The Caspin Resources Ltd (ASX: CPN) share price gained 61% to hit an intraday high of 47.5 cents. It's currently settled at 37.5 cents a share, up 27.1%.

Let's take a look at what this ASX mining stock has discovered.

What's going on?

Caspin advised the market today it has made a "ground breaking" rare earths discovery at the Mount Squires Project in Western Australia.

The company observed significant rare earth element mineralisation at the project, located in the West Musgrave region of the state.

Assay results showed:

• 46m at 0.71% TREO (total rare earth oxides) from 32m including 1.25% TREO from 48 metres at hole MSAC0141
• 19m at 0.41% TREO from surface including 4m at 0.80% TREO from 8m at drill hole MSAC0224
• 7m at 0.32% TREO from surface including 2m at 0.57% TREO from 5m to EOH at drill hole MSAC0130
• 10m at 0.14% TREO from 36m at drill hole MSAC0139

The company noted a high proportion of heavy (dysprosium and terbium) and light rare earth elements (neodymium and praseodymium).

This may be the first discovery of "significant rare earth element" mineralisation in the West Musgrave region, according to Caspin.

Commenting on the news, CEO Greg Miles said:

This is a sensational discovery given the tiny scale of the assay program. The Company has long recognised the conceptual potential for rare earth mineralisation at the Mount Squires Project, but given the more obvious prospectivity for nickel, copper and gold this potential had not been investigated until now.

We've now made a significant rare earth discovery, of a relatively unique style in Australia, in a province with no previous systematic exploration for rare earths

The company has so far assayed 37 samples from four holes and there are further results pending. The next drill program will test extensions and enable the company to gather samples for metallurgical test work.

Share price snapshot

Today's news is a welcome boost. The Caspin Resources share price has shed 49% in the last year.

This ASX mining stock has a market capitalisation of about $34.9 million based on the latest share price.

The post Guess which ASX mining stock is rocketing 27% on a 'ground breaking rare earth discovery' appeared first on The Motley Fool Australia.

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?

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.

The post Guess which ASX mining share soared 46% today appeared first on The Motley Fool Australia.

They're lifting as much as 29% on Thursday. So, what's helping to drive them higher? Let's take a look.

3 ASX mining shares taking off on Thursday

Auroch Minerals Ltd (ASX: AOU)

The first ASX mining share going gangbusters today is nickel, copper, and lithium explorer Auroch Minerals.

Its stock is taking off on news of its 80%-owned Nevada Lithium Project.

Following a site visit by senior management, the company has put an experienced team including geologists, land management, and legal counsel in place to drive work at the project.

Meanwhile, a drilling program has been designed for the project and local contractors approached to run it.

The Auroch Minerals share price is surging 29.3% at the time of writing to trade at 7.5 cents.  

Caspin Resources Ltd (ASX: CPN)

Its fellow ASX mining share Caspin Resources is also taking off.

The mineral exploration company announced a major rhodium find at its Yarawindah Brook Project today.

Multiple holes at the project's Serradella platinum group elements discovery have returned significant rhodium mineralisation, adding further value to the find.

A six-month drilling campaign is set to kick off at the discovery next month.

The news has sent the Caspin Resources share price soaring. The ASX mining share is trading 22.3% higher at 79.5 cents right now.

Latin Resources Ltd (ASX: LRS)

Finally, the Latin Resources share price is joining some of its ASX mining peers in the green today despite no price-sensitive news having been released by the company.

However, it did drop a presentation outlining an expected increase in demand for lithium over the coming years and the company's plan to tap into the market.

The Latin Resources share price is trading at 12.5 cents right now, 8.7% higher than its previous close.

The post 3 ASX mining shares going bananas today appeared first on The Motley Fool Australia.

Below we take a look at the latest drilling results that look to be driving investor interest in the ASX resource explorer.

What drilling results were reported?

The Caspin Resources share price is surging after the company reported promising drill results at its Yarawindah Brook PGE-Ni-Cu Project in Western Australia.

(For the uninitiated, PGE = platinum-group elements; Ni = nickel; Cu = copper.)

Caspin also updated the market on its ongoing reverse circulation (RC) and diamond drilling operations at its Yarabrook Hill prospect.

According to the release, significant nickel and copper sulphide mineralisation was intersected at XC-22, a previously identified airborne electromagnetic (AEM) anomaly. Intersections at 1 hole included a 2-metre zone of up to 20% sulphides from 46 metres downhole.

Caspin's CEO Greg Miles cautioned that, while it was early days, the company wanted to share the exciting visual observations at XC-22.

Commenting on the findings fuelling the Caspin Resources share price today, Miles continued:

The large size of the XC-22 anomaly suggests that if it is coincident with mineralisation throughout its entire extent then this could represent a significant body of mineralisation. Many more drill holes are required before this can be confirmed as a significant discovery and laboratory assays are required to confirm the tenor of any PGE mineralisation that may be present.

Following the promising early results, the company plans to review similar AEM anomalies in the region. According to Miles: "In light of this new information [these anomalies] are potentially significant. In addition, the remainder of the project area is about to be surveyed by AEM, commencing early in December."

Caspin Resources share price snapshot

The Caspin Resources share price has rocketed 180% over the past 12 months. That compares to a full-year gain of 12% posted by the All Ordinaries Index (ASX: XAO).

Over the past month, Caspin shares have leapt 52% higher.

The post Here's why the Caspin Resources (ASX:CPN) share price surged 32% today appeared first on The Motley Fool Australia.

The mineral explorer's shares are on the move despite there being no market-sensitive information for the company today.

However, previous updates released over the past few days may help explain the price action in Wednesday's session.

Let's take a closer look.

Why is the Caspin Resources share price plummeting today?

There's nothing remarkable coming out of the company's camp today that could directly explain the dramatic movements in its share price.

However, Caspin released a note yesterday that explained it had obtained the first results from its reverse circulation (RC) drilling program at its Yarawindah Brook PGE-Nickel-Cobalt project in WA.

The update was made by the board "out of an abundance of caution" in response to an ASX-penned letter inquiring about Caspin's share price movement on 14 October.

Due to the nature of the ASX's investigative letter, which does not imply any wrongdoing from Caspin, the company decided to provide an update regarding its RC drilling program results at Yarawindah Brook to clear the air and ensure no stones were left unturned.

The update notes that drill results came from the first 3 holes while assays from the remaining 8 holes are still pending. The company said further and more detailed analytical interpretation is required on all 11 sets of results.

Caspin also advises that it "will require additional drill results…to complete a thorough interpretation of these [11 holes] drill results".

Consequently, the company also advised that investors should keep that in mind when examining the exploration results it announced yesterday.

With this context, Caspin explained the first 3 drill holes were "originally designed to test what was originally interpreted to be the prospective eastern margin of the [mineral] intrusion".

It also explained that RC drilling will recommence this month at Yarawindah after being temporarily paused due to soggy ground conditions that reduced access to some sections of the project.

Caspin also explained there is no way of knowing when the assay laboratory will be finished with its interpretations.

In light of this, investors appear to be spooked and are exiting their positions at a rapid pace, hence, the drop in the Caspin Resources share price today.

At last check, shares in the minerals' exploration company were trading at 86.5 cents, a significant fall from the previous close of $1.06.

Caspin Resources share price snapshot

The Caspin Resources share price has enjoyed bathing in a pool of green this year to date, having posted a return of 63% since January 1.

This extends its gain over the last 12 months to 92%, well ahead of the benchmark S&P/ASX 200 Index (ASX: XJO)'s climb of about 19% during the same time.

The post Here's why the Caspin Resources (ASX:CPN) share price is crashing 18% today appeared first on The Motley Fool Australia.

Shares in Caspin are currently swapping hands for $1.10. That's 43.59% less than they were trading for at market close on Friday.

The exploration company has an 80% interest in the Yarawindah Brook Project, located 100 kilometres northeast of Perth.

Let's take a look at the news driving the Caspin share price today.

Assay results from Yarawindah Brook Project

The assay results released today are from drill holes at the project's Yarabrook Hill and XC-29 prospects.

Drill holes at the Yarabrook prospect returned broad zones of anomalous platinum group element mineralisation. They also contained narrow intercepts of palladium, platinum, nickel, and copper. Some of the better assay results include:

• 4.4 metres at 0.78 grams of platinum group elements per tonne (0.52 grams of palladium per tonne, 0.26 grams of platinum per tonne), 0.43% nickel and 1.00% copper from only 66.2 metres
  • including 0.65 metres at 1.93 grams of platinum group elements per tonne (1.11 grams of palladium per tonne, 0.82 grams of platinum per tonne), 1.46% nickel and 1.60% copper from 67.75 metres.
• 0.2 metres at 4.17 grams of platinum group elements per tonne (0.95 grams of palladium per tonne, 3.22 grams of platinum per tonne), 3.49% nickel and 1.43% copper from 155.97 metres.
•  9.2 metres at 0.74 grams of platinum group elements per tonne (0.35 grams of palladium per tonne, 0.39 grams of platinum per tonne), 0.19% nickel and 0.24% copper from 300.85 metres,
  • including 0.7 meters at 4.10 grams of platinum group elements per tonne (0.77 grams of palladium per tonne, 3.33 grams of platinum per tonne), 0.56% nickel and 2.01% copper from 308.5 metres.

According to the company, some mineralisation at the Yarabrook prospect increased downhole. Caspin believes the downhole mineralisation defines a stratigraphic horizon that it plans to focus on in follow-up explorations.

At the XC-29 prospect, drill holes returned anomalous levels of platinum group elements, as well as nickel and copper.

Caspin's next drilling program is set to begin in the coming weeks. It will involve 5,000 metres of reverse circulation drilling.

The company believes its ability to vector towards platinum group element-rich zones will increase as its exploration program continues.

Commentary from management

Caspin's CEO Greg Miles commented on the results:

This is clearly the most advanced exploration prospect in the region outside Chalice Mining's Gonneville Intrusion, with demonstrated basement platinum group element mineralisation and it's still largely unexplored. It's a fantastic opportunity.

Caspin Resources share price snapshot

Despite today's tumble, the Caspin share price is having a good year on the ASX.

Right now, it's 103% higher than it was at the beginning of 2021. It's also gained 139% since this time last year.

The company has a market capitalisation of around $66 million, with approximately 64 million shares outstanding.

The post The Caspin Resources (ASX:CPN) share price tumbles 43% appeared first on The Motley Fool Australia.

Caspin shares are up a whopping 40.7% to $1.21 at the time of writing, creating a 160% yearly gain for the miner. Let's see what it's discovered.

Multiple sulphide zones

Caspin shares are having a party on the ASX after the company updated the market on its drilling targets at Yarabrook Hill in Yarawindah, Western Australia.

According to the company, it has intersected multiple broad sulphide zones over a 250 metre strikezone in one drilling target, and 120 metre strikezone at another. The sulphide intersections ranged between 1% and 3% volume, but were found as high as 15% in some areas, at various depths.

Caspin discovered disseminated copper sulphides, which it says are consistent with the platinum group (PGE) mineralisation style it is targeting in the region. The company noted that the sulphide minerals include "chalcopyrite (copper sulphide), pyrrhotite (iron sulphide) and pentlandite (nickel sulphide) hosted by mafic and ultramafic rocks."

According to the company, the fact these drilling holes are more than a kilometre apart suggests the Yarabrook Hill drill site may house a wide expanse of potentially lucrative minerals. As a result, investors have sent the Caspin share price soaring today.

Caspin's initial drilling is now complete and the company is awaiting assay results.

Management comments

Caspin CEO Greg Miles says this is just the beginning for the company's drill targets:

The two holes at Yarabrook Hill have delivered exactly what we wanted to see, that is, mafic and ultramafic rocks with broad zones of copper and nickel sulphide mineralisation which we believe is a good visual proxy for potential PGE mineralisation.

The holes are 1.25km apart, so the scale of the opportunity is significant. Now we wait with anticipation for the assay results. In the meantime, we are already planning the next work program. We are extremely grateful to have received a co-funded drilling grant through the WA Government Exploration Incentive This is going to allow us to drill the deepest hole at Yarabrook Hill to date which will give us a huge amount of new geological information as well as another opportunity for discovery.

Caspin share price snapshot

The Caspin share price has exploded today and has now reached the highest point in its six-month history on the ASX. The company's shares debuted on the exchange at 46 cents apiece before jumping from 60 cents in March to a previous high of 90 cents just last month. Overall, Caspin shares have gained around 124% in 2021 alone.

The post Why is the Caspin Resources (ASX:CPN) share price exploding 40%? appeared first on The Motley Fool Australia.