Caspin Resources Limited to provide drilling and soil geochemistry results from the West Musgrave Ni-Cu corridor at the Mount Squires Project in Western Australia. These results have defined several new prospects along this prospective corridor. These are the final results from the Company's extensive exploration programs of drilling, soil and rock chip sampling along this trend in 2022.

Drilling results for the Duchess Prospect, on the western side of the Mount Squires Project, remain pending. The Company completed 3,800 Ultrafine Fraction (UFF) soil geochemical samples across the Mount Squires Project in 2022, with approximately 3,000 of these focus on the eastern side of the project which is most prospective for magmatic nickel-copper sulphide deposits. The UFF technique is designed to remove dilutive transported sand cover from residual clay minerals (including metals) and has proven to be ideally suited to the Mount Squires region which has extensive, but typically shallow, aeolian sand cover over a stripped regolith profile.

The sampling program was designed for maximum coverage whilst avoiding deeper paleochannels and aboriginal heritage zones. The latest results include a further 1,200 samples which have identified at least 10 probable sites of mafic intrusions which resemble the type of intrusions which host magmatic mineralisation, commonly referred to as chonoliths. Multiple independent data sets have been integrated to interpret these potential mafic intrusions in the Mount Squires area including GSWA mapping, radiometric surveys, hyperspectral clay response surveys and the geochemical expression in UFF soil sampling.

The potential mafic bodies are commonly characterised by localised positive nickel anomalies and both niobium and molybdenum lows. These geochemical elements reflect the strong geochemical contrast between mafic rocks and the host rhyolitic felsic volcanic sequence, making this type of geochemical discrimination particularly effective in this environment. Most of the interpreted bodies showed coincident mafic-type responses in multiple data sets, with some such as the Auburn and Vermilion Prospects described below, showing metal geochemistry signatures potentially representing magmatic nickel-copper sulphide.