The S&P/ASX 200 Materials Index (ASX: XMJ) finished 0.37% in the red today, but one ASX mining share certainly bucked the trend.
The Caspin Resources Ltd (ASX: CPN) share price soared 46% today to 95 cents during afternoon trade before finishing at a closing price of 89 cents. That's 37% higher than yesterday's close.
So why did this ASX mining share have such a good day?
Image source: Getty Images
New discovery
Caspin Resources advised of a major rhodium find at the company's Yarawindah Brook Project in Western Australia.
Multiple drill holes showed significant rhodium mineralisation at the new Serradella discovery and the Central Yarabrook Prospect.
Highlights include:
- 17m at 2.33 grams per tonne (g/t) 4E (palladium, platinum, rhodium and gold), 0.17% nickel from 131m including:
- 3m at 4.60g/t platinum, 0.87g/t palladium, 0.56g/t rhodium, 0.01g/t gold, 0.17% nickel from 144m
Caspin said the rhodium mineralisation adds more value to the Serradella discovery.
Commenting on the news, chief executive officer Greg Miles said:
When we discovered rhodium in our initial discovery hole, YARC0022, we commenced a large re-assay program in the hope that further mineralisation would be found.
This exercise has surpassed our expectations and with such high-grade results, clearly differentiates Yarawindah Brook from other PGE projects.
Assay results from further drill holes are still pending. A six-month multi-rig drilling campaign at Serradella will start in late October.
Share price snapshot
The Caspin Resources share price has leapt 20% in the past year, but it has fallen around 27% year to date.
For perspective, the ASX 200 Materials Index has shed 5% in the year to date and 1% in the past year.
Caspin has a market capitalisation of about $62 million based on the current share price.
