mount Squires from mid-June.
Soil geochemistry and rock chip results from Mt Squires.
Drilling at Duchess
In early May, Caspin made headlines with its Duchess rare earth discovery, where the banner result clocked in at 46 metres at 0.71% TREO from 32 metres, including 22 metres at 1.25% TREO from 48 metres.
That result included a high-value rare earth contingent, measuring 1,254 parts per million (ppm) neodymium and praseodymium, 216 ppm dysprosium and 36 ppm terbium — elements that make up the ‘fab four’ magnet rare earths.
Caspin’s latest drill and rock chip results revealed these heavy rare earths make up nearly a third (29%) of the TREO mix, meaning the Mount Squires property has the potential to deliver some of the most sought-after and critical REEs.
Some of the highlights from early-stage exploration include:
- 4 metres at 0.63% TREO from 108 metres, including 1,037 ppm neodymium and praseodymium, 217 ppm dysprosium and 35 ppm terbium;
- 22 metres at 0.24% TREO from 20 metres, including 413 ppm neodymium and praseodymium, 69 ppm dysprosium and 11 ppm terbium; and
- 21 metres at 0.14% TREO from 13 metres, including 267 ppm neodymium and praseodymium, 45 ppm dysprosium and 7 ppm terbium.
Drill hole locations at Duchess East, where Caspin is closing in on a rare earth endowment.
Valuable rare earths in the mix
Caspin CEO Greg Miles was buoyed by the latest rare earth finds, which he believes speaks to Mont Squires’ potential.
“We are thrilled with the results from Duchess so far, yet we are now also recognising that this is potentially a very large, rare earth mineral field,” he noted.
“It is also pleasing that we are consistently seeing a high proportion of the more valuable heavy rare earths in our results.
“We think this is an important point of difference for the Mount Squires project.
Miles went on to say that Caspin’s field crews are making good progress on early-stage exploration for rare earths, as well as other sought-after commodities like nickel, copper and gold.
“Drilling operations are on schedule to commence in mid-June and should give our shareholders plenty to be excited about over the coming months,” he concluded.
Read more on Proactive Investors AU
