Mount Squires Project (100% interest)

  • 750km2 land holding including a 50km structural corridor prospective for gold
  • Significant mineralisation already identified close to surface from limited drilling
  • Extremely under-explored due to previous remoteness and access issues
  • Along strike from one of Australia’s largest Ni-Cu development projects (Nebo-Babel) with potential for extensions into Caspin tenure
  • Potential Porphyry Copper Style System at Duchess Prospect with characteristic Mo-Pb-Cu-Au zonation over an area >2km2 

The Mount Squires Project is an early stage, greenfield exploration project prospective for gold, nickel and copper, which includes a range of conceptual to advanced gold prospects. The Mount Squires Project is located adjacent to the western border of OZ Minerals West Musgrave Project which hosts the large Nebo-Babel Ni-Cu Sulphide deposits, approximately 1,700km northwest of Perth, Western Australia. 

Background

Prior to Caspin, Cassini Resources had been developing the project since early 2015 through the consolidation of tenements forming a prospective gold frontier. Several companies have held tenements over the present-day Mount Squires Project.

The gold potential was first recognised by Western Mining Corporation who identified a 1.2km x 400m soil anomaly at the Handpump Prospect but did not drill test the anomaly.

Beadell Resources later drilled the Handpump Prospect in 2007 and intersected significant gold mineralisation within a 50m thick zone of hydrothermal breccia; the best drill intersection was 60m @ 0.9g/t from 13m in drill hole HPC00001, which included 15m @ 2.30g/t from 31m. Only limited follow-up was completed before the project was surrendered.

The most recent drill program at the Handpump Prospect was completed in September 2019, comprising 10 holes for 1,134m of RC drilling. Best results include 20m @ 1.27g/t Au, including 7m @ 2.54g/t Au from 23m in drill hole MSC0003, 27m @ 1.00g/t Au from 31m, including 3m @ 2.59g/t Au from 38m in drill hole MSC0004 and 19m @ 0.68g/t Au including 6m @ 1.26g/t Au from 38m in drill hole MSC0005. The results have confirmed the potential for economic mineralisation at surface and extending to shallow depths.

Simultaneously, a high-resolution aeromagnetic survey was conducted over the northern half of the Project to assist with structural and lithological mapping. The geological interpretation highlighted a structural corridor striking over 50km through the project area.

All previous exploration has been compiled into a consolidated database and utilised public geological and geophysical datasets to assist with geological interpretation and targeting.

Exploration

A geochemistry exploration program of 675 close-spaced soil geochemical samples were collected over the Handpump structural corridor utilising an ultra-fine fraction assay technique which is well suited to sandy soil conditions.

The survey has identified a zoned molybdenum (Mo) – lead (Pb) – copper (Cu) – gold (Au) anomaly covering an area of at least 2km2, approximately 4km southeast of the Handpump Prospect, referred to as the Duchess Prospect. The zonation of the anomaly is characteristic of deeply-weathered Porphyry Copper systems in which Cu, Au and Pb are usually strongly leached, whilst more immobile elements such as Mo remain in-situ, proximal to mineralisation in the core of the system. Additional zonation effects are observed in tin (Sn), thallium (Tl), bismuth (Bi) and selenium (Se), which are all common elements found in halos around intrusive porphyry systems. In this geological model the Handpump Prospect could represent a distal, gold-only part of the larger system.

Mount Squires - Duchess Prospect multi-element anomaly zonation mapping
Figure 1. Duchess Prospect multi-element anomaly zonation mapping.

The Duchess Prospect has not been drill tested with almost all the previous drilling focussed at the Handpump Prospect.

IP Chargeability Anomaly adjacent to Handpump Prospect

Induced polarisation (IP) is a geophysical technique that measures chargeability and resistivity and is the primary geophysical technique used in exploration for Porphyry Copper deposits. The IP method is particularly well-suited for targeting disseminated-sulphide mineralisation, which characterises Porphyry Copper orebodies.

An IP survey was completed across the Handpump Prospect by previous explorers in 2010, consisting of a gradient array grid to map shallow IP/resistivity, and a single line of Dipole-Dipole IP to add some depth constraints to the anomalies seen in the gradient array data. The Company has re-processed the Dipole-Dipole data and generated a new inversion model, extending below the 200m depth limit of the historical model.

The new model confirms a zone of shallow chargeability, coincident with the historical gradient array anomaly, closely associated with the known gold mineralisation at the Handpump Prospect. Significantly, a second feature has emerged from this reprocessing that appears to represent a deeper chargeability anomaly below the depth of investigation of the gradient array survey. This deeper anomaly is a consistent feature in all recent inversion model iterations. This deeper anomaly could potentially represent sulphide mineralisation and has not been drill tested.

Detailed magnetic data for the Handpump area provides further support for this deeper IP anomaly. The anomaly occurs on the margin of a well-developed circular magnetic feature, closely associated with the Handpump Prospect (see Figures 2 and 3). The Company considers that this magnetic feature might represent a magmatic intrusion associated with the Handpump mineralised system.

Oblique view of Handpump Dipole-Dipole IP Inversion and magnetics showing relationship between IP anomaly and circular magnetic feature
Figure 2. Oblique view of Handpump Dipole-Dipole IP Inversion and magnetics showing relationship between IP anomaly and circular magnetic feature.
Figure 3. Handpump Dipole-Dipole IP Inversion section showing IP anomaly, drill holes, gold mineralisation and association with 3D magnetic inversion model
Figure 3. Handpump Dipole-Dipole IP Inversion section showing IP anomaly, drill holes, gold mineralisation and association with 3D magnetic inversion model

Next Steps

The Company has identified several fronts on which to advance the Mount Squires Project:

  • Undertake a new IP survey over the Duchess Prospect to identify potential sulphide mineralisation that may represent a blind Porphyry Copper style deposit.
  • Simultaneously conduct a reconnaissance-style drilling program across the Duchess Prospect to test Au and Cu mineralisation beneath the weathering zone. A suitable drill rig is currently being sourced.
  • Drill test the Handpump IP anomaly. This would be a separate program from the reconnaissance drill program requiring a rig with greater depth capabilities.
  • Extend the soil geochemistry program further to the southeast along the Handpump structural corridor.

Caspin is also evaluating the Ni-Cu sulphide potential on the eastern-side of the Mount Squires Project area. The Company’s tenure covers the strike-extension of >40km long, ENE-trending West Musgrave mineralised corridor. The known mineralised extent of this corridor extends from the Suez prospect in the east to the One Tree Hill prospect outside the immediate eastern lease boundary of the Company’s Mount Squires project. This West Musgrave corridor hosts major ore-deposits at Babel, Nebo and Succoth (owned by OZ Minerals), together with a number of other prospects. The One Tree Hill prospect, located only 200m outside the Company’s tenement boundary, has previously returned drill intercepts of 40m @ 1.2% Cu & 22m @ 1.8 % Cu. Mafic intrusive rocks of the same age as those that host Babel-Nebo are known to occur within the projected strike-extension of this mineralised corridor into the Mt Squires project area. Therefore, an aerial electromagnetic survey, over an area of approximately 100km2, is being planned to cover this corridor and projected strike-extension.

For further information on the Mount Squires Project please view our latest ASX Announcements.

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