en.Wedoany.com Reported - Caspin Resources (ASX: CPN) has achieved its best drill intercept to date at the Bygoo tin project in New South Wales, Australia, intersecting a 20-meter interval grading 2.11% tin from 107 meters depth in hole BRC055.
The intercept is located in the newly discovered Errol's Zone, a near-surface area outside the 3.94 million tonne Kelpie resource grading 0.5% tin. Previous results from this zone include 8 meters at 1.39% tin from 56 meters and 5 meters at 1.15% tin from 79 meters. Mineralization begins less than 100 meters from surface, positioning the project as the highest-grade open-pit tin prospect on the Australian Securities Exchange (ASX).
Current tin prices are favorable for developers. The London Metal Exchange (LME) tin price stands at US$53,064 per tonne, allowing the few tin miners operating in the West to enjoy substantial profit margins. Few new mines have been commissioned since the 1985 tin crash, giving credible developers a premium in the market.
Caspin Managing Director Greg Miles said the result is easily the company's best intercept to date, with tin prices remaining above US$50,000 per tonne—nearly four times the price of copper—representing a high-grade, high-value intercept located less than 100 meters vertically from surface, well within open-pit mining depths. The intercept lies outside the current resource envelope and has significant implications for resource growth at Kelpie.
Errol's Zone has no surface outcrop, and Caspin used systematic exploration with geophysical and geochemical tools to locate the high-grade cassiterite source. In addition to the 20-meter intercept grading 2.11% tin, hole BRC055 returned 2 meters at 1.38% tin down-dip and down-plunge (holes BRC051 and BRC053) below the intercept. Along the Errol's fault, grades and thicknesses tend to improve, with hole BRC054 intersecting 27 meters at 0.14% tin from 74 meters, helping the company define the grade location. Additional drilling has been completed to test down-dip and down-plunge extensions and determine mineralization geometry. The Kelpie and broader Bygoo project surrounds (but does not include) the historic Ardlethan mine, which closed after the collapse of the International Tin Council.
Laboratory results are expected by mid-August from additional holes at Errol's Zone, with a new resource estimate anticipated in late September. A short diamond drilling program will target deeper portions of Kelpie (still within economic open-pit depths) to pursue extensions and structural information. Four holes have been completed in the Moss reconnaissance program, with updates on Ardlethan East drilling and soil geochemistry expansion also forthcoming.
Tin is a small market, with just over 370,000 tonnes of primary metal produced in 2025, according to the International Tin Association. It is critical to modern technology, having effectively replaced lead as a non-toxic alternative in solder. The expansion of artificial intelligence data centers and electric vehicles could drive demand higher, but new supply is difficult to secure, particularly in the West, where most tin is produced by artisanal miners in places like Indonesia and Myanmar. This elevates the status of projects like Kelpie that offer new hard-rock tin supply sources in stable jurisdictions.
