Caspin Resources Limited announced final 3E assay results from the earlier 2022 program as well as the recommencement of drilling at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia, only 100km north of Perth. The extensive field program comprises both reverse circulation (RC) and diamond drilling (DD) operating over the next five months, testing a suite of targets and building on excellent recent results. The Company is excited by the prospect of defining a new PGE-Ni-Cu resource at Upper Serradella, centred on the excellent results delivered by YARC0036 ­ 17m at 2.33g/t 4E & 0.17% Ni, including a high-grade core of 3m at 6.04g/t 4E & 0.17% Ni, which includes a highly significant intercept of 0.56g/t Rh.

The current drill spacing in Upper Serradella is around 200m (or greater where some holes have been ineffective), leaving enormous scope for further discovery of high-grade mineralisation at shallow depths by infill drilling surrounding YARC0036, YARC0022 and YARCD0025, the best drill holes in the area to date. There is also significant scope south of YARC0036 where mineralisation remains open. The Company recently reported a new PGE discovery at what is now known as the Vicia Prospect, adjacent to the Serradella Discovery.

Mineralisation occurs over a strike length of at least 600m with at least two PGE-mineralised lenses. YARC0030 returned a best result of 32m at 0.48g/t 3E from 53m including 4m at 1.12g/t 3E from 81m. The Vicia Prospect lies immediately west of Serradella and possibly represents a thrust slice of the same broad mineralised system from beneath the Radio Tower Fault, which was previously considered to host only barren gabbroic rocks.

The Company is excited to have opened a new exploration search space and also demonstrate the potential for further zones of mineralisation to be discovered where there has been no systematic drill testing, including deeper beneath Serradella. Further infill and step-out drilling will be conducted at Vicia during this drill program to determine the potential for economic bodies of mineralisation. Samples from mineralisation in YARC0030 have also been resubmitted for full 6E laboratory analysis.

The broad scale approach to exploration so far has allowed the Company to develop a conceptual model which indicates potentially stronger mineralisation, associated with the basal contact of the intrusion, is located to the northeast of the current drill area. The deepest drilling in this area has provided support for the interpretation with broad zones of anomalous mineralisation such as 133m at 0.49g/t 3E & 0.11% Ni from 153m in YARCD0041, including higher-grade zones such as 6.9m at 1.08g/t 3E & 0.14% Ni from 226.6m and 111m at 0.30g/t 3E from 71m in YARC0042. Assays from the final hole at Central Yarabrook Hill, YARCD0020, have returned a broad zone of anomalous PGE-Ni-Cu mineralisation, encouragingly of greater tenor than seen elsewhere in the Central Yarabrook Intrusion.

The hole returned 96.2m at 0.37g/t 3E, 0.17% Ni & 0.16% Cu including narrow higher-grade intersections such as 6.45m at 1.00g/t 3E, 0.30g/t Ni & 0.47% Cu and 0.30m at 1.91g/t 3E, 3.73% Ni and 1.62% Cu. The geology of the intrusion in the Central Yarabrook area is stratigraphically higher and geochemically different to the northern end (Serradella-end) of the intrusion which hosts the best mineralisation at the project found so far. Importantly, there is approximately 950m between YARCD0020 and YARC0036, the best hole to date at Serradella (17m at 2.33g/t 4E), with no effective drilling in between (YARC0003 and YARCD0021 having drilled entirely through a dolerite dyke, whilst YARC0020 and YAD0012 were abandoned before reaching target depth).

This demonstrates that despite the many drill holes completed to date, the Yarabrook Intrusion is yet to be fully tested and there remains excellent opportunities for further discovery. This area will be infilled in the current program. Full 6E assay results have been received from three diamond holes, YARCD0025, YARCD0027 and YARCD0041, providing further high-grade rhodium intersections over narrow widths.

The additional intersections of rhodium will significantly contribute to the economic value of mineralisation at Serradella. A best rhodium result of 0.52m at 2.27g/t 4E, including 0.36g/t Rh, from 328.48m was returned from YARCD0027, whilst rhodium also made a further contribution to the previously reported high-grade intersection in YARCD0025 of 1m at 6.44g/t 4E (now including 0.15g/t Rh), from only 113m downhole. The Company is continuing to develop geological models for Serradella where mineralisation is now recognised to variably comprise Rh-rich lodes, Pd-Pt-dominant lodes and Ni-Cu-dominant lodes.

The Company expects to delineate the various lode styles with close-spaced drilling in the upcoming program. The Company is also transitioning from selective to comprehensive 6E assaying which is delivering some surprising results. For example, YARCD0041 returned 1m at 0.24g/t Rh from 431m, in what is otherwise a low-grade intersection of 0.07g/t 3E, demonstrating firstly that further economic zones of mineralisation may yet be discovered by 6E analysis as well as the importance of systematic exploration.

The XC-46 Prospect is defined by an airborne electromagnetic (AEM) anomaly on the Brassica Shear Zone, approximately 5km west of the Yarabrook Intrusion. The Brassica Shear Zone comprises a 17km trend of mafic and ultramafic rocks through the southern and western portions of the Project that hosts numerous AEM and soil geochemical anomalies indicating potential for PGE-Ni-Cu mineralisation. The Company previously reported visual observations from two diamond holes (YAD0023 & YAD0024) at XC-46.

Broad zones of sulphide mineralisation have been confirmed to contain anomalous grades of nickel, copper and PGEs. YAD0024, which visually contains the strongest sulphide mineralisation, returned a broad zone of anomalism comprising 13.9m at 0.20% Ni & 0.15% Cu. The hole also intersected a narrow zone of 0.52m at 0.35% Ni, 0.17% Cu & 0.42g/t 3E demonstrating potential for economic mineralisation.

It is worth noting that YAD0024 intersected the south-eastern edge of the conductor. It is anticipated that step out drilling further to the northwest along the approximately 100m long anomaly could conceivably encounter stronger sulphide mineralisation coincident with the highest modelled zone of conductivity. A single hole is planned to test this zone in the back half of the current program.

Additional diamond drilling in this program (YAD0021 and YAD0022) tested a magnetic anomaly south of XC-46 and intersected an extensive sequence of relatively undeformed mafic and ultramafic rocks (probably a local lens within the deformation zone) and whilst no significant assays were returned from these holes, the lithologies are consistent with a prospective host environment for orthomagmatic sulphide mineralisation.