Bygoo

The Bygoo Project is located near the township of Ardlethan in the Riverina District of New South Wales. The project covers an area of 1,180km² comprising three granted leases surrounding the historic Ardlethan Tin Mine (excised from the package) which produced approximately 48,000t of tin from 1912 to 1986¹.

The mine was the most prolific producer of tin on the Australian mainland until operator Aberfoyle Limited was forced to close the mine during the collapse of the tin market during the mid-80’s. There was subsequently a complete absence of exploration in the Bygoo area for 30 years up until 2015. This has created an exciting modern exploration opportunity.

Project Highlights

Advanced, high-grade exploration project in a prolific tin producing region.
- Surrounds the Ardlethan tin mine which produced 48,000t of tin until 1986¹
Significant historical drilling results to date include:
- 35m @ 2.10% Sn from 43m, incl. 5m @ 6.00% Sn from 65m (BNRC011)
- 35m @ 1.71% Sn from 94m, incl. 6m @ 5.04% Sn from 106m (BNRC085)
- 18m @ 1.35% Sn from 58m, incl. 6m @ 2.27% Sn from 65m (BNRC063)
- 12m @ 1.92% Sn from 77m, incl 3m @ 5.20% Sn from 84m (BNRC020)
- 26m @ 1.27% Sn from 140m, incl 7m @ 2.88% Sn from 146m (BNRC073)
New exploration model and belt scale land holding covering 1,180km2 hosting hundreds of historical tin workings, provides scope for multiple discoveries.
At least seven separate tin prospects already defined with most of the project largely unexplored and subject to limited exploration over the past 40 years.
Mineralisation occurs as cassiterite (SnO₂), a common tin ore mineral and most favourable for metallurgical processing.
Provides excellent leverage to increasing global demand, in a first-world jurisdiction with high environmental and social standards.

PATERSON R G 1990 – Ardlethan Tin deposits: in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea. The AusIMM, Melbourne. Monograph 14, v2, 1357-1364.

Figure 1. Bygoo Tin Project location.

Caspin executed an Option Agreement to acquire 100% of the Bygoo Tin Project in New South Wales from Syndicate Minerals Pty Ltd, securing an exclusive 3-month option to acquire 100% of the shares of Riverston Tin Pty Ltd, a wholly owned subsidiary of Syndicate Minerals Pty Ltd.

For further information refer to the ASX Announcement, dated 23 September 2024.

History

Historical exploration during 1960s and 70s was predominantly focussed on shallow extensions of breccia-style mineralisation from the Ardlethan Mine. However, more recent exploration since 2015 has recognised high-grade greisen-style mineralisation, a hydrothermal alteration of granite. Most of the older exploration involved shallow, vertical drill holes that failed to intersect the often steeply dipping greisen mineralisation.

Best results have been returned from the Bygoo North Prospect, approximately 7km north of Ardlethan, where at least five separate greisens have been recognised over a strike of approximately 500m. There are numerous historical workings and shallow pits indicating widespread tin mineralisation. Most of the early drilling in this area has been ineffective.

Bygoo North is characterised by relatively high-grade mineralisation that compares favourably to other hard rock tin projects in Australia. Examples of recent high-grade drill intersections include:

35m @ 2.10% Sn from 43m, including 5m @6.00% Sn from 65m (BNRC011)
35m @ 1.71% Sn from 94m, including 6m @ 5.04% Sn from 106m (BNRC085)
26m @ 1.27% Sn from 140m, including 7m @ 2.88% Sn from 146m (BNRC073)
12m @ 1.92% Sn from 77m, including 3m @ 5.20% Sn from 84m (BNRC020)
18m @ 1.35% Sn from 58m, including 6m @ 2.27% Sn from 65m (BNRC063)
15m @ 1.42% Sn from 120m, including 3m @ 3.44% Sn from 125m (BNRC013)

A full table of BNRC series (2015 to present day) results can be found in ASX Announcement dated 24 September 2024.

The tin greisens are open in multiple directions, with many obvious target areas to extend mineralisation.

Importantly, petrographic studies have shown that tin mineralisation occurs as cassiterite, a tin oxide (SnO₂), and often the only primary tin mineral that can be economically processed. No other sulphide minerals are recognised as accessory to cassiterite, indicating good potential for clean concentrates. No metallurgy studies have been undertaken to date but would form an important milestone of Caspin’s future work programs.

Regional Potential

Beyond Bygoo North, the entire Ardlethan Granite contact is prospective for greisen-style mineralisation, striking over 20km on its eastern margin. This eastern contact has been the focus of most historic exploration and prospecting with hundreds of small workings and diggings, indicating extensive tin occurrences.

Some recent exploration has demonstrated the potential for further significant discoveries of tin mineralisation across the project area. For example, drilling at the Bald Hill Prospect, at the southern end of the Ardlethan Granite and 17km south of Bygoo North, returned significant tin results from only three holes drilled:

9m @ 0.49% Sn from 26m, including 1m @ 1.42% Sn from 28m (BHRC001)
20m @ 0.30% Sn from 26m, including 1m @ 1.61% Sn from 20m (BHRC002)
17m @ 0.16% Sn from 23m (BHRC003)

No further work has been conducted at Bald Hill since these holes were completed in 2018.

The western contact of the Ardlethan Granite has had very little exploration of any kind, in part because of separate tenement ownership, which has only been consolidated in recent times. Drilling along the western margin has been very sparse and represents an almost entirely new search space for Caspin to explore.

The Bygoo Project is within a large, mineralised belt, known as the Wagga Tin Granites, with many occurrences of tin and associated metals. The Company has additional tenure covering the belt south of Ardlethan with recognised tin occurrences and again, limited exploration, which will form part of the Company’s longer-term plans.

Next Steps

The Company will use a 3-month option period to commence field reconnaissance and compile all available datasets to prioritise drill targets and. There is additional historical drilling in the order of 100 to 150 holes currently not reported (typically from the 1970’s), to be consolidated into the drill database. An assessment of geophysical datasets will also be undertaken, given the apparent strong structural control on greisen mineralisation, which may potentially be recognised through high resolution magnetics.

For further information on the Bygoo Project please view our latest Announcements:

ASX Announcements