Caspin Resources Limited (ASX:CPN) is reporting it has found ‘significant’ rhodium mineralisation at the Yarawindah Brook PGE-Ni-Cu Project, 100km north of Perth in Western Australia.
Following the significant rhodium results in YARC0022, Caspin has been selecting specific zones of PGE mineralisation to re-aasay for the full 6 suite of elements, which consists of iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru), as well as platinum and palladium.
This exercise produced an ‘exceptional high-grade’ rhodium intersection from YARC0036 of 17m @ 1.73g/t Pt, 0.39g/t Pd, 0.22g/t Rh, 0.01g/t Au (2.33g/t 4E), 0.17% Ni from 131m, including 3m @ 4.60g/t Pt, 0.87g/t Pd, 0.56g/t Rh, 0.01g/t Au (6.04g/t 4E), 0.17 Ni from 144m.
The peak rhodium grade returned was 0.69g/t.
This is the second significant rhodium result following the initial discovery in YARCD0022 which returned 13m @ 0.17g/t Pd, 0.74g/t Pt, 0.11g/t Rh, 0.26% Ni, 0.21% Cu from 101m, including 2m @ 0.40g/t Pd, 2.45g/t Pt, 0.41g/t Rh, 0.23% Ni, 0.09% Cu from 112m.
Both holes are part of the ‘upper’ Serradella position.
Caspin Chief Executive Officer Greg Miles said this is an outstanding result that celebrates Serradella as a major PGE discovery.
“Our best drill result just got better.
“Our best drill result just got better”
When we discovered rhodium in our initial discovery hole, YARCD0022, we commenced a large re-assay program in the hope that further mineralisation would be found.
This exercise has surpassed our expectations and with such high-grade results, clearly differentiates Yarawindah Brook from other PGE projects.
The results of the past few months have proven to be a breakthrough for the project and provide us confidence to embark on an aggressive drill campaign through the summer season.”
Caspin has also retrieved from storage a small number of PGE mineralised intervals from the 2021 drill program to complete a ‘sighter’ program across the Central Yarabrook Prospect.
Samples were selected based on providing a range of spatial coverage and mineralisation styles to evaluate potential metal associations or geological relationships.
This analysis of only 64 samples has returned ‘significant’ grades of rhodium associated with platinum and palladium, with a peak value of 0.15g/t Rh.
The results from Central Yarabrook, the initial focus for Caspin because of historical work and mineralisation cropping out at the surface, demonstrates the potential for rhodium to occur throughout the Yarabrook intrusion and is very encouraging for further exploration.
This also provides incentive to review previous drilling and the economic potential of Central Yarabrook, particularly if rhodium mineralisation can be shown to have continuity, even over narrower widths.
A number of zones from recent Serradella drillholes remain pending, including YARCD0025 which recently returned a significant intersection of 35m @ 1.03g/t 3E and 0.14% Ni from 91m, including a ‘higher-grade’ core of 12.1m @ 2.07g/t 3E and 0.20% Ni from 105.9m.
Further significant rhodium results were also returned from across the Serradella Discovery, such as 1m @ 0.20g/t Rh from 169m in YARCD0042, part of the lower Serradella position and demonstrating the potential for ‘significant’ mineralisation throughout Serradella.
Across the Yarabrook intrusion, significant rhodium mineralisation is generally proportional with better PGE grades, particularly platinum, although some nickel and copper association is also noted across Central Yarabrook.
The rhodium dataset is currently relatively small and the understanding of this mineralisation will improve as more results are received.
Caspin has a large amount of 6 PGE assays still pending and it looks forward to receiving the results from key holes, particularly in the upper Serradella position.
The drilling results of the past few months have given Caspin the confidence to commit to an aggressive, multi-rig drilling campaign commencing in late October and expected to run throughout the course of the summer season, focusing on the Serradella Discovery.
Prior to this program Caspin is set to resume drilling at its Mount Squires Project, following the positive early drilling results from the Duchess Prospect.
This program is planned to commence by the end of this month, and both programs are fully funded from Caspin’s existing cash reserves.
Caspin Resources Limited is a new mineral exploration company based in Perth, Western Australia and it has extensive skills and experience in early-stage exploration and development.
Caspin continues to bring new targets to drill readiness by collecting geophysical and geochemical data across the project.
At the Mount Squires Project, Caspin has identified a 50km structural corridor with significant gold mineralisation and potential copper porphyry prospects.
Caspin will conduct further soil sampling and reconnaissance drilling along this trend.
It will concurrently continue to evaluate the potential for Ni-Cu mineralization along strike from the One Tree Hill Prospect and Nebo-Babel Deposits.
Images: Caspin Resources Limited
