Caspin’s Bygoo Tin Project Grows Amid Uncertainty Over Metallurgical Outcomes

Bygoo Tin Project Expansion

Caspin Resources Limited (ASX, CPN) has reported a strong quarter of exploration progress at its flagship Bygoo Tin Project in New South Wales. The company’s recent reverse circulation drilling campaign at Bygoo North has uncovered extensive zones of tin mineralisation, including both broad intercepts and high-grade cores. Noteworthy results include a remarkable 118 metres at 0.32% tin starting from 44 metres depth, featuring a higher-grade segment of 8 metres at 1.17% tin. These findings extend the known mineralised granite contact zone to over 1,000 metres and remain open along strike, suggesting a potentially large tin resource.

Additional drill holes have confirmed continuity and extensions of mineralisation, with some intervals also containing copper, bismuth, lead, and zinc. The presence of copper, particularly a 5-metre interval grading 1.45% copper alongside 1.73% tin, hints at complex hydrothermal systems that could enhance the project’s economic prospects. These results are especially encouraging given that much of the mineralisation lies beneath shallow cover and was previously undetected by historical exploration.

Metallurgical and Geophysical Advances

To complement the drilling success, Caspin has completed a diamond drill hole aimed at providing high-quality samples for initial metallurgical testing. This work is critical to demonstrate the feasibility of producing a marketable tin concentrate and to explore ore sorting technologies that could upgrade lower-grade material. Concurrently, a high-resolution aerial magnetic survey spanning approximately 800 square kilometres is underway. This survey will refine geological models, identify key structures, and generate new drill targets across the broader Bygoo Project area, which encompasses a 20-kilometre prospective granite contact horizon largely untested by drilling.

Corporate and Financial Position

Supporting these exploration activities, Caspin successfully completed a $2.1 million equity raising during the quarter, including participation from directors. This capital injection bolsters the company’s cash position to approximately $2.3 million post-quarter, with no debt on the balance sheet. The funds are earmarked primarily for advancing the Bygoo Tin Project, reflecting management’s confidence in the project’s potential to deliver significant value.

Broader Portfolio and Market Context

Beyond Bygoo, Caspin continues to explore its other Australian assets, including the Yarawindah Brook Project in Western Australia, where platinum group elements have been identified, and the Mount Squires Project, which hosts rare earth element mineralisation. The company’s diversified portfolio positions it well to capitalize on growing demand for critical minerals, particularly tin, which is increasingly vital for electronics and green technologies. Caspin’s focus on a stable, first-world jurisdiction with high environmental and social standards adds to its appeal amid global supply chain concerns.

Looking ahead, Caspin plans to integrate ongoing drilling results, metallurgical data, and geophysical insights to refine resource estimates and guide further exploration. The company’s methodical approach and recent successes suggest that the Bygoo Tin Project could emerge as a significant new tin resource in Australia’s mining landscape.