Caspin Resources Limited (CPN: ASX), a mineral exploration company based in Perth with expertise in early-stage exploration and development, has announced the commencement of its highly anticipated drilling program at the Weethalle Gold Project in New South Wales. The drilling program began on October 28, 2025. The company currently has four Australian projects offering a diverse mix of commodities.
The initial phase of the program focuses on testing a series of chargeable induced polarisation (IP) anomalies at the Weethalle Gold Project. This project is recognised for its similar geological setting to the 10Moz Hemi deposit discovered by De Grey Mining. Historical mining at Weethalle yielded grades up to 5oz/t gold plus silver, with rock chips assaying up to 64.5 g/t gold. The current program targets a newly defined, undrilled 2,000m long IP geophysical target situated less than 200m below the surface, coinciding with an IRGS geochemical signature identified in soil sampling.
Caspin Resources is also developing targets around the historical Euratha workings and associated geochemical anomalies for a second phase of drilling. This subsequent phase is slated for later in 2025 or early 2026. The combined drilling phases will encompass approximately 8 holes, totaling 1,200m. The Weethalle Gold Project, comprising three granted exploration leases in the Central Lachlan Fold Belt of New South Wales, covers an area of 310km2.
Historical data indicates very high-grade gold mineralisation at the Euratha mine, averaging 1-3oz/t gold and up to 5oz/t (156g/t) gold. Recent IP surveying has revealed a strong anomaly extending over 2,000m, southeast of the workings in an area with no prior drilling. Soil geochemistry correlates closely with the IP anomaly, displaying multi-element anomalism consistent with intrusion-related gold systems.
