Perth-based mineral explorer Caspin Resources (ASX:CPN) has bolstered the rare earth element (REE) potential of its Mount Squires Project in Western Australia.
The company says 80 additional samples from 13 aircore (AC) drillholes completed in 2022 were assayed for REEs, and the results support its earlier announcement on the discovery of REE mineralisation at the Duchess prospect and the prospectivity of Mount Squires.
These samples were predominantly collected from a cluster of holes in the southeast of Duchess with elevated copper and potentially a similar geological setting as found in hole MSAC0141. Numerous anomalous and ‘significant’ results were returned, which the company says is in line with expectations based on its original assaying of lanthanum, cerium, and yttrium.
‘Significant’ results recorded include hole MSAC0152 with 4m @ 0.63% total rare earth oxide (TREO) from 108m (1,037ppm Nd-Pr, 217ppm Dy2O3, and 35ppm Tb2O3); and MSAC0101 with 22m @ 0.24% TREO from 20m (413ppm Nd-Pr, 69ppm Dy2O3, and 11ppm Tb2O3), including 4m @ 0.57% TREO from 34m (920ppm Nd-Pr, 193ppm Dy2O3, and 30ppm Tb2O3).
Caspin reports these intersections contain a ‘high’ proportion of heavy rare earth elements (HREE) to light rare earth elements (LREE), averaging about 29% across all intersections and up to 39% locally.
Drilling also returned the ‘highest’ grades of scandium to date, with up to 88ppm in MSAC0152, demonstrating the potential to be a ‘valuable’ contributor to the REE basket.
Caspin says the latest assay results support the company’s geological understanding of the primary and secondary REE enrichment at Mount Squires and notes the immediate drill target remains step-outs from mineralisation encountered in MSAC0141, which is open laterally in all directions and possibly at depth in fresh rock.
The company says it intends to complete up to 1,000m of reverse circulation (RC) drilling to test this area, aiming to demonstrate the continuity of mineralisation and understand mineralisation controls at a local scale. This drilling is set to begin in mid-June.
Commenting on the results, Caspin Chief Executive Officer (CEO) Greg Miles says: “These results further demonstrate the potential for significant rare earth element mineralisation at the Mount Squires Project.
“We are thrilled with the results from Duchess so far, yet we are now also recognising that this is potentially a very large rare earth mineral field”
We are thrilled with the results from Duchess so far, yet we are now also recognising that this is potentially a very large rare earth mineral field. It is also pleasing that we are consistently seeing a high proportion of the more valuable heavy rare earths in our results. We think this is an important point of difference for the Mount Squires Project.
Our field crews are on the ground and making good progress on early-stage exploration for rare earths, as well as nickel, copper, and gold. Drilling operations are on schedule to commence in mid-June and should give our shareholders plenty to be excited about over the coming months.”
Caspin Resources is a Perth-based exploration company actively exploring its Yarawindah Brook and Mount Squires platinum group element-nickel-copper projects in Western Australia.
Mount Squires is located in the West Musgrave region of Western Australia and features a structural corridor over 40km with ‘significant’ gold mineralisation along with a 17km extension of the West Musgrave Nickel-Copper corridor, which hosts the One Tree Hill prospect and Nebo-Babel deposits along strike.
Write to Harry Mulholland at Mining.com.au
Images: Caspin Resources Ltd
