Caspin Resources Limited (ASX: CPN), a mineral exploration company based in Perth, Western Australia, with expertise in early-stage exploration and development, has reported strong high-grade tin results from initial resource extension drilling at its Kelpie Deposit, part of the Bygoo Tin Project in New South Wales. The announcement, made on 21 April 2026, confirms significant growth potential for the deposit. The Kelpie Deposit currently holds an estimated high-grade, open pit tin resource of 3.94 million tonnes at 0.50% tin for 19,300 tonnes of contained tin, notable for its grade at shallow depths.
The company announced that mineralisation was intersected in all of the first 11 holes from the 2026 drilling campaign, extending beyond the current resource envelope and remaining open. Key intersections include 13 metres at 1.16% tin from 103 metres in BRC018, 24 metres at 0.50% tin from 153 metres in BRC019, and 17 metres at 0.45% tin from 39 metres, including 5 metres at 0.95% tin from 45 metres in BRC026. These results align with Caspin’s updated geological interpretation, highlighting strong potential for further resource expansion.
Caspin’s Managing Director, Mr Greg Miles, commented that these initial results continue to identify mineralisation in previously under-drilled areas, particularly around the Stewarts Fault. Mr Miles noted the pleasing return of the highest-grade intersection to date from this area, which suggests the potential for localised grade increases as the overall resource expands. He added that the company looks forward to sharing further drill results from Kelpie and Ardlethan East in the coming weeks.
The drilling program has been extended and is expected to continue into late May, with results from approximately 26 holes still pending. Caspin is utilising recent geophysical survey data, including IP and gravity surveys, to refine its targeting approach for future exploration across the project area.
