- Caspin Resources (CPN) identifies multiple anomalies along the West Musgrave corridor within its Mount Squires project in WA
- Soil geochemistry results have highlighted “priority” targets at the new ‘Auburn’ and ‘Vermilion’ nickel-platinum-group-element prospects
- Results from aircore drilling have also identified the Redwood prospect, which returned “highly anomalous” copper mineralisation
- Caspin says its upcoming exploration plans will include geophysics, sampling and drilling at Mount Squires
- Caspin shares have ended the day 0.83 per cent lower at 60 cents
Caspin Resources (CPN) has identified multiple new anomalies at its Mount Squires project in Western Australia.
The company received more drill and soil geochemistry results, which it said had defined several prospects along the West Musgrave nickel-copper corridor within Mount Squires.
Caspin said the latest results highlight at least 10 potential sites of mafic intrusions that had similarities to the type of intrusions that hosted magmatic mineralisation, commonly referred to as ‘chonoliths’.
Among the newly-discovered anomalies is the ‘Auburn’ prospect, which lies three kilometres along strike to the east of copper mineralisation outcropping at the Sienna prospect. The company discovered the eight-kilometre-long Sienna prospect in December 2022.
Auburn is roughly 500 metres in diameter and contains anomalous nickel of up to 65 parts per million (ppm), 40 ppm cobalt, 125 ppm copper and four parts per billion (ppb) platinum.
The company also noted an airborne electromagnetic (AEM) anomaly lay to the north of Auburn prospect.
The newest results also highlighted the Vermilion prospect, which is defined by a 1.8-kilometre-by-800-metre 20 ppb palladium anomaly. Caspin said the palladium anomalism was “significantly greater” than at Sienna, and it planned to conduct further sampling at Vermilion.
“The soil sampling program at Mount Squires has proven to be highly successful, primarily due to the effectiveness of the ultra-fine fraction soil methodology to identify mineralised signatures beneath the extensive but shallow sand cover,” Caspin CEO Greg Miles said.
Separately, aircore drill results have identified the ‘Redwood’ prospect, which returned “highly anomalous” copper mineralisation. The company highlighted a top result of seven metres at 1403 ppm copper from surface in this area.
Caspin Resources considered the Redwood results to be “very encouraging” for higher-grade sulphide mineralisation to be found beneath the weathering surface when compared to the nearby One Tree Hill prospect.
The company said it looked forward to its upcoming work program, which will include geophysics, sampling and the drilling of high-priority targets.
Caspin shares ended the day 0.83 per cent lower at 60 cents.