Caspin Resources Limited (ASX: CPN) has encountered significant rhodium mineralisation in the Serradella Discovery at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia, only 100km north of Perth.
Following the significant rhodium results in YARC0022 in March, the company has been selecting specific zones of PGE mineralisation to re-assay for the full six PGE suite of elements, which consist of iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru), as well as platinum and palladium.
This exercise has produced an exceptional high-grade rhodium intersection from YARC0036 of: 17m @ 1.73g/t Pt, 0.39g/t Pd, 0.22g/t Rh, 0.01g/t Au (2.33g/t 4E), 0.17% Ni from 131m, including 3m @ 4.60g/t Pt, 0.87g/t Pd, 0.56g/t Rh, 0.01g/t Au (6.04g/t 4E), 0.17% Ni from 144m. The peak rhodium grade returned was 0.69g/t.
These significant results provide confirmation of a significant PGE discovery and add further value at Serradella, which the company has rapidly developed from a conceptual target less than 12 months ago.
Serradella is open in multiple directions with potentially better mineralisation still to be found, as drilling steps progressively towards the basal contact position of the intrusion.
“This is an outstanding result that clearly celebrates Serradella as a major PGE discovery. Our best drill result just got better,” CEO, Greg Miles, said.
“When we discovered rhodium in our initial discovery hole, YARC0022, we commenced a large re-assay program in the hope that further mineralisation would be found. This exercise has surpassed our expectations and with such high-grade results, clearly differentiates Yarawindah Brook from other PGE projects.
“The results of the past few months have proven to be a breakthrough for the project and provide us confidence to embark on an aggressive drill campaign through the summer season.”
This is the second significant rhodium result following the initial discovery in YARC0022 which returned 13m @ 0.17g/t Pd, 0.74g/t Pt, 0.11g/t Rh, 0.26% Ni, 0.21% Cu from 101m, including 2m @ 0.40g/t Pd, 2.45g/t Pt, 0.41g/t Rh, 0.23% Ni, 0.09% Cu from 112m. Both holes are part of the ‘upper’ Serradella position.
A number of zones from recent Serradella drill holes remain pending, including YARCD0025 which has recently returned a significant intersection of 35m @ 1.03g/t 3E and 0.14% Ni from 91m, including a higher-grade core of 12.1m @ 2.07g/t 3E and 0.20% Ni from 105.9m.
Further significant rhodium results were also returned from across the Serradella Discovery, such as 1m @ 0.20g/t Rh from 169m in YARC0042, part of the ‘lower’ Serradella position and demonstrating the potential for significant mineralisation throughout Serradella.
Next Steps
Across the Yarabrook intrusion, significant rhodium mineralisation is generally proportional with better PGE grades, particularly platinum, although some nickel and copper association is also noted across Central Yarabrook.
The rhodium dataset is currently relatively small and the understanding of this mineralisation will improve as more results are received.
The company has a large amount of 6 PGE assays still pending and the company looks forward to receiving results from key holes, particularly in the ‘upper’ Serradella position.
The drilling results of the past few months have given the company confidence to commit to an aggressive, multi-rig drilling campaign commencing in late October and expected to run throughout the course of the summer season, focussing on the Serradella Discovery.
Prior to this programme, the company is set to resume drilling at its Mount Squires Project, following the positive early drilling results from the Duchess Prospect. This program should commence by the end of September. Both programs are fully funded from the company’s existing cash reserves.
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