Junior explorer Caspin Resources (ASX:CPN) has identified new platinum group element-nickel-copper (PGE-Ni-Cu) targets at the Serradella prospect within its flagship Yarawindah Brook Project in Western Australia.
The company, which has a $22.62 million market capitalisation, says the findings follow a recent drilling and soil geochemical program in the area and present another opportunity for the discovery of near-surface PGE-Ni-Cu mineralisation in the north of the project.
Caspin reports the results also confirm the recently defined MLEM anomaly along strike of Peridotite Lode, as well as a new PGE-Ni-Cu soil geochemical and coincident magnetic anomaly 7km north of Serradella.
In conjunction with these targets, results provide additional shallow early-to-advanced-stage targets for further exploration and drill testing. Key results from the prospect include hole YAD0030 with 18m @ 1.56g/t 4E (Pt+Pd+Rh+Au), 0.33% Ni, and 0.34% Cu from 59m.
Results also highlight extensions of key mineralised lodes that remain open. These highlights include over 500m of the ‘high-grade’ Peridotite Lode strike extent not tested by drilling, which is open down-dip beyond the limit of drilling.
Speaking on the results, Caspin Resources Chief Executive Officer (CEO) Greg Miles says: “It is pleasing to have received further high-grade PGE hits at the Serradella Prospect from the remaining assays of the program.
We have made significant advancements in understanding the mineralisation controls at Serradella and recognise that high-grade mineralisation remains open and potentially close to surface. More broadly, we have commenced a review of past exploration and further interpretation of the Yarabrook Intrusion that could yield further opportunities.
“… high-grade mineralisation remains open and potentially close to surface”
The intrusion is large, with over 4,000m of strike and greater than 1,000m of thickness, with multiple intrusive components, some of which are very well mineralised. The intrusion has not been fully explored, and we expect there are further discoveries to be made.
We have long recognised the mineral potential throughout the project area, so we are pleased to have identified a new soil geochemical anomaly in an area that hasn’t received any form of modern exploration. The Balansa Prospect complements our other soil and EM targets on the Brassica Shear Zone.
The extensions of high-grade mineralisation at Serradella, combined with the greenfields targets at Balansa and Brassica, provide a suite of prospective targets for further exploration and drill testing.
In the meantime, we look forward to drilling results from the recently completed Mount Squires drilling program. The company drilled over 4,000m across a range of new rare earth element, gold, nickel and copper targets, most of which had never been drilled before.”
Caspin Resources is an ASX-listed mineral explorer based in Perth, Western Australia that has ‘extensive’ skills and experience in early-stage exploration and development. The company is applying these skills to explore the Yarawindah Brook Project in Australia’s ‘exciting’ new PGE-Ni-Cu West Yilgarn province.
The company’s Yarawindah Brook project is located near Perth and has been the centre of recent drilling programs that have made new discoveries of PGE, nickel, and copper sulphide mineralisation.
Write to Adam Drought at Mining.com.au
Images: Caspin Resources Ltd