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The latest announcement is out from Caspin Resources Ltd. ( (AU:CPN) ).
Caspin Resources has decided not to exercise its option to acquire an 80% stake in the Weethalle Gold Project after Phase Two drilling at the Euratha Prospect failed to confirm the potential of a major gold system. While drilling intersected quartz veining and alteration suggestive of a large hydrothermal system, the company concluded that the most immediate discovery opportunities at Weethalle have already been tested.
Management said the move will allow Caspin to concentrate capital and effort on its wholly owned Bygoo Tin Project, where active drilling and survey programs are underway and recent fundraising of $6 million signalled strong investor support. Caspin has also applied for tenure around the historic Gibsonvale alluvial tin mine to target potential hard-rock tin, reinforcing its strategy to consolidate a dominant tin position in the Wagga Tin Belt and pivot away from early-stage gold options with less compelling near-term upside.
The most recent analyst rating on (AU:CPN) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Caspin Resources Ltd. stock, see the AU:CPN Stock Forecast page.
More about Caspin Resources Ltd.
Caspin Resources Ltd. is an Australian mineral exploration company focused on building a large, long-life tin-focused business in the Wagga Tin Belt, with the Bygoo Tin Project as its core asset. The company is advancing exploration through drilling, soil geochemistry and geophysical surveys while pursuing additional tin opportunities in the surrounding region.
Average Trading Volume: 1,500,697
Technical Sentiment Signal: Buy
Current Market Cap: A$32.43M
Find detailed analytics on CPN stock on TipRanks’ Stock Analysis page.