Caspin Resources (ASX: CPN) Adds High-Grade Tin-Tungsten Target at Bygoo

Caspin Resources has identified a high-grade tin-tungsten target at Taylors Hill within its Bygoo Project in New South Wales, combining historical drilling results with old mine workings and a newly defined surface geochemical anomaly.

The target marks the first high-grade tungsten opportunity recognised across Bygoo and broadens Caspin’s exploration focus beyond the project’s established tin mineralisation.

Historical Drilling Highlights Tungsten Potential

Three holes drilled by Magnum Explorations in the early 1970s tested beneath historical workings at Taylors Hill but were never followed up.

The strongest result came from Hole 12, which returned 10.6 metres at 1.07% tungsten trioxide and 0.12% tin from 42.7 metres. That interval included three metres at 3.69% tungsten trioxide and 0.39% tin from 44.2 metres.

Hole 13 intersected 12.2 metres at 0.11% tungsten trioxide and 0.68% tin from 32 metres, including 1.5 metres at 0.20% tungsten trioxide and 3.20% tin from 33.5 metres.

The historical data, however, carries significant limitations.

Information on assay methods, percussion sample recovery and quality-control procedures is unavailable, while Caspin estimates uncertainty of about 200 metres around the precise locations of the original drill collars.

The reported intersections are also downhole lengths. True widths remain unknown because the orientation of the mineralised structures has yet to be established.

Surface Work Defines 800-Metre Anomaly

Recent soil geochemistry has outlined a tungsten anomaly extending for more than 800 metres at Taylors Hill.

The strongest soil result was 34.6 parts per million tungsten, compared with background levels of about three parts per million.

The historical drillholes sit within that anomalous zone, which also contains pits, costeans and underground shafts developed along northeast- and northwest-trending structures.

Assays remain pending from numerous rock-chip samples collected at Taylors Hill and Ardlethan South, while surface mapping is continuing to assess the extent and geometry of mineralisation.

Sampling at Fordes Gossan has also returned additional tin and tungsten mineralisation. One rock-chip sample assayed 0.33% tungsten trioxide and 1.76% tin, while another returned 0.12% tungsten trioxide and 2.01% tin.

Tungsten Adds a New Dimension to Bygoo

Bygoo surrounds the excised Ardlethan Mine, which is not owned by Caspin, and already hosts the Kelpie Deposit’s Inferred Mineral Resource of 3.94 million tonnes grading 0.5% tin.

Tin and tungsten can occur within related granite-hosted mineral systems, although Caspin said tungsten anomalism at Bygoo appears spatially distinct from the better-known tin zones.

That separation may help explain why the tungsten potential received limited attention during previous exploration campaigns.

The renewed focus also comes against a stronger tungsten market backdrop. China dominates global ammonium paratungstate refining capacity and introduced export controls on certain tungsten-related materials in February 2025.

Follow-Up Work Planned

Caspin plans additional soil and rock-chip geochemistry at Taylors Hill, with geophysical surveys also under consideration.

That work will run alongside exploration at Ardlethan South and Ardlethan East.

Diamond drilling is continuing at Kelpie as Caspin seeks to extend mineralisation and improve geological definition ahead of an updated resource estimate, which remains scheduled for late September.

For Taylors Hill, the next test will be whether modern exploration can confirm the historical high-grade results, resolve the geometry of the mineralisation and demonstrate sufficient continuity to justify systematic drilling.