Caspin Resources Expands High-Grade Tin at Bygoo North Project

Major New Tin Zones Expand Project Scale

Caspin Resources (ASX: CPN) has announced significant extensions to high-grade tin mineralisation at its 100% owned Bygoo Tin Project in New South Wales. The latest RC drilling campaign has substantially increased the scale and potential of the Caspin Resources tin project extension by identifying new zones and extending known mineralisation along over 1,000 metres of prospective granite contact at Bygoo North. Caspin delivers high-grade tin results at the Bygoo North project, demonstrating the company's exploration success.

The standout results from the program include:

• Stewart's Lode: A massive 118-metre intersection grading 0.32% tin from just 44m depth in hole BRC015, including high-grade zones of:

  • 29m @ 0.53% Sn from 44m (including 8m @ 1.17% Sn)
  • 12m @ 0.45% Sn from 116m
  • 28m @ 0.52% Sn from 146m

• Smith's Lode: First drilling by Caspin yielded impressive high-grade results:

  • 16m @ 0.68% Sn from 49m (BRC013)
  • Including 5m @ 1.73% Sn & 1.45% Cu from 53m

• New "Radius" Zone: Discovery of previously unknown mineralisation between Dumbrell's and Smith's:

  • 16m @ 0.48% Sn from 124m (BRC016)
  • Including 2m @ 2.05% Sn & 0.37% Cu from 128m

These results are particularly significant because they confirm tin mineralisation across a large area with substantial gaps in drilling and remain open along strike, highlighting the expansion potential of the Caspin Resources tin project extension.

Copper Association Signals Large Hydrothermal System

A notable aspect of the latest results is the discovery of high-grade copper associated with tin at Smith's Lode, with 5m @ 1.45% Cu accompanying the high-grade tin intersection. This represents the highest-grade copper found at Bygoo North to date and provides important geological insights. This discovery parallels OD6 Metals' high-grade copper discovery at Gulf Creek, emphasizing the promising nature of copper mineralisation in New South Wales.

"The high-grade copper result, coupled with tin, may indicate large, long-lived hydrothermal systems similar to the famous Cornwall tin deposits, which were also the world's most important source of copper in the 19th century," noted Managing Director Greg Miles.

This copper association could provide valuable guidance for targeting the core of the tin system in future drilling programs at the Caspin Resources tin project extension.

Understanding Greisen-Style Tin Mineralisation

Greisen-style tin deposits, like those at Bygoo North, form where hot, acidic fluids from granite intrusions alter the surrounding rocks. These deposits typically occur at granite contacts where tin-bearing fluids concentrate.

The mineralogy at Bygoo North is dominated by cassiterite (tin oxide), which forms in the greisen zones along the Ardlethan Granite contact. The association with copper, bismuth, lead, and zinc in some areas indicates a complex, zoned mineral system with potential for multiple commodities.

This style of mineralisation offers several advantages for potential mining operations:

Upcoming Exploration Plans

Following these encouraging results from the Caspin Resources tin project extension, the company has outlined an aggressive exploration strategy:

• High-resolution aerial magnetic survey covering approximately 800km² to commence shortly
• Further drilling to target new zones and extensions along the granite contact
• Additional work to test the large gap between Stewart's and Dumbrell's (~200m)
• Exploration of several kilometres of untested granite contact to the north and south

The company is continuing to refine its geological model by incorporating both new and historical data, including drilling results from the 1970s, to optimise future targeting. In similar fashion to Magmatic Resources' Myall project, Caspin is taking a methodical approach to resource definition and expansion.

Investment Potential: Scale and Grade Advantages

The Bygoo North tin project is rapidly emerging as a significant tin opportunity with several compelling investment attributes:

1. Exceptional grades: Multiple high-grade intercepts above 1% tin, including zones over 2%
2. Substantial scale: Mineralisation now identified over more than 1km of strike length
3. Shallow mineralisation: High-grade zones starting from just 44m depth
4. Open in multiple directions: Large gaps in drilling and open along strike
5. Infrastructure advantages: Located in New South Wales near established mining areas

The project is situated within the Wagga Tin Belt, a region with a rich history of tin production including the adjacent Ardlethan Tin Mine, one of Australia's largest historical tin producers on the mainland.

"Most importantly, we now recognise the tin mineralisation potential over greater than 1,000m of shallow granite contact strike at Bygoo North. Drilling is quickly demonstrating that Bygoo North has excellent potential to grow into a tin project with substantial scale," said Greg Miles, Managing Director.

Why Tin Is a Critical Metal

Tin is classified as a critical mineral with growing demand across multiple sectors:

The global transition to clean energy and the expansion of electronics manufacturing are expected to maintain strong demand for tin in the coming decades, potentially supporting higher prices for quality tin projects. This trend is similar to what we see with rare earths projects advancing in response to critical minerals demand.

Why Investors Should Track Caspin Resources

Caspin Resources presents a compelling investment case with its rapidly advancing Bygoo Tin Project:

1. Strategic commodity exposure: Tin is classified as a critical mineral with growing demand in electronics and renewable energy applications, particularly in soldering for circuit boards and solar panels

2. Project quality: The Caspin Resources tin project extension combines high grades, substantial scale potential, and shallow mineralisation in a mining-friendly jurisdiction

3. Exploration momentum: Each drilling phase has expanded the project's potential, with significant areas still untested

4. Diversified portfolio: Beyond Bygoo, Caspin holds the Yarawindah Brook PGE-Ni-Cu Project and the Mount Squires gold and rare earths project, providing exposure to multiple critical minerals

5. Technical expertise: The company has demonstrated strong geological understanding in quickly expanding the known mineralisation at Bygoo

With continued exploration success at Bygoo North, Caspin Resources is positioning itself to capitalise on growing demand for tin while systematically expanding the resource potential of this promising project. The company's approach parallels Austin Metals' identification of high-priority targets near recent discoveries, highlighting the value of methodical exploration programs.

The recent results have significantly enhanced the prospects of the Caspin Resources tin project extension, establishing it as a potentially substantial tin resource in a tier-one mining jurisdiction.

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