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

The Mount Squires Project hosts a number of prospective gold targets, which includes a range of conceptual to advanced prospects. Prior to Caspin, Cassini had been developing the project since early 2015 through the consolidation of tenements forming a prospective gold frontier. The Mount Squires Project is located adjacent to the western border of the West Musgrave Project which hosts the large Nebo-Babel Ni-Cu Sulphide Deposits, approximately 1,700km northwest of Perth, Western Australia. 

Access to the Project is via the Great Central Road east from Laverton (WA) through Warburton or west from Uluru (NT). A number of gravel airstrips at the isolated Aboriginal communities enable light plane access. The Great Central road is a well-maintained gravel road that is open for most of the year.

Several companies have held tenements over the present-day Mount Squires Project, although the primary focus has been Ni-Cu sulphide, rather than gold. 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 geological interpretation has highlighted a structural corridor striking over 50km through the project area. Approximately 95% of the Mount Squires Project area is covered by transported cover, impeding exploration.

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

The geological setting of the Mount Squires Project may have some affinity with intracontinental “hot-spot” epithermal gold mineralisation, rather than the more common island arc setting found elsewhere along the Pacific Rim. Examples of this style are deposits in the northern Nevada region, including the Sleeper Deposit, with high gold grades from shallow crustal emplacement. 

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.

 

Geological mapping has also identified a number of gabbro intrusions in the eastern half of the project raising the potential for the continuation of Ni-Cu mineralisation into the project area. The One Tree Hill Prospect has returned numerous significant Ni-Cu intercepts such as 40m @ 1.2% Cu and 22m @ 1.8% Cu and is within 200m of the Mount Squires Project tenement boundary.

Next Steps

The Mount Squires Project is one of the few, new large-scale, greenfield gold opportunities in Australia. Caspin intends to conduct further soil sampling and reconnaissance drilling to identify new targets along strike from the Handpump Prospect, which lies on a 50km-long structural corridor with little past exploration. Caspin will concurrently continue to evaluate the potential for Ni-Cu mineralisation along strike from the One Tree Hill Prospect.

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