The Caspin Resources Ltd (ASX: CPN) share price is off to the races in morning trade today. It is currently up 8.66% to $1.25. However, it earlier reached as high as $1.53 — a gain of 32% on its previous closing price.
Below we take a look at the latest drilling results that look to be driving investor interest in the ASX resource explorer.
What drilling results were reported?
The Caspin Resources share price is surging after the company reported promising drill results at its Yarawindah Brook PGE-Ni-Cu Project in Western Australia.
(For the uninitiated, PGE = platinum-group elements; Ni = nickel; Cu = copper.)
Caspin also updated the market on its ongoing reverse circulation (RC) and diamond drilling operations at its Yarabrook Hill prospect.
According to the release, significant nickel and copper sulphide mineralisation was intersected at XC-22, a previously identified airborne electromagnetic (AEM) anomaly. Intersections at 1 hole included a 2-metre zone of up to 20% sulphides from 46 metres downhole.
Caspin’s CEO Greg Miles cautioned that, while it was early days, the company wanted to share the exciting visual observations at XC-22.
Commenting on the findings fuelling the Caspin Resources share price today, Miles continued:
The large size of the XC-22 anomaly suggests that if it is coincident with mineralisation throughout its entire extent then this could represent a significant body of mineralisation. Many more drill holes are required before this can be confirmed as a significant discovery and laboratory assays are required to confirm the tenor of any PGE mineralisation that may be present.
Following the promising early results, the company plans to review similar AEM anomalies in the region. According to Miles: “In light of this new information [these anomalies] are potentially significant. In addition, the remainder of the project area is about to be surveyed by AEM, commencing early in December.”
Caspin Resources share price snapshot
The Caspin Resources share price has rocketed 180% over the past 12 months. That compares to a full-year gain of 12% posted by the All Ordinaries Index (ASX: XAO).
Over the past month, Caspin shares have leapt 52% higher.
The post Here’s why the Caspin Resources (ASX:CPN) share price surged 32% today appeared first on The Motley Fool Australia.
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