Caspin eyes new nickel and copper targets at WA Mount Squires acreage

Wed 01 Feb 23, 12:45pm (AEST)
A red kangaroo standing in grasslands in the Flinders Ranges National Park in the Australian Outback
Source: iStock

Key Points

  • Caspin believes it has detected copper and nickel sulphide targets at its WA Musgrave-based Mount Squires project
  • Project overlies intersection of two underground faults, geological formations which provide right trappings for mineralisation
  • The company is to extend soil sampling program and conduct further imaging ahead of 2023 drilling at Mount Squires

ASX-listed polymetals explorer Caspin Resources (ASX:CPN) revealed it has uncovered new copper and nickel anomalies at its 100% owned WA-based Mount Squires project on Wednesday. 

Detected via sampling and radiometric scans (read: electromagnetic ground-penetrating imaging), the company’s exploration team is confident it has sniffed out anomalies with all the right signs indicating base metal mineralisation. 

“The geological setting [of Mount Squires] is at the intersection of two major, regional-scale fault zones,” Caspin CEO Greg Miles said. 

“[The area] already hosts the world-class Nebo-Babel deposits. We believe [EM and soil data] is evidence of a large field of mineralised intrusions.”

The soil sampling campaign wasn’t a brief one: all in all, the team took 3,800 samples back in 2022. 

Adding to prospective targets 

It isn’t the first time Caspin has had success at Squires. 

Aircore (AC) drilling, which collects rock chips from underground in a chamber, hit copper anomalies at the One Tree Hill prospect. 

The new prospects identified in the latest fieldwork are called Auburn and Vermilion respectively. They join One Tree Hill and the Sienna copper prospect. 

The company is now gearing up for 2023 exploration on-site Squires with the company confident its acreage is on-trend and along strike from other major operations nearby. 

Auburn prospect 

The newly identified Auburn prospect is 3km along strike to the east of the Sienna target where the company found copper in outcrops.

Unlike Sienna, Auburn is a nickel target. The company believes its EM data shows a mineralised corridor underground between both targets, saying the signs are right for potentially commercial-scale nickel sulphide deposits. 

Nickel sulphide is the more desirable style of nickel mineralisation for inclusion into EV battery supply chains, something Market Index produced a deep dive explainer on late last year.

The shape of Caspin's six month charts
The shape of Caspin's six month charts


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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