Caspin Resources Limited (ASX: CPN) has received impressive new assay results from the Serradella Prospect, at the company’s Yarawindah Brook PGE-Ni-Cu Project in Western Australia.
These latest results confirm a significant PGE discovery at Serradella within an emerging PGE-Ni province.
Best Drill Results at Yarawindah Brook to Date
Assays from six RC drill holes at the Serradella Prospect have now been returned and include the Company’s best-ever drill result at the Yarawindah Brook Project.
Drill hole YARC0036 returned two excellent, wide mineralised zones of 25m @1.01g/t 3E (Pt+Pd+Au), 0.16% Ni & 0.10% Cu from 55m and 17m @ 2.13g/t 3E, 0.17% Ni & 0.03% Cu from 131m including 3m @ 5.48g/t 3E, 0.17% Ni &
The results exceed the original discovery intercept in YARC0022 of 13m @ 1.08g/t 4E (Pt+Pd+Au+Rh), 0.26% Ni snf 0.21% Cu, approximately 300m along strike to the north.
Over 750m away, YARC0042 has returned a broad anomalous zone of 111m @ 0.30g/t 3E, 0.09% Ni & 0.05% Cu from 71m including 8m @ 1.04g/t 3E, 0.16% Ni & 0.06% Cu. This zone is consistent with the previously announced geological targeting model and complements the results for YARC0040 of 91m @ 0.48g/t 3E, 0.11% Ni & 0.08% Cu.
These results provide a major breakthrough for the project. We’ve always believed that Yarawindah has the potential for a large economic deposit of PGE’s, nickel and copper. Now that potential is starting to be realised. These results far exceed the magnitude of our original discovery hole and confirms that we’re on a pathway to discovery,” CEO, Greg Miles, said.
“Whilst we celebrate this significant milestone for the project, we also acknowledge how much we have still to learn about this system. Whilst our broad scale targeting model still holds, we recognise there is an additional layer of more detailed control on high-grade mineralisation that we are yet to understand.
“We will need to infill the drill hole spacing to further define this high-grade zone, yet the best mineralisation may still lie beyond the deepest of our step-out holes. It’s an exhilarating moment for the team and a fantastic time to be a Caspin shareholder. We can’t wait to see how the next phase of exploration unfolds.”
Next Steps
Infilling the drill spacing around YARC0036, and indeed across the prospect area, may lead to identifying an economic deposit of mineralisation and is a priority for further exploration. Assays for several key drill holes remain pending, including YARCD0025 and YARCD0027 for which the company has previously released observations of apparent mineralisation.
The results from these holes will help refine the current interpretation and the focus for infill drill targeting. Samples from YARC0036 have also been re-submitted for full six PGE assay.
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.
This target will also remain an important priority for further drill testing. Assay turn-around times, including six PGE analysis, continue to be poor and has been a frustration for the company and shareholders alike. The Company believes that the most prudent course of action is to collate and interpret all assay results to ensure the most capital efficient and impactful drill program can be delivered upon recommencement.
It should also be noted that wet weather and ground conditions currently prevent drill rigs from operating across the prospect.
Therefore, the current exploration programs at the Mount Squires Project are well timed to utilise this gap in activity at Yarawindah as well as offer another avenue for discovery and shareholder value.