Caspin Resources Limited (ASX:CPN) Quarterly Activities Report
Bygoo Tin Project Acquisition and Drilling Plans
Caspin Resources Limited (ASX: CPN) has successfully completed the acquisition of the Bygoo Tin Project in New South Wales. The acquisition allows Caspin to explore high-grade targets verified by significant historical drilling results. RC drilling is set to commence in late January to early February 2025.
Highlight drilled intersections from the Bygoo North Prospect include impressive results like 35m @ 2.10% Sn from 43m and another 35m @ 1.71% Sn from 94m. These results catalyse immediate exploration targets, showcasing the project’s potential.
Mount Squires and Rare Earth Elements Exploration
Exploration activities at the Mount Squires Project have highlighted the potential for nickel-copper mineralisation. A detailed gravity survey was completed to assist in targeting blind mafic intrusive bodies, while diamond drilling gathered samples for metallurgical test work funded by Australian Strategic Materials.
In addition, drilling at the Duchess REE Prospect revealed high-value heavy rare earth elements, with plans for further metallurgical studies to evaluate recovery methods.
Corporate Developments and Financial Position
Caspin completed Tranche 2 of a $1.6 million placement during the quarter to bolster its exploration efforts at the Bygoo Tin Project. The company currently holds approximately A$1.88 million in cash reserves and has no debt.
The company reflects optimism for 2025: “In a short period, we’ve developed a pipeline of advanced drill-ready targets that could host many new discoveries.”
Future Outlook
Caspin plans to initiate a robust on-ground exploration program, testing high-grade mineralisation continuity at Bygoo North. Additionally, they will pursue more drill programs at emerging prospects, contributing to a steady news flow for investors in the coming months. With increasing demand for tin, specifically in the electronics sector, Caspin sees a unique opportunity for exploration success and growth.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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