en.Wedoany.com Reported - Caspin Resources (ASX: CPN) has discovered a new high-grade tin vein at Errol's Zone during resource extension drilling at the Kelpie deposit within the Bygoo project in New South Wales, with the mineralized zone located outside the current resource estimate.
The discovery area lies on a previously undrilled sub-parallel structure between Stewart's Zone and Dumbrell's Zone. Drilling results show one hole intersected 8 meters at 1.39% tin from 56 meters depth, and 5 meters at 1.15% tin from 79 meters depth. Another hole returned 7 meters at 0.50% tin from 13 meters depth, 1 meter at 1.91% tin from 80 meters depth, and 2 meters at 0.99% tin from 130 meters depth. Caspin Resources noted that mineralization shows increasing thickness and grade along the dip.
The latest drilling results come from 10 reverse circulation (RC) holes targeting the Stewart's Fault area, a region with limited prior drilling and thus less information on Kelpie resources. The Kelpie deposit currently has a total resource of 3.94 million tonnes at 0.50% tin, containing 19,300 tonnes of tin metal.
Caspin Resources Managing Director Greg Miles said the resource extension program was initiated with the expectation of new exploration results in an area with no drilling record. He noted that the mineralization lies outside the current resource boundary but within the optimized shell, which should have a very positive impact on economics.
Errol's Zone was discovered by targeting anomalies identified through induced polarization (IP) surveys. This zone is sub-parallel to Stewart's Fault and located approximately 60 meters north of it. Caspin stated that the survey also delineated other sub-parallel structures that may host concealed mineralization, despite little or no surface expression. These prospects have not yet been drilled.
Miles said the Errol's structure shows minimal surface expression, but thickness and grade appear to increase at depth, making it significant for the company's regional exploration program. This success is attributed to recently acquired IP survey results and the exploration team's work in identifying new data contexts and systematically conducting drill testing. Continuing this work and seeking further extensions of the Errol's fault zone are priorities for the current drilling program.
According to Caspin, the discovery of Errol's Zone stems from a new geological model established for Kelpie, developed through recent geophysical surveys. This model helps identify new resource targets while supporting resource extension testing.
The results from Errol's Zone follow recent mineralization extensions at Stewart's Zone. At Stewart's Zone, past intersections include 21 meters at 0.78% tin from 132 meters depth, including a higher-grade interval of 5 meters at 1.54% tin from 143 meters depth. Another hole returned 4 meters at 0.66% tin from 164 meters depth, and 15 meters at 0.39% tin from 176 meters depth. At Dumbrell's Zone, drilling also successfully verified a previously unconfirmed mineralization gap, with results including 4 meters at 1.08% tin from 90 meters depth.
The drilling program is ongoing, with current work focused on step-out holes to test the extension of mineralization at Errol's Zone. Assay results from 13 additional holes drilled at Errol's Zone, Stewart's Zone, and the Ardlethan East prospect are pending. Caspin is also using newly acquired IP data to assess possible repetitions of mineralized structures outside the Kelpie resource area.
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