Caspin Confirms Widespread REE at Mount Squires

23 May 2023 13:56

Caspin Resources once again grows the potential of its Mount Squires Project, with a battery of results from drill hole assays, rock chip sampling and a review of the Project’s mineralisation potential confirming widespread rare earth element mineralisation across the West Australian project.

Rearing on REEs

Caspin assayed an additional 80 samples from the 2022 drilling program for the entire suite of REEs, with a number of anomalous and significant results returned with grades of up to 1,037ppm NdP, 217ppm Dy2O3 and 35ppm Tb2O3, alongside the highest grades of scandium to date at 88ppm.

New intersections include:

o 4m @ 0.63% TREO from 108m (1,037ppm NdPr, 217ppm Dy2O3, 35ppm Tb2O3) (MSAC0152)
o 22m @ 0.24% TREO from 20m (413ppm NdPr, 69ppm Dy2O3, 11ppm Tb2O3)
Including 4m @ 0.57% TREO from 34m (920ppm NdPr, 193ppm Dy2O3, 30ppm Tb2O3) (MSAC0101)
o 21m @ 0.14% TREO from 13m (267ppm NdPr, 45ppm Dy2O3, 7ppm Tb2O3)
Including 4m @ 0.36% TREO from 17m (648ppm NdPr, 96ppm Dy2O3, 15ppm Tb2O3) (MSAC0024)

Samples were mostly taken from a cluster of holes in the southeast of Mount Squire’s Duchess Prospect that hosts a potentially similar geological setting as found in hole MSAC0141, which returned an assay of 6m @ 0.71% TREO from 32m (including 22m @ 1.25% TREO from 48m).

The new results both support the outstanding results from MSAC0141 and are in line with the Company’s expectations, containing a high proportion of heavy REEs, with HREEs comprising an average of 29% of TREO.

Expanding REE Horizons

Alongside the newly assayed drill holes, a first-pass review of mapping, rock chip sampling, soil geochemistry and geophysics has revealed a number of new high-quality REE targets located within the prospective rhyolitic rocks that cover approximately 435km of the Project, with rock chip samples up to 0.50% TREO demonstrating the REE prospectivity of these units.

High-resolution radiometric imaging taken from across the Project has also highlighted a particularly intriguing anomaly to the east of the Duchess Project, with the Company expecting to deliver the results of a soil sampling campaign taken over this anomaly in the coming weeks.

Following up

Caspin will waste no time following up on such compelling results, with the Company now on track to kick off an up to 1000 metre RC drilling campaign in mid-June aimed at testing extensions of mineralisation encountered in hole MSAC0141, which remains open in all directions a potentially at depth as well.

The campaign will also work to provide samples for metallurgical testwork on top of the currently underway TIMA SEM mineralogical analysis which is in progress.

Looking Forward

The Company said that these new results further highlight Mount Squires’ potential to host significant rare earth element mineralisation.

“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,” Chief Executive Miles Greg said.

“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.”

CPN’s Australian Stock Exchange-listed share price is currently trading at 30.5c (12:49 pm UTC+ 8 hours).

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