Caspin Resources Ltd backed by early signs of Duchess with flush gold-silver system identified
Caspin Resources Ltd (ASX:CPN) is encouraged by the first signs of the Duchess prospect at the Mt Squires project in Western Australia with an outcropping gold-silver system identified during initial field sampling.
The mineralized vein systems discovered at surface at the prospect in the West Musgrave area returned a rock chip result of 2.46 g/t gold and 49.7 g/t silver.
The outcrop coincides with the initial results of the reconnaissance drilling in which the “DTH” results confirm the existence of a gold and silver anomaly with a strike of at least 500 meters.
This evidence indicates a potential open strike of 2 kilometers under cover towards the Handpump prospect.
“Possibility of discovery”
Caspin Managing Director Greg Miles said, “This is a great example of the discovery opportunity at Mount Squires.
“We set foot on this brand new target with almost no prior exploration and immediately detected veins of gold and silver on the surface. How many places on earth can you still do this?
“And our first reconnaissance drilling program is providing evidence of consistent bedrock mineralization! We are excited about what else we will find, not just at Duchess, but across the project.
“I believe this vindicates our faith in the Mount Squires project and supports the company’s strategy to pursue both the Yarawindah Brook and Mount Squires projects.”
Mineralized vein outcrop at Prospect Duchess grading 2.46 g/t gold and 49.7 g/t silver.
Copper-molybdenum to start
A distinct trend of copper-molybdenum mineralization was also identified by rock chip samples and ‘down-the-hole’ air cores.
The first part of Caspin’s reconnaissance coring program comprised 81 holes for 2,394 meters with most drilling on wide centers of 400 x 200 meters. Mapping and field sampling were done in parallel with the drilling.
This program focused on the main molybdenum anomaly previously identified in 2021, but also extended 7 kilometers strike through the broader molybdenum-copper-gold-lead soil anomaly.
The drilling activities were co-funded by the state government and the DMIRS-supported exploration incentive program, Round 25, co-funded the exploration drilling initiative.
Efficient opening under cover
One of the highlights of these early results is a rock chip sample returning 2.46 g/t gold and 49.7 g/t silver from an uneven outcrop covering approximately 20 square meters .
Nearby aerodynamic drill holes on two lines also returned downhole results >1 g/t silver within a wider zone of consistent silver >0.5 g/t and gold mineralization > 0.2 g/t with at least 500 meters of direction.
This zone is effectively open under alluvial cover up to the Handpump prospect, 2 kilometers to the north, which previously returned significant gold results such as 15 meters at 2.30 g/t.
New style of mineralization
Drilling prior to Handpump showed only a very weak silver anomaly. Therefore, the silver mineralization appears to be a new style of mineralization associated with the Duchess prospect.
Molybdenum chip anomalous values of up to 60 ppm have also been reported from rhyolitic outcrops and are broadly correlated with the core of the molybdenum soil anomaly in the eastern margin of the Duchess prospect.
Molybdenum downhole anomalous samples were also returned to the east side of the prospect with a peak reading of 78 ppm from the last hole on the line, leaving open mineralization to the east.
Although this is a very small amount of preliminary data, given that the full drill results have yet to be returned along with another 120 rock chip samples, distinct trends of gold-silver and copper- molybdenum emerge on the prospect.
Drilling is expected to resume at Duchess in late September to fill and extend the current drill spacing around holes that have already revealed some anomaly in the main target features.
The company has also scheduled an airborne electromagnetic (AEM) survey over the Duchess prospect and the One Tree Hill trend to the east to identify potential styles of massive nickel-copper sulphide mineralization and will complement the soil geochemistry program and the air core reconnaissance program which is still in progress. to complete.
A soil sampling program covering large portions of the project was completed with 2,628 soils submitted for UltraFine analysis. The first results are expected in September and will be used to guide future drilling activities.