Caspin Hits 3m at 9.32% Tin at Kelpie as High-Grade Extensions Keep Growing
Caspin hits 3m at 9.32% tin at Kelpie as high-grade extensions keep growing
Caspin Resources has reported a standout drilling result from its Bygoo Tin Project in New South Wales, with hole BRC061 returning 20m @ 1.79% Sn from 185m, including 3m @ 9.32% Sn from 193m — and a single peak metre of 14.0% Sn at 194m. The intercept comes from the newly discovered Errol’s Zone at the 100% owned Kelpie Deposit, where all results sit outside the current Inferred Resource of 3.94Mt @ 0.50% Sn for 19,300t contained tin and within open-pit mining depths. The results signal meaningful resource-growth potential ahead of an updated estimate scheduled for late in the September quarter (Q1 FY27).
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The latest drill results at a glance
The following results extend mineralisation within the Errol’s and Stewart’s Zones, both of which remain open down-plunge and down-dip.
| Hole ID | Intersection | Included High-Grade Interval | Zone/Notes |
|---|---|---|---|
| BRC061 | 20m @ 1.79% Sn from 185m | 3m @ 9.32% Sn from 193m (peak 14.0% Sn) | Errol’s |
| BRC057 | 7m @ 1.10% Sn from 156m | — | Errol’s |
| BRC060 | 5m @ 1.39% Sn from 119m | — | Errol’s |
| BRC062 | 14m @ 0.68% Sn from 97m | 5m @ 1.03% Sn from 105m | Deepest effective test of Errol’s |
These results build on previous high-grade intercepts from the Errol’s Zone:
- BRC055: 20m @ 2.11% Sn from 107m (Caspin’s best-ever drill intersection at the Kelpie Deposit) and 2m @ 1.38% Sn from 90m
- BRC053: 8m @ 1.39% Sn from 56m; 5m @ 1.15% Sn from 79m
- BRC051: 7m @ 0.50% Sn from 13m; 1m @ 1.91% Sn from 80m
Mineralisation remains open down-plunge and down-dip.
A director’s-eye view on the discovery
Managing Director Greg Miles
“Yet another stunning result for the 2026 Bygoo highlight reel. BRC061 included the highest individual metre grades ever drilled at the Kelpie Deposit, coming on the back of Caspin’s best-ever drill intersection in BRC055. Given that tin is approximately four times the value of copper, these are fantastic results which demonstrate that the Kelpie Deposit, as currently defined, has significant growth potential. We are still in the middle of a great discovery story, a time when most value is created.”
Miles noted these grades could potentially support an underground mining operation as a longer-term opportunity, though near-term focus remains on open-pit mining depths.
Why tin matters — the investment angle
Tin trades at around 3.5 times the copper price, making it one of the higher-value base metals. Over 50% of global tin production is used in solder — the connective material in circuit boards and electronics — positioning tin as a “technology metal” tied to electrification and computing demand, from solar panels to AI data centres.
Tin sits on both the US critical minerals list and Australia’s strategic minerals list, reflecting its supply-chain importance. High grades combined with high metal value create disproportionate potential economic leverage per tonne. Historical production at the nearby Dumbrell’s Mine averaged around 6% Sn, according to a 1923 mining report, supporting the potential for further bonanza-type grades with continued drilling.
How the Errol’s Zone was found
The Errol’s Zone occupies a 200m strike gap that had never been drill tested and has no mineralised surface expression — unlike the Dumbrell’s or Stewart’s Zones. The discovery was made using:
- Induced polarisation (IP) geophysics
- Gravity geophysical surveys
- Multi-element soil geochemistry
Together, these methods identified the mineralised “Errol’s Fault” structure that feeds and hosts tin mineralisation. Drilling has shown that tin mineralisation substantially increases in width and tenor from 50m below surface. This targeting model is repeatable — the same geological setting underpins the Moss Prospect, located 1,000m along strike to the north.
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What’s next for Kelpie and Bygoo
- Three additional holes with assays pending from this part of the deposit (note BRC075 was abandoned before reaching target depth and may not yield effective results).
- Diamond drilling program in August to test deeper down-plunge extensions beyond RC drilling capability, likely still within economic open-pit depths.
- Diamond drilling will also provide structural data on higher-grade ore-shoot geometry, informing extensional exploration strategy.
- Updated resource estimate scheduled for late in the September quarter (Q1 FY27) — the Errol’s Zone is expected to be a significant contributor to resource growth.
- Regional prospectivity update on the Bygoo Project, including recent work at the Moss and Ardlethan East Prospects, expected shortly.
The expanding high-grade footprint at Kelpie positions Caspin at an early, high-leverage point in a growing discovery story ahead of a near-term resource re-rate catalyst.
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