Caspin Resources Limited announced the latest results from the current drilling season at the Serradella Prospect, within the Yarawindah Brook Project in Western Australia. The Company has received partial or complete assays from 20 holes of an extensive infill and step-out drilling program to outline additional zones of near-surface PGEs, nickel and copper as well as test the basal contact of the host intrusion for new high-grade discoveries. Results from a further 12 holes remain pending, several of which are holes drilled to the south of YARC0036 which returned the best intercept to date at Serradella.

High -Grade Mineralisation Intersected in Largest Step-Out at Serradella: The drill program has included close-spaced drilling around the area of the YARC0036 discovery hole (17m @ 2.33g/t 4E) as well as further broad step-outs to the northeast of YARC0036, towards the interpreted position of the basal contact, which could conceivably host massive sulphide styles of mineralisation. YARCD0047 is the deepest step-out hole drilled to date and located over 1,000m from YARC0036. This drill hole has returned multiple zones of significant mineralisation including a high-grade intercept of 3.83m @ 2.39g/t 3E from 380.25m, within a broader zone of 12.1m @ 0.97g/t 3E from 376.9m.

This intercept is recognised as hydrothermal mineralisation (rather than primary magmatic) which has been remobilised along the Hangingwall Shear, within a very broad zone of elevated PGE, nickel and copper. Significantly, YARCD0047 has intersected the widest zone of elevated PGE mineralisation at the prospect to date, with 233m of mineralisation grading 0.15g/t 3E, fully diluted (i.e., including barren zones of dolerite and other non-mineralised rock). YARCD0047 intersected significant thicknesses of metasediments above the mineralised ultramafic sequence.

These metasediments are similar to those that are present in the footwall sequence of the nearby Julimar deposit and have been locally encountered elsewhere at Yarabrook Hill in the structural hangingwall (considered to be stratigraphic footwall) position. Although the major lithological boundaries in this hole are considered to be structural in nature, these observations are considered to be consistent with the general model that as drilling steps out to the northeast at Serradella, the company are approaching the stratigraphic footwall of the Yarabrook intrusion. In addition, PGE mineralisation is generally considered to only be remobilised over a relatively short distance (perhaps a few hundred metres) from a primary magmatic sulphide source.

Therefore, the results from YARCD0047 are further evidence of a potentially large body of mineralisation in proximity to current drilling and are consistent with the Company's conceptual model. YARCD0047 has provided encouragement that the basal contact has been preserved and is mineralised. Interpretation of this hole is continuing.

A ground-based moving loop electromagnetic (MLEM) survey is continuing in the area that best represents the conceptual position. Importantly also, it is now recognised that several previously defined AEM anomalies (most notably XC-27, with a strike length of about 300m;) which were previously down-graded because of a lack of association with the intrusion at the surface, need to be revaluated as potential blind targets. Multiple Lode Positions Now Recognised at Serradella By increasing the drilling density at `Upper' Serradella, the Company can now recognise multiple higher grade mineralised lode positions, generally in sub-vertical orientations as well as the broad, gently dipping Hangingwall Shear position.

The Company has interpreted at least three sub-parallel, sub-vertical lode positions, striking northwest-southeast throughout the intrusion. These are spatially associated with fault structures and can be recognised in magnetics, cutting the intrusion in a similar orientation. Many of the higher-grade intersections previously reported, such as YARC0036 are likely associated with these fault structures.

These lodes are defined over 1,000m of strike by current drilling and may extend further south into Central Yarabrook upon further review of previous drilling. The Company has received results from holes in the vicinity of YARC0036 including 8.0m @ 2.29g/t 4E from 114m (YARC0066), and 5m @ 1.16g/t 3E from 76m (YARC0065), 40m along strike and 40m up dip from YARC0036, respectively. Approximately 400m north, YAD0029 (a twin and extension hole of YARC0022) has returned 27.9m @ 1.06g/t 3E from 117.1m including a high-grade core of 8.9m @ 2.47g/t 3E from 131.1m, a significant upgrade to the original intercept in YARC0022.