Caspin Resources (ASX: CPN) has identified ‘significant’ rhodium up to 465ppb associated with platinum and palladium at the XC-22 prospect within its Yarawindah Brook PGE-Ni-Cu Project in Western Australia.
Following earlier positive results from hole YARC0022 in February, the prospective lower zone was assayed for the full six-element PGE suite (iridium, osmium, rhodium, ruthenium, platinum, and palladium), with returned grades including:
- 13m @ 1.08g/t 4E (Pd+Pt+Rh+Au), 0.26% Ni & 0.21% Cu from 101m; including
- 2m @ 2.45g/t Pt, 0.40g/t Pd, 0.41g/t Rh, 0.03g/t Au, 0.23% Ni, 0.09% Cu from 112m
Addressing the result, Caspin Resources Chief Executive Officer Greg Miles said: “This is an interesting new development for XC-22 and indeed our entire Yarawindah Brook Project. It’s a pleasant surprise given this is the first time we’ve ever assayed for rhodium and bodes well for the discovery of more mineralisation.
“Because of [rhodium’s] value, small amounts as low as 100ppb can make a significant contribution to the economics of PGE deposits”
Because of its value, small amounts as low as 100ppb can make a significant contribution to the economics of PGE deposits. We’ve now got an extensive assaying program ahead of us and if we can demonstrate that rhodium mineralisation occurs consistently with platinum and palladium at XC-22, then we could be another step closer to an economic discovery.”
Despite the premium value that rhodium commands, routine analysis is rarely undertaken due to the scarcity of the metal and significant additional cost involved in full 6-PGE assaying.
The company notes that before its involvement in the project, only five samples had ever been analysed for rhodium as part of a metallurgical sighter program in 2006, meaning that the full potential for the metal has never been suitably evaluated.
Rhodium, the rarest of all non-radioactive metals, is used primarily by the auto industry in the manufacture of catalytic converters. The element is also used in a series of specialty applications in the chemical industry, along with coating optical fibres optical mirrors, and headlight reflectors.
Looking forward, Caspin reports that it plans to review all past exploration results to identify zones of PGE-rich mineralisation for 6-PGE assay, with the aim of identifying further rhodium.
