After confirming the presence of some 68m of nickel, copper and platinum group metal mineralisation in its first hole at XC-22, including a lower low-sulphide, platinum group elements-rich zone with peak grades of 2.88 grams per tonne, the company asked for the sample to be re-assayed for the full six element PGE suite.
The result is a significant rhodium up to 465 parts per billion associated with the platinum and palladium.
Given rhodium is currently selling for more than US$20,000 per ounce, some 10 times the gold price, a little rhodium goes a long way, and grades exceeding 0.1gpt are considered highly significant.
The PGE-rich zone now reports as 13m at 1.08gpt palladium-platinum-rhodium-gold, 0.26% nickel and 0.21% copper from 101m, including 2m at 2.45gpt platinum, 0.4% palladium, 0.41gpt rhodium and 0.03gpt gold, 0.23% nickel, and 0.09% cobalt.
Given the additional cost of PGE assays, and limited prior exploration since the outcropping gossans were spotted in 1974, and the focus on the laterite potential, there have been almost no prior assays for rhodium in the Yarawindah Brook block, with just five samples reported in 2006.
Caspin intends to selectively re-assay existing and future core to better understand the potential for the full PGE suite, which also includes iridium, osmium, and ruthenium.
CEO Greg Miles said the presence of rhodium was an "interesting new development" for Yarawindah Brook, and boded well for future discoveries.
"Because of its value, small amounts as low as 100ppb can make a significant contribution to the economics of PGE deposits," he said.
"If we can demonstrate that rhodium mineralisation occurs consistently with platinum and palladium at XC-22, then we could be another step closer to an economic discovery."
While rare, rhodium can be recovered using conventional sulphide flotation, and is sought after for its inert nature.
The company, which recommenced exploration last month, is completing diamond tales on existing RC holes targeting downdip mineralisation, however the holes had to be abandoned due to difficult drilling conditions.
The RC rigs were scheduled to return to XC-22 after completing drilling of the 3km-long Northwest PGE-nickel-copper soil geochemical anomaly.
A minimum 7000m campaign is planned in the project, including maiden holes across some regional targets.
Yarawindah Brook is located within the Jimperding metamorphic belt, which is also host to the world-class Julimar deposit to the south.
XC-22 was identified by as a large soil and electromagnetic anomaly and appears to be similar to Chalice Mining's Gonneville deposit than other areas, and different to the Central Yarabrook Hill area given the intrusion is marked by a gravity low and magnetic high.
It remains open in multiple directions. The lower PGE zone possibly correlates with larger magnetic anomaly than the upper zone, with over 1000m of strike to be tested.
Caspin commenced the quarter with A$12.3 million cash.
Shares in the junior were up 7% this morning to 86.5c, valuing it at $60 million.
The stock has traded between 57c and $2.92 over the past year.
