Caspin Reports 3.94Mt at 0.5% Tin Maiden Resource at Kelpie Deposit

Maiden Resource Marks a Milestone

Caspin Resources Limited (ASX – CPN) has delivered a significant milestone with the announcement of a maiden inferred tin resource at the Kelpie Deposit, part of its Bygoo Tin Project in New South Wales. The resource estimate, prepared by Cube Consulting, outlines 3.94 million tonnes grading 0.5% tin, equating to 19,300 tonnes of contained tin within an optimised open pit shell. This positions Kelpie as a high-grade, near-surface deposit with promising economic extraction prospects.

Managing Director Greg Miles emphasised the achievement as a foundation for a viable mining project, highlighting the deposit’s open-pit amenability and the quality of the geological model developed from extensive legacy and recent drilling data. The maiden resource is a culmination of over 275 drill holes spanning decades, supplemented by Caspin’s strategic drilling and detailed geological understanding.

Exploration Target Signals Significant Upside

Beyond the maiden resource, Caspin has defined a substantial Exploration Target ranging from 12 to 20 million tonnes at 0.35% to 0.50% tin. This target area, conceptual in nature, represents potential to more than double the current resource size. It is based on geological modelling of the granite contact horizon that hosts the mineralisation and extends well beyond the current drilling footprint.

The Exploration Target is constrained by limited drilling but supported by geological continuity and historical mining activity. The deposit remains open along strike for over 1,000 metres and at depth, with the potential for stacked and repeated lodes. This suggests that the Kelpie Deposit may be just one part of a much larger mineralised system.

Regional Prospectivity and Historical Context

The Bygoo Tin Project lies within a prolific tin-producing region known as the Wagga Tin Granites, near the historic Ardlethan Mine, which produced 34,000 tonnes of tin over its operational life. Caspin’s reconnaissance mapping has revealed hundreds of historical workings within a 2-kilometre radius of Kelpie, with rock chip samples returning tin grades up to 0.82%. These findings underscore the potential for multiple new discoveries along the approximately 20-kilometre prospective granite contact that remains largely untested by modern exploration methods.

The geological setting features greisen-style tin mineralisation associated with granitic intrusions, a style known for its economic viability and amenability to open-pit mining. Caspin’s ongoing work includes detailed surface mapping and a high-resolution aeromagnetic survey to prioritise further exploration targets.

Next Steps and Market Implications

Looking ahead, Caspin plans to commence a new drilling program in the December quarter, subject to environmental approvals. This program will focus on testing extensions within the current resource and the broader Exploration Target, aiming to convert conceptual potential into defined resources. Concurrently, preliminary metallurgical test work is underway to confirm the ability to produce marketable tin concentrates using conventional and modern processing techniques.

The company’s approach reflects a methodical progression from resource definition to project development, leveraging both historical data and modern exploration technology. The Bygoo Project’s location in a well-established tin district, combined with its near-surface mineralisation, positions Caspin to potentially emerge as a significant new tin supplier in Australia.