Caspin Resources Limited (ASX: CPN) has RC and diamond drilling underway at Yarawindah Brook as part of its 2022 exploration programme at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia, only 100km north of Perth.
Highlights:
Drilling expected to continue over summer season, with multiple objectives:
o Extensions of high-grade PGE including rhodium mineralisation at Upper Serradella
o Identification of the basal intrusion contact at Lower Serradella
o Infill and extension drilling at the new Vicia Prospect
o WA Government EIS funding for deep drilling of Yarabrook Intrusion
* New rhodium results add to high-grade intersections at Serradella, such as
o 1m @ 6.44g/t 4E including 0.15g/t Rh (YARCD0025)
* Large target area south of YARC0036, following results from YARCD0020 (Central Yarabrook)
* Drilling results confirm anomalous PGE, nickel and copper at the XC-46 Prospect on the
Brassica Shear Zone, warranting further drill testing in current programme
The extensive field programme comprises both reverse circulation (RC) and diamond drilling (DD) operating over the next five months, testing a suite of targets and building on excellent recent results.
“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,” CEO Greg Miles said.
“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 for Current Drill Programme
Upper Serradella – Immediate Resource Target
The Company is excited by the prospect of defining a new PGE-Ni-Cu resource at Upper Serradella, centred on the excellent results delivered by YARC0036 – 17m @ 2.33g/t 4E & 0.17% Ni, including a high-grade core of 3m @ 6.04g/t 4E & 0.17% Ni, which includes a highly significant intercept of 0.56g/t Rh.
The current drill spacing in Upper Serradella is around 200m (or greater where some holes have been ineffective), leaving enormous scope for further discovery of high-grade mineralisation at shallow depths by infill drilling surrounding YARC0036, YARC0022 and YARCD0025, the best drill holes in the area to date. There is also significant scope south of YARC0036 where mineralisation remains open.
New Discovery at the Vicia Prospect
The company recently reported a new PGE discovery at what is now known as the Vicia Prospect, adjacent to the Serradella Discovery. Mineralisation occurs over a strike length of at least 600m with at least two PGE-mineralised lenses. YARC0030 returned a best result of 32m @ 0.48g/t 3E from 53m including 4m @ 1.12g/t 3E from 81m.
The Vicia Prospect lies immediately west of Serradella and possibly represents a thrust slice of the same broad mineralised system from beneath the Radio Tower Fault, which was previously considered to host only barren gabbroic rocks.
The company is excited to have opened a new exploration search space and also demonstrate the potential for further zones of mineralisation to be discovered where there has been no systematic drill testing, including deeper beneath Serradella.
Further infill and step-out drilling will be conducted at Vicia during this drill programme to determine the potential for economic bodies of mineralisation. Samples from mineralisation in YARC0030 have also been resubmitted for full 6E laboratory analysis.
Lower Serradella – Searching for basal contact mineralisation
The broad scale approach to exploration so far has allowed the company to develop a conceptual model which indicates potentially stronger mineralisation, associated with the basal contact of the intrusion, is located to the northeast of the current drill area.
The deepest drilling in this area has provided support for the interpretation with broad zones of anomalous mineralisation such as 133m @ 0.49g/t 3E & 0.11% Ni from 153m in YARCD0041, including higher-grade zones such as 6.9m @ 1.08g/t 3E & 0.14% Ni from 226.6m and 111m @ 0.30g/t 3E from 71m in YARC0042
For further information please visit: https://www.caspin.com.au/
