Caspin Resources Limited (ASX: CPN) has identified further significant shallow Rare Earth Element (REE) mineralisation in additional drill hole assaying at the Duchess Prospect at wholly-owned Mount Squires Project in Western Australia.
Results from peripheral rock chip sampling and a review of Rare Earth Element (REE) mineralisation support the company’s earlier discovery of REE mineralisation at the Duchess Prospect and the prospectivity of the Mount Squires Project.
These results further demonstrate the potential for significant rare earth element mineralisation at the Mount Squires Project,” CEO, Greg Miles, said.
“We are thrilled with the results from Duchess so far, yet we are now also recognising that this is potentially a very large, rare earth mineral field. It is also pleasing that we are consistently seeing a high proportion of the more valuable heavy rare earths in our results. We think this is an important point of difference for the Mount Squires project.
“Our field crews are on the ground and making good progress on early-stage exploration for rare earths, as well as nickel, copper and gold. Drilling operations are on schedule to commence in mid-June and should give our shareholders plenty to be excited about over the coming months.”
More Mineralisation at the Duchess Prospect
An additional 80 samples from 13 aircore holes from the 2022 programme were assayed for the rare earth suite of elements. These samples were predominantly from a cluster of holes in the southeast of Duchess with elevated copper and potentially a similar geological setting as found in hole MSAC0141.
Mineralisation is hosted in saprolite, saprock and (relatively) fresh rhyolitic volcanic/volcanoclastic rocks. This highlights both a primary source of mineralisation (REE-enriched rhyolites) and a secondary enrichment of REEs through weathering and/or hydrothermal alteration.
RC Drilling Programme Imminent
The latest assay results support the company’s geological understanding of primary and secondary REE enrichment at Mount Squires. The immediate drill target remains step-outs from mineralisation encountered in MSAC0141 which is open laterally in all directions and possibly at depth in fresh rock. The company intends to drill up to 1,000m of RC to test this area with the main goal to demonstrate continuity of mineralisation and understand mineralisation controls at the local scale.
RC Drilling is on schedule to commence in mid-June.
The review of geochemical and geophysical datasets has provided additional targets for the company to test. Confirmation of La, Ce and Y elements as a proxy for the broader REE suite in the Duchess drilling is an important technical milestone. When applied to the extensive soil geochemical database it is apparent that potentially better targets for REE mineralisation exist across the project, than those currently being contemplated at Duchess.
The company will continue to refine targets, particularly in the locations of Mt Palgrave and Mt Squires, by defining areas with high background elevation of REE with potential for secondary enrichment through either hydrothermal or weathering processes. These targets may be tested by drilling later in 2023, subject to environmental and heritage approval.
