Page 36 - pd290-Feb21-mag-web

IPos

Caspin forges own destiny

C aspin Resources ly excited to see Chalice
on the register.
Ltd chief executive
Greg Miles has a simple “At the end of the day
message for those who they’re all good guys, I
are expecting the newly know some of their man-
listed explorer to pick up agement team pretty well
where its predecessor and we’ve got a pretty
Cassini Resources left good working relation-
off. ship. It works on a few
“Caspin is not Cassini fronts, but certainly hav-
Mark II,” Miles told Pay- ing them come on to
dirt. “It’s probably better the register in the IPO
to describe it as ‘Son of grabbed people’s atten-
Cassini’ because we’ve tion.”
certainly got some of the While plenty is ex-
DNA of Cassini. pected of Caspin at
“It’s a bit like dad’s Yarawindah Brook from
friends are my friends. outsiders, the company
We’re still part of the internally is very con-
same family, but we’re fident of unearthing a
our own company and major gold discovery at
we’ll do things our own Mount Squires, which
way.” Caspin chief executive Greg Miles and exploration manager Ben Vallerine borders the flagship Ne-
Caspin listed on the bo-Babel deposit at West
ASX in late November following a suc- Cassini, said it had been that company’s Musgrave.
cessful $8 million IPO which was first ambition to progress projects in its own Significant drill results previously re-
proposed five months earlier when Oz right and not be solely beholden to what- turned at Mount Squires include 20m @
Minerals Ltd made a formal cash and ever happened at West Musgrave. 1.27 g/t gold from 23m (including 7m @
scrip offer for Cassini valued at $76 mil- “We recognised that this project had 2.54 g/t) and 15m @ 2.3 g/t gold from
lion. been sort of neglected for a long period 31m (including 9m @ 3.25 g/t).
Oz had already acquired 70% of Cas- of time and we recognised things in the “Yarawindah has captured everybody’s
sini’s West Musgrave nickel-copper pro- geology that were similar to what we saw imagination because of what Chalice
ject in Western Australia over the pre- at West Musgrave,” Miles said. have been able to achieve – and quite
ceding four years. Two assets not part of “It was a way of applying some of our rightly – but the Mount Squires project in
that original JV – Yarawindah Brook and learning from the West Musgrave into a the West Musgrave region presents a dif-
Mount Squires – became the centrepiece new province. We did our first drill pro- ferent opportunity for us to get stuck into,”
of Caspin’s prospectus. gramme at the end of 2019 and did some Miles said.
“We always recognised that there was more work early last year, but then of “It’s more frontier kind of country, but
value in the projects other than the West course Chalice had that absolutely stun- that doesn’t present any kind of obsta-
Musgrave, so we thought this was a mod- ning result and the world just changed. cle to us because we’ve been working
el that could realise some of that value,” We were already feeling confident with out there for six years already anyway.
Miles said. what we were seeing in our work and We’ve got good relationships with the
“Oz, to their credit, were open to lots then Chalice came along and knocked it locals, we’ve got a good understanding
of different structures and models for the out of the park.” of the geology, albeit it’s still early stage.”
takeover. They recognised that these Caspin timed its IPO to aplomb – so Caspin has also acquired the rights to
projects weren’t ever going to be part of well that it made its ASX debut just one a contingent payment of up to $20 million
their core business.” week later than what was proposed on from Oz should it sell all or a portion of
Yarawindah Brook, 40km north of the original timeline following Oz’s formal its interest in the West Musgrave project.
Chalice Mining Ltd’s Julimar nickel-cop- offer for Cassini. “If there are any further transactions
per-PGE discovery, drew significant in- In a major boost for the new float, Chal- done on the West Musgrave project and
terest prior to Cassini’s takeover by Oz. ice also made a cornerstone investment they are greater than the value of the
Caspin has made a promising start in the IPO and walked away with a 10% original scheme of arrangement, then
to its maiden exploration programme at stake in the company upon listing. there’s a way for Caspin to capture some
Yarawindah Brook with several new tar- “It’s an endorsement that our technical of that value,” Miles said.
gets identified at the project in December approach to the project has merit,” Miles “It’s sometimes described as our third
following a review of historic data. These said of the investment by Chalice. asset, so we’ll just put that in the bottom
include the Aries prospect where rock “I guess there’s also a corporate angle draw for now and see what happens.”
chip values of up to 149 ppb combined and I think that probably appeals to a cer-
palladium and platinum were returned. tain type of investor as well, particularly – Michael Washbourne
Miles, who was an executive director at the institutional-type investors were real-

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