Caspin Resources (ASX:CPN) has announced the discovery of significant rare earth element (REE) mineralisation at its wholly owned Mount Squires project in Western Australia.
Caspin Resources says to its knowledge, this is the first discovery of significant REE mineralisation in the West Musgrave Province, but previous studies have highlighted the high REE background contents of the rhyolite volcanics in the region.
The company says recent-assaying of Duchesss aircore holes identifies shallow REE including 46m @ 0.71% TREO from 32m, including 22m @ 1.25% TREO from 48m, and 19m @ 0.41% TREO from surface, including 4m @ 0.80% TREO from 8m.
It also says only 37 samples from just 4 holes have been assayed to date, with additional assays pending.