Caspin Resources reports on corporate and exploration activities for March 2024 Quarter

Caspin Resources Limited (ASX: $CPN) is pleased to report on its corporate and exploration activities for the quarter ended 31 March 2024. The company identified two new conductors in a Moving Loop Electromagnetic survey at the Brassica Prospect, indicating good potential for the conductors to be related to a mineralised magmatic sulphide source. Additionally, an agreement was executed with Australian Strategic Materials Ltd to evaluate the economic potential of Rare Earth Element (REE) potential at Mount Squires Project.

Executive Commentary

We're excited about the two very compelling targets that are emerging at the Brassica Prospect, following completion of the moving loop EM survey. The nickel market has stabilized over the past three months, although sentiment remains fragile. The Company is taking a cautious approach to its nickel-copper-PGE exploration, balancing the difficult market environment with the clear, but speculative, opportunities for discovery, which drives so much wealth creation in our industry. In this context, we are grateful for the opportunity to participate in the West Australian government's co-funded drilling program and have made an application to assist drilling these new targets, reducing the risk exposure of the Company. Our collaboration with ASM to evaluate the REE potential of the Mount Squires Project is another significant advancement. We believe that a partnership with a specialist REE company is the only pathway for junior explorers to advance a greenfield REE project. ASM brings a wealth of knowledge on REE processing and market intelligence, complementing Caspin's expertise in exploration and development, which together could unlock the REE potential of the Mount Squires Project and perhaps the entire West Musgrave Province. Caspin's shareholders retain exposure to the forecast increased REE demand with reduced exposure to downside risk. We look forward to the results of upcoming metallurgical test work and if successful, further drill testing and metallurgical work in the second half of the year. The Company will likely combine this program with further exploration of nickel, copper, and gold, in which it retains the full rights.

Summary

Caspin Resources Limited (ASX: $CPN) reported the identification of two new conductors at the Brassica Prospect, indicating good potential for the conductors to be related to a mineralised magmatic sulphide source. The company is excited about the emerging targets at the Brassica Prospect and is taking a cautious approach to its nickel-copper-PGE exploration. Additionally, the collaboration with ASM to evaluate the REE potential of the Mount Squires Project is a significant advancement. The Company believes that this partnership could unlock the REE potential of the Mount Squires Project and the entire West Musgrave Province, providing shareholders with exposure to the forecast increased REE demand with reduced downside risk. The Company's cash outflows for the quarter included exploration and evaluation expenditure, administration and corporate costs, and payments to related parties. As of 31 March 2024, the Company had available cash of approximately A$1.62 million and no debt. The outlook for the immediate future includes drill planning and environmental permitting for the identified targets at the Brassica Prospect and further exploration of nickel, copper, and gold, along with the upcoming metallurgical test work and potential drill testing at the Mount Squires Project.