THE DRILL SERGEANT: Caspin Resources (ASX: CPN) enjoyed a share price surge on the back of an ongoing soil geochemistry program at Yarabrook Hill, within the company’s Yarawindah Brook nickel-copper-PGE project in Western Australia.
Sampling at Yarabrook Hill had already defined a surface palladium anomaly (>6ppb) over at least three kilometres and beyond the extent of the historical drilling.
The recent sampling extended the soil anomalism to the northwest of recently completed drilling at Yarabrook Hill, with a large coherent PGE-nickel-copper anomaly extending over a 500m x 500m area.
Caspin described this as a potentially new, previously unrecognised intrusive position that has never been drill tested.
Further soil anomalism was also delineated to the north, which the company indicated requires further investigation.
The soil survey has also recognised a second PGE-nickel-copper anomaly in a parallel position 500m to the east of Yarabrook Hill, striking over 1.2km.
With very limited drilling in this area and no bedrock exposure, Caspin has yet to determine the source of the anomaly, however it believes it may represent an upthrown faulted extension of the main intrusion or a separate, unrecognised intrusion.
The soil geochemistry program has now identified several new PGE anomalies begging for further investigation.
These include Anomaly A, approximately 5km north of Yarabrook Hill hosting two coherent ‘lobes’, and Anomaly B, located approximately 6km north-east of Yarabrook Hill and described as a multi- ‘lobe’ anomaly with the main lobes 700 to 800m long with an additional lobe 200m further south with a peak palladium value of 8ppb.
“None of the project area outside Yarabrook Hill has undergone exploration for PGE-nickel-copper mineralisation, so this is an exciting development that may lead to a suite of new prospects being identified for drill testing,” Caspin Resources said in its ASX announcement.
“Approximately 65 per cent of the project remains untested to date, with further soil sampling to be conducted as the company progresses access agreements across the project area.”
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