Caspin Resources Limited announced the discovery of a new PGE prospect at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia, only 100km north of Perth. The prospect, now known as Vicia, is located at the northern margin of the Yarabrook Intrusion and adjacent to the new Serradella discovery where the Company has recently reported high-grade and broad widths of PGE mineralisation, along with high-grade rhodium mineralisation. The Company completed six RC drill holes on approximately 250m centres, over a large PGE soil geochemical anomaly with dimensions of 900m by 600m.

The anomaly is located at the northern margin of the Yarabrook Intrusion, northwest of the Central Yarabrook Prospect, west of the Serradella discovery and structurally below (on the western side of) the Radio Tower Thrust. Several of the drill holes have returned significant values of PGEs. Better results include: 32m @ 0.48g/t 3E from 58m including 4m @ 1.12g/t 3E from 81m (YARC0030); and 10m @ 0.42g/t 3E from 42m including 2m @ 1.13g/t 3E from 42m (YARC0032).

These two holes are located approximately 250m apart and are open along strike. The results are excellent for a first pass test of the soil anomaly, but more importantly, this is the first intersection of mineralisation beneath the Radio Tower Thrust, which was previously thought to be the footwall boundary to the mineralised package at Yarawindah; demonstrating how the mineralisation potential of the Yarabrook Intrusion continues to grow. Mineralisation occurs over a strike length of at least 600m with at least two PGE-mineralised lenses.

Anomalous PGE results were received from all holes at surface, supporting the original soil anomaly. The Vicia Prospect lies immediately west of the Serradella discovery and possibly represents a thrust slice of the same broad mineralised system from beneath the Radio Tower Fault, which was previously considered to host only barren gabbroic rocks. Therefore, these intersections have opened a new exploration search space and demonstrate the potential for further zones of mineralisation to be discovered where there has been no systematic drill testing, including deeper beneath Serradella.

These first pass results at Vicia further emphasise the more prospective nature of the northern margin of the Yarabrook Intrusion, following the excellent results received to date from Serradella. Recent results also include drill hole YARC0035, the northern-most hole at Serradella by approximately 500m. This hole intersected a thick sequence of undifferentiated felsic metasediments before passing into mafic lithologies at approximately 170m to the end of hole.

The hole has confirmed that the Yarabrook Intrusion plunges northwards underneath lithological cover and supports the Company's targeting of deeper mineralisation at Lower Serradella.