Caspin Resources Limited announced complete drill results from the Company's first phase of reconnaissance aircore drilling from the Duchess Prospect within the wholly owned Mount Squires Project in the West Musgrave region of Western Australia. The return of full assay results is well timed as the second phase of drilling has also commenced. Unique Polymetallic Mineralisation Discovered at the Duchess Prospect: The Company recently completed the first part of a wide spaced reconnaissance aircore program over the Duchess Prospect comprising 81 holes for 2,394m on nominal line spacing of 400m.

These results complete the assay program following the announcement of bottom of hole results on 3 August 2022. The complete drill results have identified two, distinctly different mineralisation trends; a gold-silver trend and a copper-molybdenum trend, referred herein as Duchess West and Duchess East, respectively. Duchess West: Drilling has identified broad zones of >1g/t Ag with minor associated gold mineralisation.

This included a best result of 44m @ 1.45g/t Ag including 12m @ 3.40g/t Ag from 28m to the end of hole in MSAC0028. This hole also returned an anomalous 0.20g/t Au in the last metre of the hole. The Company has previously reported a rock chip sample from over 500m away returning 2.46g/t Au and 49.7g/t Ag from a patchy outcrop covering approximately 20m2, comprising a felsic volcanoclastic rock with breccia-style quartz veins.

Combined with other drill results, the Company has defined a widespread anomalous gold and silver zone (>0.5g/t Ag) over an area of 1,000m x 500m, possibly associated with the contact of felsic volcaniclastic and basalt rocks which is exposed at the surface nearby. The mineralisation trend is open to the north in an area under shallow transported cover. There has been no previously reported silver mineralisation in the area, so this discovery represents a new mineralisation style for the project and probably the broader region.

Duchess East: Drilling has also identified significant copper and molybdenum mineralisation in multiple holes over a strike length of at least 1,000m along the contact of rhyolite and felsic volcaniclastic rocks. Best results include 21m @ 63ppm Mo including 4m @ 233ppm Mo in MSAC0023, starting from surface to the end of hole, and 20m @ 1,013ppm (0.10%) Cu from 20m to the end of hole in MSAC0054. These copper results are very significant given they are hosted by felsic rocks, with sulphide minerals observed in drill chips.

The same lithological contact continues approximately 2km under cover to the northwest, where it hosts gold mineralisation at the Handpump Prospect, such as 15m @ 2.30g/t Au. No copper-molybdenum mineralisation has as yet been intersected at Handpump. However, a geophysical feature (broadly coincident magnetic and IP anomaly) has been identified underneath the near-surface mineralisation at Handpump but has not yet been drill tested.

It is plausible that this represents a magmatic intrusion that may host copper-molybdenum mineralisation similar to that seen along strike to the south at Duchess East.