Western Australian (WA)-based company Caspin Resources (ASX:CPN) reports it has discovered a new, 8km copper-palladium (Cu-Pd) soil geochemistry anomaly following exploration activities at its Mount Squires Project in WA’s West Musgrave region.
The results, generated by ultra-fine fraction (UFF) soil geochemistry results, have identified Cu mineralisation within surface outcrop on the West Musgrave Nickel-Copper (Ni-Cu) Corridor and indicate the Cu-Pd anomaly is coincident with a northeast magnetic lineament.
The magnetic lineament is defined by a strike of over 17km through the project area.
It is reported that the anomaly boasts the same style of mineralisation observed at the Succoth deposit, which is owned by low carbon and economic wellbeing focused Oz Minerals (ASX:OZL).
A further 1,200 soil geochemistry samples are currently pending and are expected to assist the company in evaluating additional Cu and Ni anomalies along trend, as well as define drill targets or additional geophysical surveying for the 2023 field campaign.
Addressing the results, Caspin Resources’ CEO, Greg Miles said: “Whilst at a very early stage in exploration, our field programs have provided some tantalising results already. Shareholders should be very pleased with progress at the Mount Squires project.
The project has demonstrated ‘significant’ value, not just because of its address in the heart of an emerging province, but with obvious mineralisation potential. This new copper and palladium anomaly, with occurrences of copper at surface, is a ‘significant’ breakthrough for the company.
“The project has demonstrated ‘significant’ value, not just because of its address in the heart of an emerging province, but with obvious mineralisation potential”
With drilling programs now underway at Yarawindah Brook and results from Mount Squires to come shortly, the short-term outlook for the company has never looked better.”
The company also notes that the spatial association of the Cu-Pd anomaly with the strong northeast lineament is interpreted to be further evidence that the anomaly is host to mineralisation.
It is believed that the magnetic lineament has potential to represent a deep-seated structure and is a conduit for the emplacement of mineralised magmatic intrusions.
In addition, Caspin Resources reports it has completed aircore (AC) drilling about 200m east to OZ Mineral’s One Tree Hill prospect, with results indicating that it has intercepted the type of mafic lithologies known to host mineralisation within the One Tree Hill prospect.
The AC drilling consisted of 30 drillholes and was conducted to test preliminary AEM anomalies and determine if suitable lithologies and potential mineralising structures continue into the company’s Mount Squires tenement.
As of 1pm (AEST) Caspin Resources’ share price has increased by 6.81%.
Caspin Resources’ Mount Squires project represents an early stage, greenfield exploration project located about 1,700km northeast of WA’s capital city of Perth, adjacent to the western border of OZ Minerals’ West Musgrave project. The project comprises a 750km-square land holding, including a 50km structural corridor prospective for gold (Au) mineralisation.
With results from both the soil geochemistry and AC drilling on the West Musgrave corridor still pending, Caspin Resources announces it has found sufficient encouragement from results to date to escalate exploration activities during the 2023 field season.
Images: Caspin Resources Ltd
