Caspin Resources : Significant Rhodium Mineralisation at XC-22 Prospect

ASX RELEASE

14 March 2022

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Significant Rhodium Mineralisation at XC-22 Prospect

HIGHLIGHTS

• The lower PGE-rich zone in YARC0022 has been assayed for the full six element PGE suite
• Significant rhodium up to 465ppb associated with platinum and palladium identified
• Rhodium is an extremely rare and valuable PGE
• PGE-richzone now reports as; 13m @ 1.08g/t 4E (Pd+Pt+Rh+Au), 0.26% Ni & 0.21% Cu from 101m,

• 1. including 2m @ 2.45g/t Pt, 0.40g/t Pd, 0.41g/t Rh, 0.03g/t Au, 0.23% Ni, 0.09% Cu from 112m
• Almost no assaying for rhodium in historical exploration at Yarawindah Brook
• Caspin to undertake selected re-assaying of past and upcoming drilling for full PGE suite

Caspin Resources Limited (ASX: CPN) ("Caspin" or "the Company") is pleased to provide results of further PGE assaying from drill hole YARC0022 at the XC-22 Prospect at the Company's Yarawindah Brook PGE-Ni-Cu Project in Western Australia.

Significant Rhodium Results Complement Platinum and Palladium Mineralisation

Following the significant results in YARC0022 (see ASX announcement of 9 February 2022), the Company elected to analyse the lower PGE-rich mineralised zone for the full six PGE suite of elements, which consist of iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru), as well as platinum and palladium. This analysis has returned significant grades of rhodium associated with the already recognised platinum and palladium mineralisation, with a peak value of 465ppb Rh. Grades greater than 100ppb, or 0.1g/t, are considered highly significant. The revised intercepts are as follows:

13m @ 0.17g/t Pd, 0.74g/t Pt, 0.11g/t Rh, 0.26% Ni, 0.21% Cu from 101m, including 2m @ 0.40g/t Pd, 2.45g/t Pt, 0.41g/t Rh, 0.23% Ni, 0.09% Cu from 112m.

When adding the minor gold contribution, this can be expressed as 13m @ 1.08g/t 4E, 0.26% Ni & 0.21% Cu, including 2m @ 3.29g/t 4E, 0.23% Ni & 0.09% Cu.

Caspin's Chief Executive Officer, Mr Greg Miles, commented "This is an interesting new development for XC-22and indeed our entire Yarawindah Brook Project. It's a pleasant surprise given this is the first time we've ever assayed for rhodium and bodes well for the discovery of more mineralisation. Because of its value, small amounts as low as 100ppb can make a significant contribution to the economics of PGE deposits. We've now got an extensive assaying program ahead of us and if we can demonstrate that rhodium mineralisation occurs consistently with platinum and palladium at XC-22,then we could be another step closer to an economic discovery."

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Figure 1. Section through XC-22 showing YARC0022 with updated rhodium assays and mineralisation in historical drilling. Diamond tails for YARC0025 and 0027 are currently in progress.

Implications for PGE Exploration at Yarawindah

Despite the value of rhodium, routine analysis is rarely undertaken because of the scarcity of the metal and significant additional cost to assay the full 6-PGE suite. Prior to Caspin's involvement in the project, only five samples had ever been assayed for rhodium as part of a metallurgical sighter program in 2006. Therefore, the potential for rhodium mineralisation has never been evaluated. The Company is extremely encouraged that its first-ever assaying of rhodium has returned such significant results.

The Company will now review all of its past exploration results with a view to selecting zones of PGE-rich mineralisation for 6-element PGE assay, with the aim to identify further rhodium mineralisation.

The current phase of drilling at XC-22 is progressing well. Assaying for rhodium will be conducted after confirmation of platinum and palladium mineralisation, with a focus on the pyroxenite-peridotite contact zone which appears to be the host of mineralisation intersected so far.

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Some Facts About Rhodium

• Used in similar industrial applications to platinum and palladium, such as catalytic converters, but is generally more efficient.
• Chemically inert and doesn't oxidise making it an attractive alloying agent that improves resistance to corrosion.
• Extremely rare, usually produced as a by-product of nickel-copper and platinum-palladium processing using conventional sulphide flotation.
• GlobalproductionisdominatedbySouthAfricawithsmallercontributionsfromRussia,Zimbabwe andCanada.
• Over the past 3 years the price has ranged from approximately US$2,000oz to US$27,000oz and is currently circa $20,000oz.

Further information can be found at https://www.usgs.gov/centers/national-minerals-information-center/platinum-group-metals-statistics-and-information, https://www.kitco.com/charts/rhodium.html and https://en.wikipedia.org/wiki/Rhodium

Figure 2. Exploration summary at the XC-22 Prospect and major features. Warm colours represent high magnetic response, typical of ultramafic rocks. YARC0024, YARC0025 and YARC0027 were unable to reach their target depth and will either be extended by diamond tails or re-drilled. YBR series holes not assayed for Ni or Cu.

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TABLE 1: Significant Drill Intercepts - XC-22 Prospect

										INTERSECTION
HOLE ID	East	North	RL	Dip	Azi	EOH	From	Width	Pd	Pt	Rh	Au	Ni	Cu
						(m)	(m)	(m)	g/t	g/t	g/t	g/t	%	%
YARC0022	429624	6560872	280	-60	240	200	46	68	0.08	0.22	NA	0.02	0.22	0.17
						Incl.	46	2	0.25	0.07	NA	0.01	1.42	0.47
						And	101	13	0.17	0.74	0.11	0.06	0.26	0.21
						Incl	112	2	0.40	2.45	0.41	0.03	0.23	0.09

NA = Not Assayed.

This announcement is authorised for release by the Board of Caspin Resources Limited. -ENDS-

For further details, please contact:

Greg Miles

Chief Executive Officer [e-mail]: [phone]

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Greg Miles, a Competent Person who is an employee of the company. Mr Miles is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Miles consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements, including Exploration Results extracted from the Company's Prospectus announced to the ASX on 23 November 2020 and the Company's subsequent ASX announcements of 30 March 2021, 28 April 2021, 16 June 2021, 5 July 2021, 19 August 2021, 26 November 2021, 24 January 2022 and 9 February 2022.

ABOUT CASPIN

Caspin Resources Limited (ASX Code: CPN) is a new mineral exploration company based in Perth, Western Australia. Caspin has extensive skills and experience in early-stage exploration and development. The Company is actively exploring the Yarawindah Brook Project in Australia's exciting new PGE-Ni-Cu West Yilgarn province and the

Mount Squires Project in the West Musgrave region, one of Australia's last mineral exploration frontiers.

At the Company's flagship Yarawindah Brook Project, recent drilling campaigns at Yarabrook Hill have made new discoveries of PGE, nickel and copper sulphide mineralisation. Meanwhile, the Company continues to bring new targets to drill readiness by collecting geophysical and geochemical data across the project.

At the Mount Squires Project, Caspin has identified a 50km structural corridor with significant gold mineralisation and potential copper porphyry prospects. The Company will conduct further soil sampling and reconnaissance drilling along this trend. Caspin will concurrently continue to evaluate the potential for Ni-Cu mineralisation along strike from the One Tree Hill Prospect and Nebo-Babel Deposits.

FOLLOW US

LinkedIn:https://www.linkedin.com/company/caspin-resources-limited

Twitter:https://twitter.com/CaspinRes

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ANNEXURE 1:

The following Tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of the Exploration Results at the Yarawindah Brook Project.

SECTION 1: Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

	Criteria			JORC Code explanation		Commentary
	Sampling			Nature and quality of sampling (eg cut channels,		RC drilling produced a 1m bulk where a
	techniques			random chips, or specific specialised industry standard		representative sample (nominally a 12.5% split)
				measurement tools appropriate to the minerals under		was collected using a cone splitter. Average
				investigation, such as down hole gamma sondes, or		sample submitted for analysis was between 2-3
				handheld XRF instruments, etc). These examples		kg while overall sample weights averaged closer
				should not be taken as limiting the broad meaning of		to 7-8 kg.
				sampling.
				Include reference to measures taken to ensure sample		Sampling techniques used are deemed
				representivity and the appropriate calibration of any		appropriate for exploration purposes for this
				measurement tools or systems used.		style of deposit and mineralisation.
				Aspects of the determination of mineralisation that are
				Material to the Public Report. In cases where 'industry
				standard' work has been done this would be relatively
				simple (eg 'reverse circulation drilling was used to
				obtain 1 m samples from which 3 kg was pulverised to
				produce a 30 g charge for fire assay').
				In other cases more explanation may be required, such
				as where there is coarse gold that has inherent
				sampling problems. Unusual commodities or
				mineralisation types (eg submarine nodules) may
				warrant disclosure of detailed information.
	Drilling			Drill type (e.g. core, reverse circulation, open-hole		Caspin drilling consisted of RC with face
	techniques			hammer, rotary air blast, auger, Bangka, sonic etc)		sampling bit (140 to 130 mm in diameter)
				and details (e.g. core diameter, triple or standard tube,		ensuring minimal contamination during sample
				depth of diamond tails, face-sampling bit or other		extraction.
				type, whether core is oriented and if so, by what		Drill hole locations were surveyed by handheld
				method, etc).
					GPS units which have an accuracy of ±5m.
	Drill sample			Method of recording and assessing core and chip		RC recoveries are visually logged for every hole
	recovery			sample recoveries and results assessed.		and recorded in the database. Overall recoveries
						are >95% and there has been no significant
						sample recovery problems.
				Measures taken to maximise sample recovery and		Samples are checked for recovery and any issues
				ensure representative nature of the samples.		immediately rectified with the drilling
						contractor. Drilling techniques to ensure
						adequate RC sample recovery and quality
						included the use of "booster" air pressure. Air
						pressure used for RC drilling was 700-800psi.
						Logging of all samples followed established
						company procedures which included recording
						of qualitative fields to allow discernment of
						sample quality. This included (but was not
						limited to) recording: sample condition (wet, dry,
						moist), sample recovery (poor, moderate, good),
						sample method (RC: scoop, split; DD core: half,
						quarter, whole).
				Whether a relationship exists between sample recovery		No sample bias has been observed.
				and grade and whether sample bias may have
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