Caspin Resources (ASX:CPN) has entered into a share sale and purchase agreement with Agrimin (ASX:AMN) to sell Caspin’s subsidiary company, Opis Resources, and the wholly owned Mount Squires Project in Western Australia, as the company focuses on its flagship Bygoo Tin Project in New South Wales.
Managing Director Greg Miles says that Caspin is excited for Agrimin to be taking over the company and project as they are a highly respected company with a history of success and working well with Traditional Owners.
“The deal provides Caspin with exposure to Agrimin through the issue of five million shares, along with five million options and five million performance rights, and a 1% NSR, providing excellent upside to future exploration success at Mount Squires,” Miles says.
“This divestment allows Caspin to focus on our flagship Bygoo Tin Project, where the company is advancing Australia’s highest-grade, open-pit tin resource, whilst still retaining exposure to success by Agrimin.”
The agreement is conditional on all parties obtaining the relevant regulatory approvals.
Caspin’s Bygoo Tin Project hosts a resource of 3.94 million tonnes @ 0.5% tin for 19.3 kilo tonnes of contained tin at the Kelpie Deposit.
The company is currently conducting an extensive reverse circulation drill campaign with the goal of extending the Kelpie resource.
Significant results include 13m @ 1.16% tin from 103m, including 2m @ 2.94% tin from 106m; 24m @ 0.5% tin from 153m, including 3m @ 1.08% tin from 165m; and 6m @ 0.65% tin from 195m.
Caspin has also completed its first drilling at the Ardlethan East area, the second exploration front for the company.
Caspin Resources is a mineral exploration company with a focus on early-stage exploration and development projects.
Write to Amy Rotman at Mining.com.au
Images: Caspin Resources
