Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) delivered an exceptional March 2025 quarter marked by exploration breakthroughs, strategic agreements, and key leadership changes. With a sharp focus on advancing the Island Gold Project (IGP) in Western Australia’s Murchison goldfields, the Company has confirmed its status as an emerging player in the high-grade gold exploration space.
Island Gold Project: Exceptional Drilling Results Drive Momentum
High-Grade Gold Intercepts at Vadrians Hill
Caprice intensified drilling at the Island Gold Project, unearthing thick, shallow, high-grade gold intercepts. At Vadrians Hill, drilling extended the mineralised zone to 250m along the strike. Notable assays included:
- 28m @ 6.4g/t Au from 114m, including 12m @ 7.8g/t and 4m @ 16.4g/t
- 11m @ 6.7g/t Au from 1m, including 7m @ 10.2g/t
- 27m @ 3.0g/t Au from 48m
These results reinforce the presence of a shallowly plunging, high-grade gold lode system with mineralisation open in all directions.
Figure 1: Aerial perspective of the IGP Corridor highlighting the sites of historic shallow gold mining activities
New Gold Discovery Highlights Growing Potential
A new discovery 250m south of Vadrians excited geologists. It delivered 22m @ 2.3g/t Au from 168m, including intercepts of 2m @ 14.1g/t and 2m @ 9.0g/t. This zone remains open in all directions and could represent a repeating structure of Vadrians, underlining the potential for multiple high-grade discoveries.
Baxter/Golconda Shows Promise
Phase 2 drilling beneath Baxter intersected multiple gold zones within structurally complex geology. Highlights included:
- 10m @ 3.0g/t Au from 13m
- 20m @ 1.0g/t Au from 6m
- 12m @ 3.9g/t Au from 90m
These intercepts indicate the presence of parallel lodes, warranting further follow-up.
Figure 2: Overview of the section from New Orient to Baxter, showing interpreted high-grade gold zones (brown), plunging high-grade shoots (magenta), and Phase 2 discovery hole 25IGRC027 — located 250m south of Vadrians — which remains open at depth with no nearby drilling below 100m vertical depth (dashed line).
Strategic Drilling Programme Underway
Phase 3 Drilling Commences
Caprice has launched its third-phase drilling campaign after the quarter-end. The 5,000m reverse circulation (RC) programme targets:
- Extensions at Vadrians
- Step-out drilling at the new discovery
- Untested “Break of Day” style structures
- Southern strike extensions at New Orient
The first assay results are expected in June 2025, potentially paving the way for a maiden resource estimate.
Expanded Tenure Strengthens IGP Prospectivity
The Company lodged two new tenement applications adjoining the IGP. These additions nearly double the Project area and cover highly prospective lithologies and structures, including outcropping Banded Iron Formations (BIFs) known to host gold in the region.
Murchison Gold Projects Beyond IGP
Cuddingwarra Set for Major Soil Sampling and Aircore Drilling
Caprice will soon begin a significant soil sampling program at Cuddingwarra to define new targets. The team will follow up with air-core drilling in late Q2 to test these targets, as well as the recently discovered outcropping quartz veins with visible gold.
This systematic approach aims to delineate shallow zones of mineralisation that could grow into deeper, economically viable gold systems.
West Arunta Project: Poised for On-Ground Activity
Caprice completed a Land Access Agreement with Tjamu Tjamu (RNTBC), covering its entire West Arunta tenure. The Company has submitted applications for mine entry permits and expects to commence exploration activities shortly.
The West Arunta Project sits within the highly prospective “Central Thrust” zone and neighbours WA1 Resources’ world-class Luni discovery. Caprice plans to use geophysics and fieldwork to refine targets for copper, gold, and critical metals like niobium.
Mukinbudin REE Project: Exploring Strategic Options
Caprice did not undertake fieldwork at the Mukinbudin Rare Earths Project during the quarter. The Company is assessing strategic options for this asset, including a possible joint venture or sale to maximise shareholder value.
Corporate Strengthening and Capital Inflows
Rob Waugh Appointed Non-Executive Chair
Caprice welcomed seasoned geologist and mining executive Rob Waugh as Non-Executive Chair. Rob played a crucial role in Musgrave Minerals’ success, including key discoveries and the $200M acquisition by Ramelius Resources in 2023.
His appointment bolsters Caprice’s board with deep exploration, M&A, and operational experience across multiple commodities.
Glenn Whiddon Departs Board
Following a transition period, Glenn Whiddon stepped down from the Board on 29 April 2025. The Board thanked him for his leadership in repositioning the Company.
Topdrill Equity Agreement Backs Exploration Ambitions
Caprice secured a $1 million drill-for-equity agreement with Topdrill. This flexible arrangement allows Caprice to issue shares in lieu of up to 40% of drilling costs, with shareholder approval, until 31 March 2026.
The agreement underpins the Company’s aggressive multi-phase drilling programme, which could exceed 30,000m, fast-tracking resource development at IGP.
Strong Cash Position Fuels Growth
Caprice raised over $2.3 million through early option exercises and equity funding since January 2025. The Company ended the quarter with $2.66 million in cash and the equivalent of 2.5 quarters of operating funds, ensuring a solid foundation for its ambitious exploration plans.
Looking Ahead
Caprice Resources is well-funded, well-managed, and well-positioned to unlock value across its growing portfolio. With drilling success at IGP, exploration poised at West Arunta, and a skilled leadership team in place, the Company enters Q2 2025 with strong momentum.
Shareholders can anticipate further high-impact drill results, ongoing corporate development, and the potential for maiden resource declarations as Caprice continues its upward trajectory.
Investor’s Outlook
Caprice Resources Ltd (ASX: CRS) has delivered a standout performance for investors over the past year, reflecting strong exploration results, strategic corporate moves, and a revitalised leadership team.
Share Price Performance
Caprice last traded at $0.050, marking a significant rise of +117.39% year-to-date in 2025 and an impressive +194.12% gain over the past 12 months. These gains far exceed sector and broader market benchmarks:
- +205.37% vs Sector (1 year)
- +188.61% vs ASX 200 (1 year)
This level of outperformance showcases the market’s strong response to Caprice’s strategic progress and exploration success, particularly at the Island Gold Project.
Market Capitalisation and Trading Range
The Company currently has a market capitalisation of $26.51 million, with 530,244,002 shares on issue. Over the past 52 weeks, Caprice’s share price has traded between $0.017 and $0.087, underlining the substantial re-rating in investor sentiment driven by consistent news flow and exploration milestones.
Outlook
Caprice sits at a pivotal moment. The Phase 3 drill programme is underway, first assays are expected in June 2025, and the Company is actively expanding its tenure and project footprint. With a solid cash position and a strategic drill-for-equity agreement in place, Caprice maintains strong financial flexibility to push towards a maiden gold resource.
For investors, Caprice presents a compelling opportunity as an emerging gold explorer backed by significant momentum, robust exploration upside, and outperformance across all key market metrics.
Gold Price Outlook
Gold continues to deliver a stellar performance in 2025, reinforcing its position as a premier safe-haven and wealth-preservation asset. At USD 3,308.93 per ounce, gold has reached historic highs, underpinned by macroeconomic and geopolitical tailwinds.
Short to Mid-Term Momentum
In the past 30 days, gold has risen USD 223.01, a 7.16% increase driven by persistent global inflation concerns, central bank buying, and escalating geopolitical tensions. Over the last six months, the price has surged USD 593.68, equating to a 21.65% gain, reflecting strong investor demand amid economic uncertainty and continued interest rate recalibrations.
Long-Term Strength
Gold’s long-term track record underscores its enduring value. Over the past year, it has climbed by USD 1,011.65, or 43.52%. In the past five years, gold appreciated nearly double at +97.55%, and over two decades, it has grown +673.95%, rising by an extraordinary USD 2,905.08.
Outlook for Explorers
This bullish gold environment significantly strengthens the investment case for advanced explorers like Caprice Resources. Higher gold prices improve project economics, enhance the potential value of in-ground resources, and attract capital to high-grade, near-term development opportunities.
As Caprice progresses its Island Gold Project and broader Murchison portfolio, the robust gold market provides an ideal backdrop to fast-track exploration, unlock resource value, and deliver substantial leverage to rising gold prices.
