Extensions and New Zones of High Grade Tin at Bygoo North

Caspin Resources Limited (Caspin or the Company) (ASX: CPN) is pleased to present drill results from a second phase of RC drilling, following the Company’s very successful maiden drilling campaign at its 100% owned Bygoo Tin Project in New South Wales. The Company completed a further 4 holes for 558m, complementing the original 12 holes from the maiden program.

HIGHLIGHTS

• Scale of Bygoo Tin Project continues to grow with the discovery of new zones of tin mineralisation during the Company’s second RC drilling campaign
• Very broad zone of tin mineralisation at the Stewart’s Lode extended along strike with:
  • 118m @ 0.32% Sn from 44m in BRC015 (unconstrained internal dilution); including
  • 29m @ 0.53% Sn from 44m, including 8m @ 1.17% Sn from 45m
  • 12m @ 0.45% Sn from 116m; and
  • 28m @ 0.52% Sn from 146m
• Caspin’s maiden drilling at the Smith’s Lode returns further high-grade tin with:
  • 16m @ 0.68% Sn from 49m (BRC013); including
  • 5m @ 1.73% Sn & 1.45% Cu from 53m;
• Drilling identifies a further new zone of mineralisation named ‘Radius’, between Dumbrell’s and Smith’s, with:
  • 16m @ 0.48% Sn from 124m (BRC016); including
  • 2m @ 2.05% Sn & 0.37% Cu from 128m
• Wide zones and high-grade tin mineralisation now drilled over +1,000m of granite contact zone with large gaps in drilling and open along strike.
• High resolution aerial magnetic survey covering ~800km² to commence shortly

Caspin’s Managing Director, Mr Greg Miles, commented “These results are an exciting epilogue to our maiden drilling program at the Bygoo Project. We are delighted with intersecting 16m @ 0.68% Sn in our first drill hole at Smith’s, including a high-grade zone of 5m @ 1.73% Sn, coupled with 1.45% Cu, the highest-grade copper result by Caspin to date. Another 100m-plus intersection of tin mineralisation at Stewart’s also confirms continuity of ‘bulk’ mineralisation, at very shallow depths. And finally, a new zone of tin mineralisation at ‘Radius’ result demonstrates verifies Caspin’s geological model and growing understanding of key controls to tin mineralisation.

“Most importantly, we now recognise the tin mineralisation potential over greater than 1,000m of shallow granite contact strike at Bygoo North. Drilling is quickly demonstrating that Bygoo North has excellent potential to grow into a tin project with substantial scale. Drilling will continue to target new zones of tin mineralisation and extensions of known areas of shallow tin mineralisation along strike.”

Since acquiring the project, the Company has invested considerable time to understand the geology and controls on mineralisation at Bygoo North. Using the previous exploration data as a base and steadily importing other legacy data such as drilling from the 1970s, the Company is developing a new geological model for the prospect. The Ardlethan Granite contact can now be traced over 1,000m at the prospect, with greisen-style mineralisation developed variably along its entirety (Figure 1).

Figure 1. Location plan of mineralisation and relationship to granite contact at Bygoo North, with significant intercepts. The prospective granite horizon represents the potential for greisen mineralisation on the granite contact to approximately 100m below surface.

These latest results provide further evidence that mineralisation is constrained only by drilling. There are obvious additional drill targets for further exploration. A planned high-resolution aerial magnetic survey, commencing in the following weeks, will further assist refinement of the geological model and hence the targeting process, particularly the several kilometres of untested granite contact to the north and south.

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