- Moss and Ardlethan results demonstrate potential for new discoveries
- Three targets with discovery upside identified
- Drill testing now underway
- High-grade hits at continue at Kelpie
Caspin Resources (ASX:CPN) has identified new growth potential with early results from regional exploration activities across the Bygoo tin project in NSW.
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MD, Greg Miles, said that work has been conducted in parallel with resource extension drilling at the Kelpie deposit and demonstrates the breadth of discovery opportunities across the Bygoo project.
“Recent high-grade results from the Kelpie deposit have demonstrated a clear pathway to resource growth with an updated resource estimate already scheduled for September,” Mr Miles said.
“In parallel with the ongoing resource extension work at Kelpie, the company has now developed several highly prospective targets across the Bygoo Project with potential for new discoveries.
“We’re excited by these new targets. The Moss prospect is the most direct analogue to Kelpie and this new soil anomaly is of a similar magnitude and only 500m along strike.
“Adjacent to the Ardlethan mine we’ve recognised extensive alteration halos that we would expect surrounding a breccia or greisen-style tin deposit.
“We’ve already completed the most comprehensive exploration program in the area since the early 1980s. It is remarkable that an area so close to an existing mine has seen so little modern exploration, presenting an outstanding discovery opportunity for Caspin.”
Mr Miles told shareholders drilling is underway at the Moss prospect and is likely to be followed by similar activities at the Ardlethan South and East prospects later in the year.
He also highlighted the recent Errol’s discovery as showing the potential for new tin discoveries in the vicinity of Kelpie.
He said using a combination of soil geochemistry, induced polarisation surveying (IP) and gravity surveying has formed a powerful exploration tool in the absence of surface mineralisation indicators, such as historical workings.
The company has previously discussed a prospective geological setting, a short distance to the north of Kelpie, at the Moss prospect. Initial geochemistry results identified a very strong tin and pathfinder anomaly, coincident with potential mineralised fault structures recognised in (IP) data.
Subsequent infill sampling has emphasised a second tin anomaly, only 500m north of Kelpie, also associated with a cross-fault structure recognised in IP. This anomaly is much stronger than the initial anomaly that defined the Moss prospect.
CPN was steady at 13.5¢ with a Mkt cap of $38.33M prior to markets opening.
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