Caspin Resources (ASX:CPN) hits strong sulphide mineralization at Yarawindah – The Market Herald
- Caspin Resources (CPN) intersects strong sulphide mineralization at its Yarawindah Brook project in Western Australia
- Diamond and reverse circulation drilling was undertaken on the XC-22 prospect to follow up the mineralization discovered in November
- While assays are pending, the company says there appear to be continuing areas of mineralization and believes it could be on the cusp of a major discovery.
- To address low test turnaround times, Caspin is using additional labs and changing its methodologies, however, it expects delays to continue in the near term.
- Shares are trading four percent higher at 78 cents
Caspin Resources (CPN) has intersected strong sulphide mineralization at its Yarawindah Brook project in Western Australia.
Diamond and reverse circulation (RC) drilling was completed at the XC-22 prospect to follow up the mineralization discovered in November.
Diamond tails were completed to extend previous reverse circulation holes.
While one could not be re-entered and another struck a thick dolerite dyke where the company expected most of the mineralization, two diamond tails intersected significant sulphide zones .
According to Caspin CEO Greg Miles, these areas seem continuous and predictable, which he says gives the company confidence that it is “on the cusp” of a major discovery.
A total of 16 reverse circulation holes were also completed, all of which intersected the target pyroxenite and peridotite contact.
Assay results are pending, but the company said drill holes have defined a consistent mineralized horizon over an extent of at least 1.2 kilometres.
West of XC-22, five additional RC drill holes were completed at the northwest soil anomaly which intersected thick sequences of pyroxenite, metagabbro and metasediments with minor disseminated sulphides.
The company believes the anomaly may be part of the main Yarabrook intrusion, but that cannot be determined until assay results are returned.
Caspin completed diamond hole YAD0019 which was partly funded by the Government of Western Australia’s Exploration Incentive Scheme to better understand the architecture of the Yarabrook Intrusion.
The results returned broad zones of platinum group elements, nickel and copper anomalies with narrow higher grade zones.
The company said the volume of mineralization in the Central Yarabrook intrusion is encouraging and as such is investigating whether it can be concentrated into an economic deposit.
In this vein, CPN plans to feed the density measurements of YAD0019 into a gravity inversion to redefine the boundaries of the intrusion.
Going forward, the AT XC-22 diamond drill rig is still in operation and the remaining drill holes are expected to be completed within the next two weeks.
Further reverse circulation drilling is planned at XC-22 once assays are received and interpreted.
In an attempt to manage poor test turnaround times in Western Australia, the company has decided to use additional labs and changed its testing methodologies, however, it expects the delays to continue to short term.
Shares of the company rose 4%, trading at 78 cents at 2:08 p.m. AEST.