Caspin Resources identifies PGE targets at Yarawindah Brook Project near Julimar discovery

Caspin Resources Ltd (ASX:CPN) has revealed new soil geochemistry results and a reassessment of existing data supporting several new targets within the Yarawindah Brook Project in Western Australia. The company has now opened three exploration fronts at the Yarawindah Brook Project: Targeting several priority airborne electromagnetic (AEM) conductors including XC-29; The Aries Prospect with significantly anomalous PGE results from rock chip samples; and The Yenart Prospect with anomalous PGE & copper in soils with a coincident magnetic anomaly. Summary of Yarawindah Brook exploration targets, including priority conductor targets. Caspin chief executive officer Greg Miles said: “These results demonstrate that we have rapidly developed a pipeline of prospects at Yarawindah Brook. “Our target mineralisation styles range from massive nickel and copper sulphide to low sulphide PGE-rich mineralisation. “We are still in the process of collecting new data, so we could potentially generate more targets over the coming weeks and months. “We’re in a great position with multiple pathways to discovery”. Oversubscribed IPO Last month, Caspin commenced exploration at Yarawindah Brook Project following the successful completion of a $8 million initial public offering (IPO). At the time Miles said: “This is an exciting time for Caspin and its shareholders. We have hit the ground running and we have already completed our first exploration program in the form of an airborne electromagnetic (AEM) survey. "An AEM survey provides a direct detection method to identify nickel, copper and PGE bearing sulphide and our survey covered ground previously unexplored for these commodities.  “We would like to thank all our supporters for helping us reach this milestone. The overwhelming response to the IPO is an endorsement of our team and strategy. I’d like to welcome all shareholders as we embark on this exciting journey.” Yarawindah covers an area of about 400 square kilometres in Australia’s newest nickel-copper-PGE province - New Norcia Nickel Province, northeast of Perth. YARAWINDAH #Nickel #Copper #PGE PROJECT AEM IDENTIFIES NEW CONDUCTOR TARGETS Read it here ????https://t.co/aOy33wfxNS#batterymetals #EVs #basemetals #investingnews #asxnews #exploration #mining #ausbiz $CPN pic.twitter.com/mn8K4HqU39 — Caspin Resources Limited (@CaspinRes) December 14, 2020 New prospect – Aries PGE Considering the recent identification of the XC-29 anomaly along the 'Brassica Trend', Caspin has reviewed past exploration in this area. Whilst historical exploration has been limited, of particular interest is an area of rock chip sampling and prospecting with elevated rock chip values up to 149 ppb of combined palladium and platinum now known as the Aries Prospect. This is considered extremely significant in the context of the recent nearby Julimar PGE discovery by Chalice Mining Ltd (ASX:CHN). Gold is also anomalous in these samples, however, nickel and copper are generally at background levels which initially obscured the significance of the results. This prospect is potentially an example of a low-sulphide, PGE dominant style of mineralisation which is unlikely to be conductive and not detected in an AEM survey. Caspin intends to infill and expand the sampling coverage with a systematic soil geochemical sampling grid across the prospect, before evaluating potential drill targets. Anomalous PGE-copper at Yenart Prospect The Yenart Prospect was initially a conceptual target based on a circular magnetic feature that could represent a mafic/ultramafic intrusion. The feature is also plausibly down-dip from mineralised mafic intrusive rocks exposed at Yarabrook Hill adding further weight to the target. Caspin has completed a reconnaissance traverse of soil sampling along a road on the margin of the Yenart magnetic anomaly which has returned elevated levels of palladium and platinum up to 13ppb. Copper values are also anomalous. These are encouraging results that not only support the inference that a mafic/ultramafic intrusion is present but also possibly suggests the presence of magmatic sulphide mineralisation. The results have provided sufficient encouragement for Caspin to extend soil geochemistry programs over the entirety of the Yenart magnetic anomaly with the program well underway. With exploration continuing on a number of fronts, Caspin expects to be able to generate additional targets as results come to hand over the coming weeks whilst also continuing to advance existing targets to drill testing as soon as possible.