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- Caspin Resources (CPN) finds “significant” rhodium mineralisation in several holes drilled across its Yarawindah Brook PGE-nickel-copper project near Perth in WA
- As part of its re-assay program of several previous intersections from drilling in the area, Caspin says it uncovered a 17-metre intersection with a peak rhodium grade of 0.69 g/t
- Managing Director Greg Miles says this result, along with other new rhodium results at the multiple prospects within the project area, exceeds company expectations
- Caspin has now committed to launching a six-month, multi-rig drilling campaign at the Serradella discovery, with drilling set to begin in October
- Shares in Caspin Resources last traded at 65 cents on September 14
Junior explorer Caspin Resources (CPN) has found “significant” rhodium mineralisation in several holes drilled across its Yarawindah Brook project near Perth in WA.
The company reported rhodium grades of up to 0.69 grams per tonne (g/t) from a hole drilled at the Serradella discovery within Yarawindah Brook, which is prospective for platinum group elements (PGEs), nickel and copper.
Caspin said after striking rhodium in one hole at the Serredella discovery earlier this year, it made the call to re-assay other specific zones of PGE mineralisation in the area for the full suite of six PGEs, which includes iridium, osmium, rhodium, ruthenium, platinum and palladium.
The re-assays uncovered a 17-metre intersection grading 1.73 g/t platinum, 0.39 g/t palladium, 0.22 g/t rhodium, 0.01 g/t gold and 0.17 per cent nickel from 131 metres. The intersection included a three-metre zone at 4.6 g/t platinum, 0.87 g/t palladium, 0.56 g/t rhodium, 0.01 g/t gold and 0.17 per cent nickel from 144 metres.
Caspin CEO Greg Miles said this “outstanding” result celebrated Serradella as a major PGE discovery.
“Our best drill result just got better,” Mr Miles said.
“When we discovered rhodium in our initial discovery hole, YAR0022, we commenced a large re-assay program in the hope that further mineralisation would be found. This exercise has surpassed our expectations and, with such high-grade results, clearly differentiates Yarawindah Brook from other PGE projects.”
The company has subsequently committed to taking on a six-month, multi-rig drilling campaign at Serradella, with drilling slated to begin in October. This comes even as Caspin plans to resume drilling at its Mt Squires project by the end of September.
Caspin said it could fund both drilling programs from its existing cash reserves.
According to the company, with rhodium prices ranging from US$13,500 per ounce to US$15,500 per ounce (A$20,000 per ounce to A$23,000 per ounce) over the past three months, even small rhodium intersections as little as 0.1 g/t could potentially add “enormous” value to project economics.
Results are still pending for re-assays of several other zones from recent Serradella drilling, and Caspin said it had also identified rhodium mineralisation from samples taken from the Central Yarabrook prospect in the project area.
Shares in Caspin Resources last traded at 65 cents on September 14.
