Caspin Resources (ASX:CPN) - CEO, Greg Miles
CEO, Greg Miles
Source: Caspin Resources
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  • Caspin Resources (CPN) releases early assay results from its drilling program at the Serradella Prospect at its Yarawindah Brook PGE-Ni-Cu Project in Western Australia
  • The early results confirms potential for a significant nickel-copper-PGE deposit which the company says is providing critical clues about potential mineralisation trends
  • CPN explains the results support a new geological model, indicating a large untested search space and providing a vector towards the more prospective basal position of the intrusion
  • The majority of the drilling results at Serradella remain pending with the company saying it will wait for the results before commencing the next phase of drilling
  • Shares in Caspin are up 10.5 per cent, trading at 47.5 cents at market close

Caspin Resources (CPN) has released early assay results from its drilling program at the Serradella Prospect at its Yarawindah Brook PGE-Ni-Cu Project in Western Australia.

The early results confirmed the potential for a significant nickel-copper-PGE deposit from five reverse circulation (RC) holes and two RC pre-collars, providing critical clues about potential mineralisation trends.

The results at Serradella include 91 metres at 0.48 grams per tonne (g/t) palladium, platinum and gold (3E) including two metres at 1.04 g/t 3E, 0.22 per cent nickel and 0.48 per cent copper from 149 metres and three metres at 0.97 g/t 3E, 0.25 per cent nickel and 0.35 per cent copper from 213 metres.

The company explained that the results support a new geological model, indicating a large untested search space and providing a vector towards the more prospective basal position of the intrusion.

CEO Greg Miles said the results signified Caspin’s belief that this part of the Yarabrook intrusion is a distinctly different, and more prospective, geological setting to Central Yarabrook Hill, which had been the main focus of the company’s exploration up until recently.

“Our drilling has taken broad steps across Serradella, which is technically more challenging but can reward with more rapid advances to discovery,” he said.

“There are still many results still to come, particularly in the areas we think are more prospective (but) we think just these few results are already providing us with the focus for the next round of drilling.”

The majority of the drilling results at Serradella remain pending which includes a further 13 holes at Serradella, six holes from nearby Northwest soil and small number of holes at Central Yarabrook.

The company believes some are well positioned to further test the validity of the targeting model and therefore, will wait for the results before commencing the next phase of drilling.

Shares in Caspin were up 10.5 per cent, trading at 47.5 cents at market close.

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