Caspin Resources Limited announced further exploration results from the Company's wholly owned Mount Squires Project in Western Australia. Results include aircore drill results from the Duchess Prospect and soil and rock chip sampling along the Handpump Structural Trend. These results should be viewed in conjunction with the excellent base metal results recently reported from the West Musgrave corridor demonstrating the unique base and precious metal prospectivity of the Mount Squires Project.

Multiple Gold Targets Along Handpump Structural Trend: The Company has now received final drilling, rock chip and soil geochemistry results from recent programs completed at the Duchess Prospect and extensions along a corridor that the Company refers to as the Handpump Structural Trend. The Handpump Structural Trend extends over approximately 40km through the centre and western parts of the Mount Squires Project. The Company is now preparing for an extensive exploration program to test base and precious metal targets which will follow the current drilling activities at Yarawindah Brook.

New Soil Geochemical Anomalies at Southern End of Handpump Fault: Concurrent with reconnaissance drilling at the Duchess Prospect, systematic soil geochemistry along the length of the Handpump Structure has delivered further exciting precious metal results, highlighted by a 2km long by 400m wide anomaly defined by coherent anomalous gold values (above the 90th percentile of all gold results), 27km southeast of Duchess. This anomaly, named the Regal Prospect, strikes northeast-southwest, coincident with the Handpump Structural Trend and contains peak gold values of 47.5 ppb and 21.7 ppb at opposite ends of the anomaly. The footprint of the Regal Prospect is much greater in both size and the strength of anomalism when compared with the anomalism in similar data associated with the Handpump and Duchess West Prospects, both of which host confirmed basement gold mineralisation.

Importantly, the Regal Prospect lies in an area devoid of outcrop and is entirely masked by transported cover, obscuring detection until Caspin's use of ultrafine fraction methodology. The Regal Prospect lies 3km from the interpreted junction of the regionally significant Marlu Fault Zone with the aforementioned Handpump Structural Trend. Regionally significant fault zones and structures act as fluid pathways and the junction of these structures are recognised as a fundamental component in the formation of significant orebodies.

Outside the core of the Regal Prospect are a number of smaller anomalies including a single point high of 221ppb Au, 1.2km to the northwest and along strike from Regal, which represents the single highest gold result to date at the Mount Squires Project where background gold values are 1-2ppb. This is an outstanding result, requiring infill sampling to confirm and better define the anomaly. Several other single or dual point anomalies over 5ppb are open on the edge of the survey area and also require infill and extensional soil sampling.

The Company also recognizes a 2.5km long and 500m wide magnetic feature of regionally significant intensity at the junction of the Handpump Fault and the Marlu Fault within sediments of the Officer Basin. Sediments within the basin usually have a weak magnetic response, therefore the strong magnetism potentially indicates a style of mineralisation derived from the structural intersection. This magnetic anomaly is concealed by transported cover and is yet to be tested by soil sampling and represents a compelling target for further exploration.

Sample spacing at the Regal Prospect is currently on 400m x 200m centres and therefore infill and extensional sampling will be conducted in the coming field season to better define the current anomalism. Duchess Prospect - Further Gold and Molybdenum Mineralisation: The Company completed a second phase of reconnaissance aircore drilling at the Duchess Prospect, building on initial work reported on 29 September 2022, comprising a further 77 holes for 1,752m. Previous results have outlined two clearly defined mineralised trends at the Duchess Prospect, being gold-silver (Duchess West) and copper-molybdenum (Duchess East) trends.

This first batch of results from the second phase of drilling has returned even more promising results from both trends. At Duchess West, drill hole MSAC0121 returned a standout result of 1m @ 6.04g/t Au and 4.0g/t Ag associated with quartz veining encountered from 12m, in the last metre drilled in the hole. Subsequent infill drilling and further mapping has recognised that gold mineralisation is hosted in quartz veining, likely controlled by east-northeast, west-southwest trending structures, or possibly the intersection of this structural orientation with the regional-scale northwest-southeast trending Handpump Structural Trend .

Recent results include 3m @ 0.69g/t Au from surface and 2m @ 0.85g/t Au and 6.0g/t Ag from 8m in MSAC0243 and 4m @ 0.2g/t Au from surface in MSAC0241. Additional rock chip sampling of outcropping quartz veining at Duchess West returned an assay of 8.26g/t Au and 85g/t Ag, approximately 50m along strike from previous rock chip results of 2.46g/t Au and 49.7g/t Ag. Anomalous silver mineralisation (>0.5g/t) is commonly found at Duchess West and appears to form a halo around gold mineralisation making it a useful pathfinder element, particularly for regional soil and rock chip sampling.

Silver may also provide a small economic by-product benefit to any potential gold discovery. In addition to the recognised importance of the structural intersection, it is recognised that the quartz veins hosting gold mineralisation are potentially related to the brecciated and quartz-rich upper contact of the rhyolite with the overlying felsic volcaniclastics. Known gold mineralisation at the Handpump Prospect 2.4km to the north is restricted to this stratigraphic horizon, but due to the limited depth capability of aircore drilling in fresh rock, drilling was unable to penetrate through to this key target horizon at Duchess.

It is interpreted that the 6.04g/t Au bottom of hole mineralisation intercepted in MSAC0121 may represent the top of this brecciated rhyolite contact, and that shallow quartz hosted mineralisation within felsic volcanoclastics identified in MSAC0241, MSAC0243 and surface rock chip results represent leakage of mineralising fluids above an untested target horizon below. To properly test this stratigraphic contact, a larger capacity RC rig will be sourced in 2023.