Caspin Resources Limited announced results from ground electromagnetic surveying at the Serradella Prospect, within the Yarawindah Brook Project in Western Australia. The Moving Loop Electromagnetic (MLEM) survey has been designed to search for massive sulphide accumulations within the Yarabrook Intrusion down plunge from recent drilling activities which have identified significant PGE mineralisation. The Company engaged GEM Geophysics to conduct a MLEM survey using a Jessy Deeps high temperature SQUID system over an area of approximately 3km2 on the northern and eastern extensions of the Serradella Prospect.

The survey has identified a large conductor to the north of the Serradella Prospect, just outside the current drilling area. The conductor is likely hosted within ultramafic rocks of the Yarabrook Intrusion, partly obscured by the over-thrust granite along the Hangingwall Shear. Importantly, the conductor lies along strike of recently reported high-grade PGE mineralisation, such as 8.9m @ 2.47g/t 3E & 0.22g/t Ni in YAD0029.

Preliminary modelling suggests the source is at a depth of 80 to 100m with a conductance in the range of 1000- 2000 siemens, consistent with other anomalies in the region associated with sulphide. Note that other high response features in the survey are considered to be regolith effects which have been observed across the project area. The conductor also lies within the eastern portion of the intrusion where recent drilling has confirmed the presence of metasediments in contact with the mineralised ultramafic sequence.

This regime is potentially indicative of a stratigraphic footwall contact where it is considered sulphide hosted mineralisation, which would produce a similar electromagnetic response to that observed, is most likely to occur. The conductor is a high priority for drill testing. The closest drill hole, YARC0061, intersected predominantly late-stage dolerite but provided an encouraging glimpse into the geology approximately 200m from the conductor.

The final 4m of YARC0061 entered mineralised ultramafic pyroxenite (1m @ 0.20g/t 3E from 201m to end of hole) before the hole had to be ended prematurely due to adverse ground conditions. A diamond tail planned for YARC0061 would likely miss the conductor but could still provide a platform for down hole EM surveying to better constrain the anomaly for subsequent drill testing. The Company is evaluating the best approach to test the anomaly.