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Caspin Resources Ltd (ASX:CPN) has picked up an impressive assay of 11 metres at 2.3% tin from 100 metres, including five metres at 4.63% Sn from 106 metres, from a recent drilling program at its Bygoo project in New South Wales.
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The result was taken from just one hole (BRC004) in a 12-hole (1,400m) reverse circulation drilling program at the Bygoo North prospect, with assays being received from an initial two holes.
A significant takeaway from this assay is what it shows about the continuity of mineralisation in the Main Lode, where drilling results included 35 metres at 2.1% Sn from 43 metres (including five metres at 6.00% Sn from 65 metres) and 35 metres at 1.71% Sn from 94 metres (including six metres at 5.04% Sn from 106 metres).
This confirms the presence of a high-grade zone of tin, which was also noted for elevated levels of copper – with 3m at 0.76% Cu yielded from the same drill hole.
Managing director Greg Miles said this was an aspect worth watching, given copper’s status as an accessory metal to tin, with Metals X Ltd’s Renison project an example.
He added that the recent drilling at Bygoo North had underpinned the growing value of this project.
“These first results are a significant step in achieving our objectives to prove the continuity of high-grade lodes and demonstrate the potential to extend what is already a large body of tin mineralisation,” he said.
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“The result of 11m at 2.30% tin in BRC004 is of exceptional grade when compared to average grades of operating tin mines and with the tin price at over US$35,000 a tonne.
“Tin is trading at 3.5 times the copper price, to provide some comparison.”
Caspin shares have performed strongly following the news, and at 13:33 AEDT, they were trading at 6.5cps – a rise of 8.33% since the market opened.
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