- 01Kelpie tin resource up 45% to 6.5Mt at 0.43% Sn (28,000t).
- 0225% Indicated; resource fits optimised pit shell.
- 03Caspin advances standalone studies and testwork.
Caspin Resources (ASX: CPN) has increased contained tin at its Kelpie deposit in New South Wales by 45%, strengthening its assessment of a potential stand-alone open pit operation.
The updated mineral resource estimate stands at 6.5 million tonnes grading 0.43% tin for 28,000t of contained metal at the wholly owned Bygoo tin project.
Kelpie includes an Indicated resource for the first time, accounting for approximately 25% of the total and reflecting increased drilling density and a more detailed geological model.
The Indicated component comprises 1.4Mt at 0.47% tin for approximately 7,000t, with a further 5.1Mt at 0.41% tin classified as Inferred and containing about 21,000t.
The estimate is entirely contained within an optimised open-pit shell, while Caspin has identified further opportunities to extend mineralisation between established lodes and at depth.
Greater Resource Confidence
Independent consultant Cube Consulting prepared the MRE using more than 30,000 metres of historical and recent drilling, including 48 holes totalling about 8,400m completed in 2026.
The resource uses a 0.15% tin cut-off grade, and is constrained by pit optimisation incorporating mining assumptions and processing costs informed by Ausenco and recent metallurgical test work.
The pit shell extends to around 200m below surface in the Dumbrell’s and Stewart’s zones, although the extent of mineralisation is currently limited by drilling to about 240m.
“This is a significant milestone for the company on the pathway to demonstrating a viable, stand-alone, high-grade open pit tin development project,” managing director Greg Miles said.
“With tin prices remaining strong, the grade and scale of the Kelpie resource, together with its predominantly open-pit potential, provide an encouraging foundation as we begin to assess the development economics of the project.”
Drilling Highlights Potential
An improved interpretation based on induced polarisation and gravity surveys helped guide exploration beyond historical workings, including discovery of the Errol’s Zone.
That zone delivered a standout intersection of 20m at 2.11% tin from 107m, while the updated model highlights a roughly 200m gap in effective drilling between Errol’s and Dumbrell’s.
The gap is especially pronounced below 100m depth, where shallow dispersed mineralisation offers a target for testing potential continuity.
Four recently completed diamond holes at Dumbrell’s and Stewart’s intersected strong greisen-style alteration but were excluded from the MRE because assay results remain outstanding.
One hole stepped about 80m down plunge from the nearest previous intersection at Dumbrell’s, offering a further test of the deposit’s depth potential rather than confirmed additional resource.
Development Studies Advance
Caspin intends to advance further metallurgical test work and begin environmental baseline studies as it assesses the potential for a stand-alone operation.
Previous metallurgical testing returned approximately 59% tin recovery through gravity separation alone, increasing to around 84% with flotation at a 53.6% concentrate grade.
Reverse circulation drilling is scheduled to recommence in November, alongside planned infill and extension work around Kelpie and further exploration across Bygoo.
The broader program includes planning for Ardlethan East, Ardlethan South, and a tungsten target at Taylor’s Hill, while assays from the four recent Kelpie diamond holes are awaited.
“Exploration targeting is becoming more predictive, and we believe we can also apply our Kelpie learnings at other prospects across the Bygoo project,” Mr Miles added.
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