Caspin Resources (ASX:CPN) - Non Executive Chairman, Cliff Lawrenson (left) & CEO, Greg Miles (right)
Non Executive Chairman, Cliff Lawrenson (left) & CEO, Greg Miles (right)
Source: Business News
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  • Caspin Resources (CPN) identifies a potential porphyry copper-style geochemical signature at the Duchess prospect within the Mount Squires Project in WA
  • The anomaly appears characteristic of a deeply-weathered porphyry copper system but has not yet been drill tested
  • Meanwhile, CPN has reprocessed data from an historical IP survey of the Handpump prospect to discover an adjacent chargeability anomaly
  • Further work is planned across the project, including an IP survey and reconnaissance-style drilling at Duchess and separate drill testing at Handpump
  • Shares are trading 0.8 per cent lower at $1.78 each at 2:41 pm AEST

Caspin Resources (CPN) has identified a potential porphyry copper-style geochemical signature at the new Duchess prospect within the Mount Squires Project in Western Australia.

Located in the West Musgrave region, Mount Squires is an early-stage, greenfield exploration project that is prospective for gold, nickel and copper.

The explorer has collected 675 close-spaced soil geochemical samples over the site’s Handpump structural corridor to identify a zoned molybdenum-lead-copper-gold anomaly.

This anomaly lies roughly four kilometres southeast of Handpump at the new Duchess prospect and spans an area of least two kilometres.

CPN said the zonation was characteristic of deeply-weathered porphyry copper systems in which copper, gold and lead were usually strongly leached while more immobile elements, such as molybdenum, remained in-situ, proximal to mineralisation at the core.

Notably, the Duchess prospect has not yet been drill tested.

IP chargeability anomaly adjacent to Handpump prospect

Meanwhile, according to Caspin, previous explorers conducted an induced polarisation (IP) survey at the Handpump prospect in 2010.

The historical survey used a gradient array grid to map shallow IP resistivity, as well as a single line of Dipole-Dipole IP to add depth constraints to anomalies seen in the gradient array data.

CPN has since reprocessed the above information to generate a new inversion model, extending below the previous 200-metre depth limit.

Notably, the new model confirms a zone of shallow chargeability, coincident with the historical gradient array anomaly that is closely-associated with known gold mineralisation at Handpump.

Additionally, a significant second feature has also emerged from the reprocessing and appears to represent a deeper chargeability anomaly below the gradient array survey’s depth.

Capsin said the discovery, supported by detailed magnetic data, could potentially represent sulphide mineralisation. However, the area has not yet been drill tested.

Caspin Resources CEO Greg Miles said the results were a timely reminder of the “exceptional” opportunity that existed at Mount Squires.

“The Mount Squires Project is vast, under-explored but highly prospective and we can make significant advancements rapidly with relatively small investments in new data,” he said.

“In addition, we’ve now identified an interesting IP anomaly between Handpump and Duchess that is also consistent with a porphyry mineralisation model.”

Next steps for gold-copper exploration

Off the back of the above work, Caspin is advancing plans for several additional exploration activities at Mount Squires.

Namely, the company is eyeing a new IP survey over the Duchess prospect to identify any potential sulphide mineralisation that might represent a blind porphyry copper-style deposit.

Concurrently, CPN will conduct a reconnaissance-style drilling program across Duchess to test copper and gold mineralisation under the weathering zone, with a suitable drill rig being sourced.

Further, a separate drilling program will set out to drill test the Handpump IP anomaly, while an extended soil geochemistry program will test further southeast of the Handpump structural corridor.

Caspin Resources shares were trading marginally lower, down by 0.8 per cent to $1.78 each at 2:41 pm AEST.

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