Caspin Resources Uncovers High-Grade Tungsten at Bygoo as Metal Prices Surge
Key Takeaways
- Caspin Resources has identified Taylors Hill as the first high-grade tungsten opportunity within the Bygoo Project, with historical holes returning 10.6m @ 1.07% WO3 and 12.2m @ 0.68% Sn — results that have never been followed up with modern drilling.
- A soil geochemistry programme has defined an 800-metre tungsten anomaly striking NE-SW, with a peak value of 34.6ppm against a background of just 3ppm, providing a clear framework for drill targeting.
- China controls approximately 85% of global APT refining capacity and introduced export controls on tungsten products in February 2025, with Rotterdam APT now trading above US$3,000 per MTU — making even modest tungsten grades economically significant.
- Tungsten exploration at Taylors Hill runs in parallel with existing tin work and is compatible with the proposed Kelpie Deposit processing flowsheet, meaning no material change to Caspin's exploration methodology is required.
- The Kelpie Deposit resource update remains on schedule for release in late September, providing a near-term catalyst alongside the emerging tungsten story.
New tin-tungsten prospect adds another dimension to the Bygoo Project
Caspin Resources (ASX: CPN) has identified a new high-grade tin and tungsten prospect, Taylors Hill, within its Bygoo Tin Project in New South Wales. The discovery emerged from a combination of soil geochemistry, reconnaissance sampling, and a review of historical drilling data not previously included in Caspin’s database.
Taylors Hill is significant as the first high-grade tungsten opportunity recognised within the Bygoo Project. Separately, the Kelpie Deposit resource update remains on schedule for release in late September, anchoring the broader project momentum.
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Taylors Hill prospect — what the data shows
Taylors Hill sits directly southwest of the Ardlethan mining lease excision, approximately 500m west of the main Ardlethan granite contact. Historical workings at the site include numerous moderate to large pits, costeans, and underground shafts along both NE and NW trends. Despite significant greisen mineralisation noted at surface, almost no modern exploration has occurred here.
Three holes were drilled into the prospect area in the early 1970s by Magnum Explorations NL, totalling 259m, testing beneath those historical workings. At least two holes returned significant mineralisation:
- Hole 12: 10.6m @ 1.07% WO3 and 0.12% Sn from 42.7m, including 3.0m @ 3.69% WO3 and 0.39% Sn from 44.2m
- Hole 13: 12.2m @ 0.11% WO3 and 0.68% Sn from 32m, including 1.5m @ 0.20% WO3 and 3.20% Sn from 33.5m
These results have never been followed up by further drilling and represent a priority exploration opportunity for Caspin.
The Taylors Hill tungsten-tin result builds on a pattern of mineralisation emerging across the broader tenement package, consistent with the significant tin discovery at Bygoo that established the project’s high-grade credentials across multiple lode systems.
Caspin’s own soil geochemistry has since identified a large tungsten anomaly striking over 800m, related to NE-SW trending faults, with a peak value of 34.6ppm against a background of 3ppm. The Magnum Explorations drill holes sit within this soil anomaly.
The Bygoo North Project expansion demonstrated that the mineralised system extends well beyond the original Ardlethan lease boundary, a finding that adds geological context to the NE-SW fault controls identified at Taylors Hill.
| Hole ID | From (m) | Width (m) | WO3 (%) | Sn (%) |
|---|---|---|---|---|
| Hole 12 (incl.) | 44.2 | 3.0 | 3.69 | 0.39 |
| Hole 13 (incl.) | 33.5 | 1.5 | 0.20 | 3.20 |
Caspin’s project-wide review also identified tungsten mineralisation at the Fordes Gossan Prospect. Rock chip samples from this area returned notable results:
- BRK0023: 0.12% WO3 and 2.01% Sn (plus 0.67% Sb, 0.10% Bi, 0.11% Cu)
- BRK0024: 0.33% WO3 and 1.76% Sn (plus 0.22% Sb, 0.12% Bi, 14g/t Ag, 757ppm Cu)
Samples of dense gossanous brecciated sediments point to the potential for breccia-pipe hosted mineralisation similar to that observed at the Ardlethan Tin Mine.
Why tungsten matters — and why now
Tungsten holds the highest melting point of any metal and combines exceptional density, hardness, and heat resistance. Those properties make it indispensable across modern technology, from smartphones and electric vehicles to armour and munitions. The US, EU, UK, Australia, Japan, and others all classify it as a critical mineral.
The supply chain picture is where things get pointed for investors. China controls approximately 85% of global Ammonium Paratungstate (APT) refining capacity. APT is the benchmark intermediate product in the tungsten supply chain. In February 2025, China introduced export controls covering APT and other tungsten products, tightening that grip further.
Greg Miles, Managing Director
“Tungsten prices have surged since late 2025 due to mining and export restrictions in China, which controls approximately 80% of world supply… The current price of tungsten is approximately six times that of tin and twenty times that of copper, it’s an extremely high value metal.”
Rotterdam APT currently trades at over US$3,000 per metric tonne unit (MTU). A MTU is a standard unit of weight equal to 10 kilograms (or 1% of a metric tonne) used to measure and price tungsten and its compounds.
What this means for Caspin is that even modest tungsten grades carry material economic weight. The announcement notes that recovery of wolframite, the likely dominant tungsten mineral at Bygoo, is compatible with a similar processing flowsheet to that proposed for the Kelpie Deposit.
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What comes next for Caspin
The near-term work programme at Taylors Hill and across the broader project is expected to include:
- Further soil and rock geochemistry at Taylors Hill to define drill targets
- Possible geophysics to support drill targeting
- Similar programmes across the Ardlethan South and East prospects, coordinated in parallel
- Continued diamond drilling at the Kelpie Deposit, with the resource update due in late September
Importantly, tungsten exploration does not require any substantial change to Caspin’s existing exploration methodology. The two workstreams run in parallel rather than in sequence.
Taylors Hill now joins Ardlethan South, Ardlethan East, and Fordes Gossan as part of a growing suite of complementary targets across the Bygoo Project, broadening the portfolio beyond its tin-dominant origins.
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