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Caspin Resources in Agreement with ASM to Evaluate Mt Squires REE Potential

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THE BOURSE WHISPERER: Caspin Resources (ASX: CPN) has struck a deal with Australian Strategic Materials (ASX:ASM) to enter a Joint Venture of the rare earth element (REE) rights on Caspin’s Mount Squires project in Western Australia.

Under the terms of the agreement Caspin is to retain a 25 per cent free carried interest in the Mount Squires REE potential and receive milestone payments of up to $1.5 million.

Caspin explained the deal will enable it to maintain focus on nickel, copper and gold at Mount Squires whilst retaining a ‘free carried’ interest (to decision to mine) in the project’s REE potential.

Australian Strategic Materials is lined up to carry out REE metallurgical test work and drilling at Mount Squires over the next 3-9 months, with minimum expenditure commitments to be met by ASM thereafter to progressively earn up to 75 per cent interest in the REE rights.

“We’re excited to be collaborating with ASM on the rare earth opportunity at Mount Squires, a reputable and specialist REE company,” Caspin Resources managing director Greg Miles said in the company’s ASX announcement.

“Caspin will retain exposure to the REE potential without any funding obligation and potentially receive milestone payments.

“This will allow Caspin to maintain its focus on the nickel, copper and gold potential at Mount Squires and other acquisition opportunities.

“We believe that the high proportion of high-value, heavy rare earths, close to surface in an area with no previous exploration for rare earths, sets the Mount Squires REE project apart from its peers.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Caspin Resources Claims Mount Squires Rare Earth Discovery

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THE DRILL SERGEANT: Caspin Resources (ASX: CPN) will be banging the drum at the RIU Sydney Resources Roundup following the announcement of a Rare Earth Element (REE) mineralisation discovery at the company’s 100 per cent-owned Mount Squires project in Western Australia.

Caspin Resources had drill core from a 2022 drilling campaign at the Duchess prosect that was originally carried out to test a large, discrete molybdenum-copper-gold soil geochemical anomaly assayed for REE.

The assaying of the Duchess aircore holes has identified promising shallow REE, including:

MSAC0141
46 metres at 0.71 per cent total rare earth oxide (TREO) from 32m (1,254ppm NdPr, 216ppm Dy2O3, 36ppm Tb2O3), including 22m at 1.25 per cent TREO from 48m;

MSAC0224
19m at 0.41 per cent TREO from surface (809ppm NdPr, 101ppm Dy2O3, 18ppm Tb2O3), including 4m at 0.80 per cent TREO from 8m;

MSAC0130
7m at 0.32 per cent TREO from surface (687ppm NdPr, 75ppm Dy2O3, 13ppm Tb2O3), including 2m at 0.57 per cent TREO from 5m to EOH; and

MSAC0139
10m at 0.14 per cent TREO from 36m (296ppm NdPr, 47ppm Dy2O3, 8ppm Tb2O3).

“This is a sensational discovery given the tiny scale of the assay program,” Caspin Resources chief executive officer Greg Miles said in the company’s ASX announcement.

“The company has long recognised the conceptual potential for rare earth mineralisation at the Mount Squires project, but given the more obvious prospectivity for nickel, copper and gold this potential had not been investigated until now.

“We’ve now made a significant rare earth discovery, of a relatively unique style in Australia, in a province with no previous systematic exploration for rare earths.

“An important aspect of these results is that it highlights the potential for rare earth mineralisation throughout the project.

“We are barely past the start line on assessing this opportunity.

“The result from MSAC0141 is exceptional and may already represent a discovery hole in a new rare earth oxide deposit, but there are also potentially more targets beyond the Duchess prospect.

“I commend our team for an exceptional piece of exploration geoscience and look forward to the upcoming drilling, further re-assaying, and the next success.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE