Caspin Resources (ASX:CPN) has signed an option agreement to acquire the Bygoo Tin Project in New South Wales.
The advanced exploration project, covering 1,180 km2, surrounds the historic Ardlethan Tin Mine, which produced approximately 48,000 tonnes of tin until its closure in 1986.
Greg Miles, Managing Director of Caspin, stated, "The Bygoo Tin Project is a compelling advanced exploration story that is relatively unique on the ASX. We’re excited by the high grades of tin intersected in previous drilling, close to surface, and on the doorstep of the largest historic tin mine on mainland Australia."
Historical drilling has shown promising results including 35m at 2.10% Sn from 43m, with higher grade intersections such as 5m at 6.00% Sn from 65m (BNRC011).
The company plans further exploration to assess these results comprehensively over the coming months.
Caspin has also arranged a $1.6 million placement to new and existing shareholders to fund exploration efforts during the option period.
The company intends to use this period to conduct extensive due diligence, including data consolidation and field reconnaissance.
The move provides Caspin an opportunity to diversify into tin, a commodity with growing demand, and to leverage its mining expertise for future developments.
The Bygoo Project offers a major exploration opportunity in a region that has seen limited development in recent decades.