Caspin Raises $2.1M at $0.05 to Fund Bygoo Tin Project’s Next Drill Phase
Caspin Resources has raised $2.1 million through a two-tranche equity placement to fund ongoing exploration at its promising Bygoo Tin Project, following encouraging high-grade drill results. The capital raise underscores strong investor confidence as further assay and metallurgical results are anticipated soon.
- Raised $2.1 million via equity placement at $0.05 per share with attaching options
- Placement proceeds to fund continued exploration at the Bygoo Tin Project in NSW
- Maiden drilling confirmed continuous high-grade tin mineralisation with open extensions
- Recent aircore, RC, and diamond drilling completed; results expected in coming weeks
- Directors committed $100,000 subject to shareholder approval in second tranche
Capital Raise to Propel Bygoo Exploration
Caspin Resources Limited (ASX: CPN) has successfully secured $2.1 million through a two-tranche equity placement aimed at advancing exploration activities at its Bygoo Tin Project in New South Wales. The placement, priced at $0.05 per share, a 12.2% discount to the last traded price, includes free attaching options exercisable at $0.10, reflecting strong investor appetite bolstered by promising early drilling results.
The funds raised will support ongoing drilling programs and metallurgical test work, as well as general working capital. Directors have also demonstrated confidence by committing $100,000 to the placement, pending shareholder approval expected in mid to late June.
Encouraging Drilling Results Confirm Project Potential
The Bygoo Project’s maiden drilling program has delivered continuous high-grade tin mineralisation, with standout intercepts such as 11 meters at 2.30% tin from 100 meters depth and 16 meters at 1.35% tin from 65 meters. Notably, a 100-meter interval grading 0.33% tin suggests a significant bulk mineralisation component, indicating potential for both scale and grade.
Importantly, mineralisation remains open at depth and along strike, with evidence pointing to stacked greisen lodes that have yet to be fully tested. The presence of coarse cassiterite grains, which are amenable to low-cost gravity separation, adds to the project’s economic attractiveness.
Recent Drilling and Upcoming Results
Caspin has recently completed a second round of drilling, including aircore, reverse circulation (RC), and diamond drilling, targeting extensions of known mineralisation and new geochemical anomalies. This program also included a diamond hole to provide samples for advanced metallurgical testing, which is set to commence imminently.
Results from these recent campaigns are eagerly awaited and expected in the coming weeks, potentially providing further clarity on the scale and quality of the tin mineralisation at Bygoo.
Strategic Positioning in a Growing Tin Market
Bygoo’s location within the prolific Wagga Tin Granites and proximity to the historic Ardlethan Tin Mine situates Caspin well within a recognized tin-producing region. Tin’s role as a critical technology metal, used extensively in electronics soldering and increasingly important for electrification and computing, adds strategic value to the project.
Global tin supply faces environmental and social challenges, making Australia’s stable jurisdiction and high environmental standards an attractive investment destination. Caspin’s progress at Bygoo aligns with growing demand for responsibly sourced critical minerals.
Bottom Line?
With fresh capital and promising drill results, Caspin is poised to unlock Bygoo’s tin potential—next weeks’ assays will be pivotal.
Questions in the middle?
- Will upcoming drill results confirm the presence of stacked greisen lodes and expand the resource?
- How will metallurgical test work impact the economic viability and processing strategy for Bygoo tin?
- What are the implications of shareholder approval timing on Caspin’s exploration momentum?
