Caprice Resources Ltd (ASX: CRS) has commenced a 20,000 metre drilling programme at its Island Gold Project (IGP) in Western Australia’s Murchison Goldfields. The Company has confirmed the campaign’s full funding and emphasised that it uses a combination of reverse circulation, diamond, and air core drilling. Caprice started the programme with 7,000 metres of extensional reverse circulation (RC) drilling at the Vadrians prospect.
RC drilling at the Island Gold Project 2025
Strategic Goals Target Extensions and New Discoveries
The new drill campaign aims to extend previous standout gold intercepts at Vadrians and target additional greenfields discovery sites within a broader 5km by 1km corridor. The Company noted previous results at Vadrians including 11 metres at 6.7 grams per tonne (g/t) gold from 1 metre, 10 metres at 10.9 g/t gold from 123 metres, and 11 metres at 17.3 g/t gold from 170 metres. Caprice also highlighted new lodes such as Condenser, West Star, and Detector Gully with intercepts including 2 metres at 1.1 g/t gold from 90 metres, 2 metres at 3.2 g/t gold from 132 metres, and 2 metres at 3.8 g/t gold from 58 metres.
Aerial view of the IGP Corridor
Prospects Along Historic Gold Workings
Caprice’s team will also test historic gold workings at Iron Clad and Chicago, located along strike of Vadrians. Iron Clad features surface workings with a 300 metre strike length and Chicago with a 200 metre strike length.
Resource Growth and Discovery Pipeline
“The Phase 4 drill programme, commencing at Vadrians, is moving into full swing. It has been designed to build on the success of our previous drilling campaigns as we progress towards delivering a maiden MRE at the IGP,” Caprice CEO Luke Cox said. “Essentially, this drill campaign continues where we left off, focused on extending known zones of high-grade gold mineralisation both at depth and across the broader target area,” Cox explained. He added that the combination of RC and diamond drilling would provide drill density for resource modelling, enable testing of mineralisation extensions, and deliver samples for structural and metallurgical work.
Technical Drilling Breakdown
The Phase 4 programme includes roughly 7,000 metres of RC and 2,000 metres of diamond drilling to extend high-grade gold zones and collect essential structural data for a maiden Mineral Resource Estimate (MRE). The air core component, comprising about 11,000 metres, is scheduled for later in the year when conditions become suitable. Caprice said this work will target concealed banded iron formation (BIF) gold trends below shallow lake cover between New Orient and Vadrians, as well as new BIF prospects on the project’s eastern and southern flanks. Air core drilling will also test high-titanium basalt stratigraphy on the project’s western edge.
Key drill intersections and Phase 4 extensional high-grade gold mineralisation target zones
Five-Kilometre Corridor Hosts Multiple Lodes
Existing gold mineralisation at IGP stretches over 5 kilometres from New Orient in the north to Iron Clad in the south. This zone hosts several BIF units up to 30 metres thick, a geological setting consistent with large-scale, high-grade gold systems in the region. The Company reported that until late 2024, drilling at the project rarely surpassed 70 metres average depth, but recent activity confirmed mineralisation at depth as well as new discoveries west of New Orient. The West Star and Condenser lodes remain open to the north and down dip, suggesting scope for stacked lodes throughout the corridor.
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Geological Context Mirrors Murchison Goldfield Successes
Caprice noted that the project’s geology and structure resemble other high-grade gold deposits in the +15 million ounce Murchison Goldfields. Evidence indicates that BIF units cross-cut by north-northwest to south-southeast trending structures often host en echelon quartz veins and reef-style lodes in fold zones across the region. Caprice indicated this provides a strong framework for ongoing exploration success.
Key Intercepts and Target Zones Mapped
The long section schematic of the Vadrians deposit highlights key high-grade intersections such as 11 metres at 17.3 g/t gold and 10 metres at 10.9 g/t gold. RC and diamond drilling targets focus on open zones at depth and along strike, while the broader exploration programme covers extensions north and south of the defined corridor.
Regional Goldfield and Infrastructure
The Island Gold Project sits within the north-south Meekatharra–Cue–Mt Magnet greenstone belt, an area hosting some of Australia’s most productive gold mines. Nearby operations include Westgold’s Big Bell Gold Mine and Ramelius Resources’ Mt Magnet and Musgrave projects. Caprice’s IGP, New Orient, and Cuddingwarra projects collectively cover about 240 square kilometres. The Company holds over 2,400 square kilometres of exploration ground in Western Australia.
Location of Island Gold Project and surrounding mine/processing plants
Proximity to Established Processing Plants
Caprice stresses that the Murchison region provides significant development opportunities, with the Tuckabianna and Mt Magnet Checkers Gold Mills located within 15 to 25 kilometres of key projects. Tuckabianna’s plant handles up to 1.4 million tonnes per annum and Mt Magnet’s up to 1.9 million tonnes per annum.
Additional Projects and Outlook
Alongside Murchison, Caprice’s West Arunta Project covers about 2,000 square kilometres and targets gold, copper, and rare earth elements, including niobium. The region’s potential follows significant discoveries by WA1 Resources and Encounter Resources, confirming the outlook for economic deposits in both Murchison and West Arunta.
