Caspin Resources Lifts Kelpie Tin Resource 45% to 28kt as Open Pit Case Builds
Key Takeaways
- Caspin Resources lifted the Kelpie Tin Deposit to 6.5Mt @ 0.43% Sn for 28kt of contained tin, a 45% increase on the September 2025 maiden estimate.
- A maiden Indicated resource of 1.4Mt @ 0.47% Sn now makes up 25% of the total, while the remaining 21kt is still Inferred.
- Errol's Zone delivered Caspin's best intersection yet, 20m @ 2.11% Sn from 107m, after IP and gravity surveys sharpened the geological model.
- The MRE is fully pit-constrained to about 200m, with 84% overall metallurgical recovery from testing, but development economics have not yet been assessed.
- Four diamond holes with pending assays, a 200m drilling gap and RC drilling resuming in November 2026 point to further growth.
Kelpie Tin Deposit resource jumps 45% to 28kt contained tin
Caspin Resources (ASX: CPN) has lifted the Kelpie Mineral Resource Estimate at its 100%-owned Bygoo Tin Project in New South Wales to 6.5Mt @ 0.43% Sn for 28kt of contained tin. The 45% increase is measured against the September 2025 maiden estimate.
A Mineral Resource Estimate (MRE) is a formal calculation of how much mineralisation a deposit holds, and at what grade. The update was prepared by Cube Consulting Pty Ltd under the JORC Code (2012).
Key points from the update:
- The MRE is constrained entirely within an open pit shell and limited only by drilling.
- The maiden Indicated resource makes up 25% of the total MRE.
- The company says the result is a milestone in demonstrating the viability of Bygoo to support a stand-alone, high-grade, open pit tin development.
Here is how the resource breaks down:
| Category | Cut-off (% Sn) | Tonnes (Mt) | Grade (% Sn) | Contained Sn (kt) |
|---|---|---|---|---|
| Indicated | 0.15 | 1.4 | 0.47 | 7 |
| Inferred | 0.15 | 5.1 | 0.41 | 21 |
| Total | 6.5 | 0.43 | 28 |
Figures may not add up due to appropriate rounding.
Greg Miles, Managing Director
“…We have grown the resource by 45% in a short period of time, whilst also improving the confidence in the resource estimate…”
Growing the resource while lifting confidence matters because it shows the extra tin is not just a bigger guess. Part of the resource has moved into the higher-confidence Indicated category.
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What drove the growth: drilling, a better geological model and the Errol’s Zone
Efficient discovery
The estimate used approximately 30,000m of historical and Company drilling, with 48 holes for 8,400m contributing to the updated MRE. Caspin described this as “a very economical discovery rate.”
Geological model
Induced polarisation (IP) and gravity surveys early in 2026 improved the company’s confidence in mineralisation controls. That work led to new discoveries such as the Errol’s Zone.
Results from the zone include Caspin’s best intersection at the project to date: 20m @ 2.11% Sn from 107m in BRC055.
Tighter economic parameters
The entire MRE is reported within an optimised pit shell. It uses mining parameters defined by Cube and processing costs independently derived by engineering consulting firm Ausenco, based on a process flowsheet supported by Caspin’s recent metallurgical test work.
The pit-constrained MRE extends to approximately 200m depth at both Dumbrell’s and Stewart’s Zones. Mineralisation is currently limited only by drilling to approximately 240m depth.
The optimisation used these inputs:
- A tin price of AUD $64,285 per tonne.
- Overall metallurgical recovery of 80%.
- A constant overall wall slope of 45°, used in the absence of geotechnical data.
- The revenue factor 1.3 shell.
- A cut-off grade of 0.15% Sn.
Tin 101: why grade, open pit and recovery matter
Not every tonne in a resource carries the same certainty. Indicated material is supported by closer drill spacing and greater confidence, while Inferred material has a lower level of confidence than Indicated.
A Mineral Resource is also not an Ore Reserve. The announcement notes that Mineral Resources that are not Ore Reserves do not have demonstrated economic viability, and that Inferred resources must not be converted to an Ore Reserve.
Open pit mining and higher grades are generally associated with lower-cost development, which is why Caspin keeps stressing both. Recovery matters too, because it determines how much of the contained tin can actually be captured.
Initial metallurgical testing (announced 19 January 2026) indicated recoveries of approximately 59% from gravity only. Adding flotation lifted overall recovery to approximately 84% at a concentrate grade of 53.6%. Tin at Kelpie is hosted predominantly in coarse-grained, disseminated cassiterite.
The announcement also sets out the market backdrop:
- Tin currently trades at about 3.5 times the copper price.
- Just over 50% of global tin production is used in solder.
- Tin is on the US critical minerals list and the strategic mineral list in Australia.
Further technical details on the deposit:
- Strike extent of 800m.
- Thickness varying from 20 to 80m.
- A bulk density of 2.78 t/m3 applied, supported by almost 400 determinations.
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Further growth potential and next steps
Upside
Caspin points to a large 200m gap in effective drilling between the Dumbrell’s and Errol’s Zones, particularly beyond 100m below surface. Shallow dispersed mineralisation above the gap is perhaps an indication of continuous mineralisation to depth.
Four recent diamond holes at Dumbrell’s and Stewart’s are not included in the MRE because assays remain pending. All four intersected strong greisen-style alteration, with BRCD082 stepping out approximately 80m down-plunge from the nearest drill hole on the Dumbrell’s Zone.
Development work
The company says the result provides confidence to expand development-style activities, such as further metallurgical test work and the start of environmental baseline studies. Infill drilling in selected areas is intended to improve resource confidence and potentially increase resources.
RC drilling is due to recommence in November 2026. Beyond Kelpie, drill and geophysical survey planning is progressing on the Ardlethan East and South Prospects, as well as the new tungsten target at the Taylor’s Hill Prospect.
What it means for investors
Scale, grade and predominantly open-pit potential give the company what Mr Miles called “an encouraging foundation as we begin to assess the development economics of the project.” Economics have not yet been assessed, so that work is the next test.
Greg Miles, Managing Director
“…we believe we can also apply our Kelpie learnings at other prospects across the Bygoo Project.”
Caspin will host a webinar on the resource update on Tuesday 13 October 2026 at 12.30pm AEDT.
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