Caspin Resources Limited (ASX: CPN) has received further positive drill results from the company’s second phase of reconnaissance aircore drilling from the Duchess Prospect within the wholly owned Mount Squires Project in the West Musgrave region of Western Australia.
An additional 132 holes for 2,729m have been drilled at the Duchess Prospect in the second phase, supported by co-funding from the WA government Exploration Incentive Scheme (EIS).
More Polymetallic Mineralization
The company recently completed a second phase of reconnaissance aircore drilling at the Duchess Prospect, building on initial work reported on 29 September 2022. The first phase identified two clearly defined mineralized trends at the Prospect, being gold-silver (Duchess West) and copper-molybdenum (Duchess East) trends. This first batch of results from the second phase of drilling has returned even more promising results from both trends.
Duchess West – Structural gold and silver mineralization
Several infill and extensional traverses of reconnaissance drilling have now been completed across the Duchess West trend with drill hole MSAC0121 returning a standout result of 1.0m @ 6.04g/t Au and 4g/t Ag associated with quartz veining encountered from 12m, in the last metre drilled in the hole. Therefore, this intersection could be part of a much thicker zone of gold mineralization that is yet to be tested.
The result has reinforced the company’s interpretation of a consistent NW-oriented structural trend defined by all three of the MSAC0121 intersection, the 2.46g/t Au, 49.7g/t Ag rock chip result 200m to the south and the Handpump Prospect with thick zones of gold mineralization at surface, over 1,500m to the north. Much of this trend is obscured by shallow transported cover and is an obvious target for further drilling.
Recognising that mineralization is associated with structurally controlled quartz veining, the company has drilled several traverses of close spaced holes near the MSAC0121 intersection, over 400m of strike to attempt to delineate the main host quartz vein. Several holes along strike to the north have also been drilled, with results pending.
Whilst the company’s focus is on gold mineralization, there appears to be a clear halo of elevated silver mineralization (>1g/t Ag) associated with this trend. Significant silver results include 3m @ 11.7g/t Ag from surface in MSAC0119. Silver may provide a small economic by-product benefit to any potential gold discovery.
This drilling programme has tested a lithological contact between rhyolite and volcaniclastic rocks with an apparent copper and molybdenum association. During the second phase of drilling, the company has extended the drilling traverses further to the east than the earlier program with significant success. Drill hole MSAC0130 returned a best result of 7m @ 902ppm Mo from surface to bottom of hole, including 1m @ 3,220ppm (0.32%) Mo & 1.17% Pb from 5.0m.
This result is an order of magnitude greater than the earlier drill results (e.g., 21m @ 63ppm including 4.0m @ 233ppm Mo in MSAC0023) and suggests that grades may be increasing further to the north and east where mineralization remains open, possibly related to more intense hydrothermal alteration of the rhyolite host rocks.
CEO, Greg Miles, said it is worth noting that the Climax and Henderson mines in the United States (the two most important molybdenum mines in the world) are large-scale, open pit operations with resource grades in the order of 1,000 to 2,000ppm Mo. This provides encouragement that Duchess East may be a significant new molybdenum discovery if sufficient continuity and extensions of mineralization can be found.
The company has already drilled a further eight holes around MSAC0130 on 50m spacings to assist understanding of mineralization extent and controls. Further drilling on large step outs, and deeper testing under the near-surface mineralization discovered so far, with a larger capacity drill rig, is warranted.
Separately, drilling has also returned further anomalous copper along the contact zone, such as 4m @ 862ppm from 26m in drill hole MSAC0100. This result is approximately 500m from MSAC0054 which returned 20m @ 1,013ppm Cu. There remains potential for a copper-molybdenum style of mineralization to be discovered on this trend.
“We’re delighted with such impressive gold and molybdenum results at Duchess, demonstrating the rapid progress at the prospect from only a soil anomaly a few months ag,” Mr Miles said.
“The reconnaissance aircore programme has achieved its initial goal of confirming significant bedrock mineralization and now appears to have given us a target for deeper testing on both mineralisation targets.
“The company is already planning a new program for testing both trends with a larger capacity drill rig in the next field season.
“Shareholders can look forward to further drilling results at Duchess, as well as further results from our nickel and copper exploration on the West Musgrave Corridor.”
For further information please visit: https://www.caspin.com.au/
