Caspin Resources set for aggressive 2021 exploration program at highly prospective Yarawindah Brook and Mount Squires projects

Caspin Resources Ltd (ASX:CPN) is set to undertake aggressive exploration in 2021 at its highly prospective Western Australia projects – Yarawindah Brook, only 40 kilometres north of Chalice Mining Ltd’s (ASX:CHN) (OTCMKTS:CGMLF) Julimar nickel-copper-PGE discovery, and at Mount Squires. The newly-listed mineral exploration company has the first-mover advantage with priority geological landholding of more than 400 square kilometres at Yarawindah Brook in an emerging nickel-copper-PGE belt north of Perth. It also holds a 100% interest in Mount Squires, one of the last unexplored WA gold provinces. Yarawindah Brook Caspin holds an 80% interest in Yarawindah Brook – a large strategic land position in the heart of the emerging New Norcia nickel province. It has been overlooked in the past due to the lack of geological exposure, competition with agriculture and the focus on Kambalda-style nickel but this has changed with the exploration paradigm shift to orthomagmatic nickel-copper-PGE deposits. New soil geochemistry results and a reassessment of existing data support several new targets within the Yarawindah Brook Project. The company has now opened three exploration fronts. They are: ➢ Targeting several priority airborne electromagnetic (AEM) conductors including XC-29; ➢ Aries Prospect with significantly anomalous PGE results from rock chip samples; and ➢ Yenart Prospect with anomalous PGE & copper in soils with a coincident magnetic anomaly. 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.” Yarawindah Brook is only 100 kilometres north of Perth, with excellent infrastructure advantages. First drilling results Significant results from first drilling include: ➢ 0.12 metres at 5.97% nickel, 0.75% copper, 0.39% cobalt and 2.66 g/t PGE; ➢ 2.25 metres at 1.09% nickel, 0.99% copper, 0.08% cobalt and 0.24 g/t PGE; and ➢ 0.90 metres at 1.44% nickel, 0.76% copper, 0.11% cobalt and 0.19 g/t PGE. The broad low-grade mineralisation demonstrates a very thick mineralised intrusion, an important indicator of massive sulphide deposition. Further, the multiple new prospects discovered spanning an area of 3 kilometres by 4 kilometres, demonstrate the potential for a large mineralised system. Mount Squires Gold Project At the Mount Squires Project, Caspin has identified a 50-kilometre structural corridor with significant gold mineralisation. It will conduct further soil sampling and reconnaissance drilling to identify new targets along strike from the Handpump Prospect. Caspin will concurrently continue to evaluate the potential for nickel-copper mineralisation along strike from OZ Minerals Ltd’s (ASX:OZL) (OTCMKTS:OZMLF) (FRA:OXR) One Tree discovery and Nebo-Babel Deposits. Significant drill results include: ➢ 20 metres at 1.27g/t gold from 23 metres, including 7 metres at 2.54 g/t; and ➢15 metres at 2.30 g/t from 31 metres, including 9 metres at 3.25 g/t. Major greenfields exploration The next steps for its greenfields program include: ➢ Extend and infill soil geochemistry along trend and ultimately across the entire project; and ➢ Reconnaissance drilling along trend between Handpump and Centrifical with targeted reverse RC follow-up Emerging nickel-copper project Caspin said there was potential long-term strategic value with the possible 20 kilometres extension of nickel-copper hosting intrusions on the eastern side of the project. The One Tree Hill prospect is only 200 metres outside of the Caspin tenement boundary and field mapping confirms mafic host rocks extend into Caspin tenements. Surface EM is set to test nickel-copper targets along strike from One Tree Hill. Oversubscribed IPO Last month, Caspin commenced exploration at Yarawindah Brook Project following the successful completion of an $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.  Formation of Caspin Caspin Resources was formed when Cassini Resources Ltd (ASX:CZI) (FRA:ICR) was acquired by mid-tier miner OZ Minerals, in a $76 million merger deal. The move allows OZ Minerals to consolidate its ownership of the West Musgrave copper-nickel project near the South Australian border to 100%. The schemes of arrangement under the acquisition included the demerger of Cassini’s Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources Ltd. Further, Caspin will for the next 10 years, hold the right to receive a potential cash payment of up to $20 million from OZ Minerals if: ➢ OZ Minerals sells 30% or more of its interest in the West Musgrave Project; and ➢ OZ Minerals sells 30% or more of the contained nickel at West Musgrave to a strategic party IPO Caspin Resources made its ASX debut on November 25, 2020, with its share price more than doubling from its 20 cents per share issue price, hitting a high of 53.5 cents, and closing 130% above its IPO price. Backed by fellow explorer and neighbour Chalice Mining, Caspin is well funded with around $8 million raised from its initial public offering to explore both projects. Chalice Gold Mines owns a 10% stake in Caspin post its IPO. Its other substantial shareholders include Buxiao Yu, who holds a 6.6% stake and Tinci (HK) Ltd - one of the largest battery electrolyte manufacturers in China -  with a 6.1% stake.