Caprice Resources Ltd (ASX: CRS) has reported outstanding high-grade gold results from its Phase 1 Reverse Circulation (RC) drill programme at the Island Gold Project. The drilling confirmed multiple thick, high-grade gold lodes along a 5km strike, reinforcing the project’s potential to host a substantial maiden resource. Caprice Resources Ltd has recently garnered significant attention following a surge in its stock price. As of today, the stock price stands at A$0.053, marking an impressive increase of $0.026 (or, 103.85%), with a market capitalisation of A$11.51 million.
Exceptional Gold Intersections Confirm High-Grade Potential
The latest drilling at the Island Gold Project continues to deliver outstanding gold results, confirming extensive high-grade mineralisation across multiple targets. The results highlight thick, shallow, high-grade gold zones open in multiple directions along 5km of strike, with significant potential for resource growth.
Vadrians Hill: High-Grade Gold Over Broad Intervals
Drilling at Vadrians Hill has intersected multiple thick, high-grade gold zones, reinforcing the continuity of mineralisation at depth. Key intersections include:
- 28m @ 6.4 g/t Au from 114m downhole in 24IGRC009, including:
- 12m @ 7.8 g/t from 114m
- 4m @ 16.4 g/t from 130m
- 27m @ 3.0 g/t Au from 48m downhole in 24IGRC009, including:
- 4m @ 4.9 g/t from 61m
- 5m @ 6.9 g/t from 69m
- 15m @ 4.6 g/t Au from 112m downhole in 24IGRC008, including:
- 9m @ 7.0 g/t from 113m
These intersections confirm the presence of multiple stacked lodes, thickening and increasing in grade down plunge from surface mineralisation.
Baxter/Golconda: Shallow, High-Grade Gold Continues to Expand
Significant results from the Baxter/Golconda corridor further demonstrate the extensive gold system:
- 9m @ 2.8 g/t Au from a 27m downhole in 24IGRC001, including:
- 3m @ 5.8 g/t from 30m
- 12m @ 3.9 g/t Au from a 90m downhole in 24IGRC001, including:
- 6m @ 5.9 g/t from 94m
- 8m @ 1.5 g/t Au from 114m downhole in 24IGRC002, including:
- 2m @ 4.6 g/t from 118m
Strong Exploration Upside Along 5km of Highly Prospective Strike
The latest results confirm the presence of multiple thick, high-grade gold lodes, with drilling constrained to less than 100-metre vertical depth, leaving significant exploration upside. Numerous identical structural targets between the New Orient and Shamrock historical workings remain untested.
With mineralisation open along strike and at depth, and stacked lodes demonstrating strong continuity, the potential for a substantial maiden resource continues to grow. The ongoing drilling programme will focus on expanding the high-grade system and testing additional high-priority targets.
Figure 1: Aerial perspective of the IGP Corridor showing historical gold workings and drill hole locations.
CEO’s Statement: A Significant Breakthrough
Mr. Luke Cox, CEO of Caprice Resources, is a geologist with over 25 years of mining industry experience and a demonstrable track record of growing exploration and mining companies. He was previously the Chief Executive Officer for Green Technology Metals (ASX: GT1), where he advanced their portfolio of Canadian lithium projects, delivering rapid resource growth, key stakeholder and local indigenous engagement, offtake agreements, and scoping-level studies. His extensive expertise in exploration and resource development positions Caprice well for unlocking the full potential of the Island Gold Project.
Figure 2: Mr. Luke Cox, CEO of Caprice Resources (ASX: CRS)
Mr. Luke Cox expressed enthusiasm over the drilling success.
“It’s a great pleasure to be delivering these exceptional gold results from our Island Gold Project December drill programme. These first 10-holes of the planned 40-hole drill programme have highlighted mineralisation thickening and increasing grade down plunge compared to the near surface gold mineralisation. Even more encouragingly, multiple stacked lodes were intersected by this drilling.”
He further emphasised the project’s growing scale, noting the identical structural settings at historical workings in the north and south of the corridor.
Figure 3: Cross-section of Vadrians Hill showing stacked high-grade plunging gold lodes.
Phase 2 Drilling Underway to Expand the Discovery
Caprice has recommenced drilling at the Island Gold Project, targeting highly prospective zones along the structural corridor.
- Phase 1: 10 RC drill holes for 1,554m (Completed in December 2024)
- Phase 2: 30 RC drill holes for ~3,500m (Commenced February 2025)
Phase 2 drilling will test additional cross-cutting structures and high-priority targets, with results expected by late March or early April.
Figure 4: Long section highlighting plunging high-grade gold shoots and current drilling depth.
Geological Insights: A Growing High-Grade Gold System
The Island Gold Project spans a 5km strike length within the Murchison Goldfields, an area known for its +15Moz gold endowment. Gold mineralisation occurs within banded iron formations (BIFs) up to 30m thick, a common host for high-grade deposits in the region.
Caprice’s latest drilling confirms that gold mineralisation extends well beyond historical workings. Previously, exploration only reached an average depth of 70m. The new results demonstrate gold lodes continuing at depth and along strike, presenting a significant opportunity for resource expansion.
The targets at Island consist of high-grade gold structures trending northwest and northeast, resembling those found at the Break of Day deposit, Cue, and Mt Magnet gold mines.
Among these, Ramelius Resources’ (ASX:RMS) Break of Day deposit, located just 12km from Island, serves as the benchmark for CRS.
Uncovering a deposit comparable to Break of Day—boasting a 327,000oz resource at an impressive grade of 10.4g/t gold—would be a significant achievement for the Company.
December Quarter Highlights: Advancing Towards a Maiden Resource
Caprice continued to strengthen its gold development strategy during the December quarter, focusing on the Island Gold Project’s untapped potential.
- Exploration Target Defined: Caprice generated an exploration target for the New Orient and Island Gold mines.
- Historical Production: The project produced 54,000 ounces at 43.2 g/t gold from shallow workings.
- Strong Drill Results: Previous intercepts include:
- 24m at 6.8 g/t Au from 24m (including 4m at 19.0 g/t Au)
- 10m at 16.1 g/t Au from 104m (including 6m at 26.1 g/t Au)
- 5m at 18.0 g/t Au from 78m
The ongoing 5,000m RC drill programme, which started in mid-December 2024, aims to expand these results further.
Path Forward: Unlocking the Full Potential of Island Gold
Caprice plans to accelerate exploration efforts with detailed geological modelling and resource definition drilling. The Company aims to establish a maiden resource at the New Orient Gold Mine and advance the broader Island Gold Project towards development.
“The Phase 2 RC drill programme will continue to test this highly prospective structural corridor through Baxter, Golconda and Vadrians Hill, before moving north to test additional cross-cutting structures, with the objective of delivering a potentially significant Island Gold Project maiden resource in the coming months,” said Mr. Luke Cox.
With a proven high-grade gold system and multiple growth opportunities, Caprice is well-positioned to capitalise on the increasing gold demand. The Company’s strategic focus on systematic exploration and resource expansion could unlock significant value in the Murchison Goldfields.
About Caprice Resources Ltd
Caprice Resources Ltd (ASX: CRS) is an exploration and project development company focused on high-value commodities, including gold, copper, and rare earth elements (REE). The Company’s Western Australian tenement portfolio spans 1,540km² across key mining regions.
- Island Gold Project: A high-grade gold asset with strong growth potential in the Murchison Goldfields.
- West Arunta Project: A large-scale gold, copper, and REE exploration project in a highly prospective region.
Caprice remains committed to unlocking the full potential of its projects through systematic exploration and resource development.
These exceptional drill results mark a major step forward for the Island Gold Project, reinforcing its high-grade gold potential. As drilling continues, investors can expect more updates on the project’s rapid progress.
Investor’s Outlook
Caprice Resources Ltd (ASX: CRS) has seen a significant surge in its stock price, with an impressive 135% increase, reaching $0.061 today. The market capitalisation now stands at A$11.51 million, marking a noticeable recovery from its previous close of $0.026. This price movement is likely driven by the latest announcement, which holds strong potential for the Company’s growth trajectory. With a 52-week price range spanning from $0.016 to $0.063, the current price represents a substantial increase, suggesting heightened investor confidence. The day’s range, reaching as high as $0.063, indicates a positive outlook and a potential for continued momentum. For investors, this announcement could signal a pivotal shift, making Caprice Resources a stock to watch closely.
