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Caspin Report ‘Highest Grade REE To Date’ at Duchess Prospect

13 September 2023 14:07

Caspin Resources (ASX:CPN) has announced results from its Mount Squires exploration, including the highest grade rare earth element (REE) mineralisation intersected to date at the Duchess Prospect.

Highest Grade to Date

Today’s released findings pertain to the 4,500-metre RC drilling program carried out in June of this year. These results align with previously reported discoveries, affirming the presence of widespread REE at Mount Squires.

The results from the initial seven holes of the campaign were released in August, yielding intercepts of 27m @ 0.70% TREO from 42m, encompassing a higher-grade zone of 12m @ 1.15% TREO from 55m (MSRC0003), as well as 12m @ 0.81% TREO from 68m, featuring a higher-grade zone of 6m @ 1.15% TREO from 12m (MSRC0006).

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Figure 1: Drill hole locations and significant mineralisation at the Duchess Prospect.

The Company has reported its highest grade REE recorded at the Duchess Prospect, with a peak result of 2m @ 2.03% TREO (comprising of 2,712ppm Nd2O3, 728ppm Pr6O11, 432ppm Dy2O3, 72ppm Tb4O7) from 126 metres, within a broader envelope of 17m @ 0.41% TREO from 117 metres.

These results mark one of the Prospect’s exceptional heavy rare earth element (HREE) intersections, with a consistently high proportion of HREE, averaging over 30% of the total rare earth oxide (TREO), in contrast to the typical range of >30% to as high as 70%.

The Company has affirmed, through their drilling campaign, that the mineralisation follows a hydrothermal style within a volcanic-hosted setting, with mineralisation being deposited along faults and lithological contacts.

Additionally, Caspin Resources has indicated an extension of the mineralisation along the strike, now spanning more than 300 metres, and it remains open along at least two untested controlling structures for over 1,000 metres.

Duchess East

In the Duchess East area, the program included testing, and the most notable REE result came from MSRC0010, revealing a 4-metre interval with a concentration of 0.52% total rare earth oxide (TREO) starting at a depth of 60 metres. In contrast, MSRC0008 yielded the best base metal result, with a 4-metre section registering 297 ppm Mo, 446 ppm Pb, 306 ppm Zn, and 0.9 g/t Ag, commencing at a depth of 4 metres.

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Figure 2. Cross section at Duchess East with mineralised intercepts.

Other Notable Targets

The Company tested several prospective gold targets during the drill program with four holes drilled at the Handpump Prospect and two further holes at the Duchess West Prospect, testing for extensions to gold mineralisation intersected in earlier aircore drilling and rock chip samples.

These holes have all intersected anomalous grades of REE (>1,000pm TREO) all hosted in rhyolite and felsic volcaniclastic rocks with a best result of 12m @ 0.16% TREO in MSRC0021.

Future Outlook

The results reported today demonstrate the Company’s unique, large-scale REE exploration project is characterised by a high proportion of highly valuable HREE, which Caspin plans to exploit with further drilling.

The Company is now exploring potential partnership opportunities to secure funding for its REE exploration endeavoyrs, all while maintaining full ownership of its base and precious metals assets.

According to Greg Miles, Caspin’s Chief Executive Officer, these results serve as another strong indication of the rare earth mineralisation potential at the Mount Squires Project.

“The greatest attribute is the high proportions of heavy rare earths which are some of the most important critical minerals for future technologies and as a consequence, some of the most valuable,” he said.

“We’ve now discovered multiple structures and lithological contacts that host primary mineralisation at Duchess and it is pleasing to see some of the best grades intersected so far. The extents of mineralisation have not been tested at all. We’ve also recognised that the source rocks strike across almost 20km of strike through the project area and are hundreds of metres thick. This presents the possibility of further unique discoveries with more detailed targeting.”

“We believe the scale, grade potential and unique composition of the rare earth mineralisation at Mount Squires would be attractive to a larger partner whilst Caspin remains focused on the base metal potential of the project along strike from BHP’s Nebo-Babel development.”

CPN’s Australian Stock Exchange-listed share price is currently trading at 17 cents (2pm UTC+ 8 hours).

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