Caspin hits copper in surface outcrop at its north WA Mount Squires gold-nickel-copper play

Tue 15 Nov 22, 1:31pm (AEST)
An image depicting copper-coloured mineralisation within a host rock
Source: iStock

Key Points

  • Caspin has confirmed copper mineralisation in surface outcrops at its Mount Squires play in northern WA
  • Drilling results from the Duchess prospect are due back before the end of the year
  • Caspin has flagged Mount Squires for a ramped-up exploration campaign through 2023, once wet season ends

Caspin Resources (ASX:CPN) has confirmed copper mineralisation in surface outcrops at its 100% owned Mount Squires gold-copper-nickel project in the north of WA; as well as a large (8km) soil anomaly for future investigative drilling, which turned over positive traces of copper-palladium. 

That soil anomaly is coincident with a larger magnetic anomaly detected in previous work which is interpreted to extend for 17km through the project area. 

Further geochemical soil sample results are due back to the company in the coming weeks, which will potentially firm up the company’s idea of what may be underground.

Also pending for delivery to the company is the drilling results of its most recent campaign conducted at Mt Squires’ Duchess prospect, also due in the near future (read: before EOY).

Mount Squires project overview 

Mt Squires is 750km2 in size and includes a “50km structural corridor prospective for gold,” as well as containing leads for copper and nickel, both emerging battery metals

The Mt Squires project is also adjacent to a nickel-copper sulphide project owned by Oz Minerals (ASX:OZL); sulphide mineralisation (especially for nickel) is the most-desired form of geological nickel deposit, given it can be more easily transferred into an EV battery compatible product, compared to laterite-style mineralisation. The same is true for copper. 

Specifically, Oz Minerals’ One Tree Hill prospect sits closest to Caspin’s project tenement, from which Oz has pulled multiple drill intersections hitting high-grade copper and nickel. 

While there is no guarantee that Casin will replicate these results, evidence of high-grade mineralisation nextdoor is an understandable boon to the confidence of Caspin’s exploration team. 

Worth noting is that management describe exploration at Mt Squires as being in its infancy; but results so far have prompted the company to accelerate exploration during the field season in 2023. 

Located in north WA, the wet season will be a factor in hampering activities; the wet season runs from November to March. 

Never been better: Management

“Whilst at a very early stage in exploration, our field programs have provided tantalising results already,” Caspin CEO Greg Miles said. 

“The project has demonstrated significant value, not just because of its address in the heart of an emerging province, but with obvious mineralisation potential.”

“With drilling results from Mount Squires to come shortly, the short-term outlook for the company has never looked better.” 

Caspin's three month charts
Caspin's three 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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