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Caspin Resources (ASX:CPN) - CEO, Greg Miles
CEO, Greg Miles
Source: Caspin Resources
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  • Caspin Resources (CPN) intersects nickel and copper sulphide mineralisation at its Yarawindah Brooke project in WA
  • Drilling has targeted the XC-22 airborne electromagnetic anomaly, which spans 500 metres and hasn’t been drill tested
  • One hole intersected up to 40 metres of nickel and sulphide mineralisation including a two-metre zone of up to 20 per cent sulphides
  • While it’s still early days, Caspin believes the intersections so far are significant as they validate that the anomaly represents bedrock sulphides
  • Company shares are up 8.23 per cent to trade at $1.25

Caspin Resources (CPN) has intersected nickel and copper sulphide mineralisation at its Yarawindah Brooke project in Western Australia.

The company has been conducting reverse circulation (RC) drilling at the XC-22 airborne electromagnetic (AEM) anomaly, which has an apparent strike length of 500 metres and has not been previously drill tested.

The YARC0022 hole intersected a sequence of intercalated gabbros and pyroxenites with intervals of peridotites to disseminated sulphides. This mineralised zone is at least 40 metres thick which includes a two-metre zone of up to 20 per cent sulphides from 46 metres.

A second hole was drilled around 175 metres along strike and down dip from YARC0022 and also intersected similar mineralisation. It intersected a two-metre zone of around five per cent sulphides with visible chalcopyrite. It’s believed this interval may correlate with the mineralised interval observed in YAR0022 at 46 metres.

These intersections are considered significant as they validate the XC-22 AEM anomaly represents bedrock sulphides.

CEO Greg Miles commented on the initial observations.

“Whilst still early days, given the current extreme delays on assay turn-around, we felt it prudent to advise the market of the exciting visual observations at XC-22,” he said.

“The large size of the XC-22 anomaly suggests that if it is coincident with mineralisation throughout its entire extent then this could represent a significant body of mineralisation.”

However, the company said it needs to drill more holes before this can be confirmed as a significant discovery.

Caspin has commissioned new ground fixed-loop and downhole electromagnetic surveys to assist further targeting of the mineralisation intersected so far.

Company shares were up 8.23 per cent to trade at $1.25 at 11:42 am AEDT.

CPN by the numbers
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