CASPIN RESOURCES

(ASX:CPN)

COMPANY PROFILE

A well-funded Western Australian explorer operating in one of the world’s most exciting discovery provinces of recent times, there’s no shortage of excitement around Caspin Resources.

Caspin’s focus is on the 80%-owned Yarawindah Brook platinum group element (PGE)-nickel-copper project in WA’s emerging West Yilgarn PGE province, as well as the 100% owned Mount Squires project in West Musgrave’s nickel-copper corridor.

The West Yilgarn is famously home to Chalice Mining’s (ASX:CHN) Gonneville PGE-nickel-copper deposit, and CPN’s Yarawindah project 40km to the north shows similar promise thanks to a series of prospects discovered by the Caspin team.

The most significant of these are the

Serradella prospect, where drilling intersected wide mineralised zones of up to 25m, which included rhodium – the world’s most expensive precious metal – as well as the recently announced Vicia PGE discovery where 32m of mineralisation was intersected from 58m.

This year, the company plans further drilling around the area to test the extent of rhodium mineralisation. A third rig was recently added to the artillery to accelerate delineation drilling of Serradella – results are expected imminently.

Vicia and Serradella are just two of at least six targets within the broader project, which is said to be geologically similar to Chalice’s Gonneville discovery. Chalice holds a stake in Caspin courtesy of a cornerstoned capital raise announced to market in July 2021.

The company’s concurrent focus is the 100% owned Mount Squires project to the south-west of OZ Minerals’ Nebo and Babel deposits in the West Musgrave province near the WA-South Australian border.

The province is prospective for copper and nickel mineralisation, and Caspin’s exploration work has done the talking so far.

Results from an aircore program carried out near the border of Caspin’s ground and OZ Minerals’ One Tree Hill deposit 200m to the north are pending. This work was designed to establish whether One Tree Hill carries over the lease area boundary.

But rock chip samples taken from surface at an 8km copper geochemical anomaly known as the Sienna prospect assayed as high as 10.6% copper – a result the company said showed it was in the early stages of defining a significant magmatic sulphide system prospective for copper, and potentially nickel and PGEs.

CPN is awaiting the results of a further 1200 soil samples from West Musgrave in addition to aircore assays, while also planning work for the 2023 field season at Mount Squires.

Caspin’s management team has extensive familiarity with its projects going beyond the history of the ASX-listed entity as it currently stands. The company is helmed by Greg Miles, a 25-year mining industry veteran who worked on the early-stage work at both Yarawindah and CPN’s West Musgrave projects for Cassini Resources prior to its takeover by OZ Minerals.

Caspin would ultimately spin out of OZ in 2020 and has quickly forged its own reputation as an explorer to watch in 2023 and beyond.

KEY POINTS

◾ Company Name: Charger Metals

◾ Company ASX code: CHR

◾ Key Commodities: Lithium

◾ Key Personnel: David Crook, Managing Director and CEO | Terry Gardiner, Non-Executive Chairman | Adrian Griffin, Non-Executive Director

◾ Locations: Western Australia, Northern Territory

◾ Market Cap as of 25/01/23: $23.29M

◾ 52-Week Share Price Range at 25/01/23: $0.305 - $1.000

◾ W: chargermetals.com.au

Investment Highlights

JANUARY 19: Drilling resumes at the Medcalf spodumene prospect at Charger Metals’ Lake Johnston lithium project. Twenty RC holes will test for extensions to the mineralised pegmatites both along strike and at depth.

DECEMBER 20: Maiden drilling program at the Medcalf spodumene prospect intersects numerous spodumene-bearing pegmatites within a 50m-wide zone.

NOVEMBER 21: Charger receives drilling approvals and increases its land position at the Lake Johnston lithium project by 33sq km.

DAVID CROOK MANAGING DIRECTOR & CEO