Caspin Resources (ASX:CPN) announced its acquisition of the Bygoo Tin Project, situated in New South Wales, which was finalised following shareholder approval.
The company plans to initiate drilling in early 2025, targeting significant tin results previously recorded.
The acquisition includes three exploration licenses held by Riverston Tin Pty Ltd, a subsidiary of Syndicate Minerals.
Caspin now holds a 100% interest in the Bygoo Tin Project after completing due diligence.
Managing Director Greg Mile stated, "Since first announcing the Option to acquire the Bygoo Tin Project, our technical evaluation has revealed many more discovery opportunities than we originally expected."
The planned exploration involves detailed geochemical surveys that have identified new undrilled targets in the Ardlethan East area.
The peak assay from the surveys revealed a 1.86% tin concentration, showing promise for future discoveries.
To support the exploration, Caspin has raised approximately $421,000 through the settlement of a Tranche 2 placement and the issue of shares, aiming to maximise field activities during the upcoming summer months before agricultural constraints.
Caspin Resources is a mineral exploration company engaged in early-stage exploration and development. The company's projects include the Yarawindah Brook Project and the Mount Squires Project.
At the time of reporting, Caspin Resources' share price was $0.55.