Caspin Resources Ltd (ASX:CPN) CEO Greg Miles tells Proactive the company has received significant rare earth element (REE) results from reverse circulation (RC) drilling at Duchess prospect within its Mount Squires Project in Western Australia. The assays received so far point to the growing potential for a large deposit of rare earth mineralisation at Mount Squires, a region that has never seen systematic rare earths exploration. These are the first results from the companys 4,500-metre RC program in June that tested several REE, gold, nickel and copper targets across the project, with results pending from a majority of the drilling.
Miles said: The mineralisation remains open in multiple directions with no previous drilling of the controlling structures.
"Importantly, this mineralisation contains an exceptionally high proportion of heavy rare earths, which are many times more valuable than the light rare earths which dominate the profiles of many Australian rare earth projects.
"This offers Caspin a unique position amongst its peers. It is also encouraging to recognise rare earth mineralisation associated with monazite, a common rare earth ore mineral with a well-understood processing route.
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Caspin Resources Ltd
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