Caprice Resources Ltd (ASX: CRS) (‘the Company’, ‘Caprice’ or ‘Caprice Resources’) has made exciting strides in its Murchison Goldfields projects, with visible gold discovered at its Cuddingwarra Gold Project, showing promise similar to Westgold’s Cue deposits. Meanwhile, at the Island Gold Project, the Company is progressing with a 5,000-metre reverse circulation drilling programme to extend existing gold lodes and prepare for a maiden Mineral Resource Estimate. The programme also targets high-grade gold mineralisation in structural settings akin to Ramelius Resources’ “Break of Day” and “Hill 50” deposits, positioning Caprice for strong regional growth.
Figure 1: Caprice’s recent mapping plan for the Cuddingwarra Gold Project
Mr Luke Cox, CEO of Caprice Resources, highlighted the significance of the Company’s exploration progress, stating:
“Commencing exploration in early December allows Caprice to deliver significant news flow in the new year and enables the geology team to evaluate exploration results and refine targets before re-commencing exploration activities, including drilling, in January. In 2025, Caprice has outstanding potential to define an open, pittable, high-grade gold development opportunity within its Murchison Gold Project in the heart of the prolific Cue – Mt Magnet Goldfields.”
Caprice Resources’ Advancements in the Murchison Goldfields
Caprice Resources is advancing its Murchison Goldfields strategy with a three-pillar approach for sustained growth and value creation. The plan includes the Cuddingwarra Gold Project, which focused on discovery and expanding exploration targets; the Island Gold Project, aimed at resource definition and high-grade growth; and the New Orient Gold Mine, which explores depth extension opportunities.
Figure 2: Location map of Murchison Gold Project
Both the Cuddingwarra and Island Gold Projects are strategically located within trucking distance of key processing facilities—~15km to Westgold’s Tuckabianna Gold Mill (capacity 1.4 metric tonnes per annum) and ~25km to Ramelius’ Mt Magnet Checkers Gold Mill (capacity 1.9Mtpa).
Figure 3: Key Deliverables – Next Six Months at Murchison Gold Project
This flexible strategy ensures growth potential across multiple assets, offering substantial leverage for investors. In addition to organic growth from exploration, Caprice is also evaluating inorganic growth opportunities within the region, further expanding its Murchison strategic footprint and resource base.
Cuddingwarra Gold Discovery: Geological Insights
Initial field mapping at Caprice’s Cuddingwarra Gold Project has revealed that the host rocks from Westgold’s Cuddingwarra mining district extend onto Caprice’s ground. Geological analysis indicates the presence of north-south striking greenstone (basalt and dolerite) host rocks, felsic intrusives, faulting, and shearing — all highly prospective conditions for substantial gold mineralisation. Cross-cutting quartz reefs, observed to host visible gold, have been sampled for analysis. Assay results from these auriferous quartz reefs and greenstone host rocks are anticipated by late January.
Caprice plans to expand its exploration efforts in the next phase by identifying additional prospective quartz reefs. A surface geochemical sampling programme will detect gold and pathfinder anomalies linked to shallowly buried auriferous quartz reefs. Additionally, an initial air core and/or reverse circulation (RC) drilling programme is being planned to test high-priority targets identified from this analysis.
Island Gold Project: High-Grade Extensions and New Structural Targets
Caprice has made significant strides in its 5,000-metre RC drilling programme at the Island Gold Project, with 1,554 metres completed. The drilling is focused on testing the north plunging extensions of high-grade gold mineralisation at the historical Golconda gold mine and strike and down-plunge extensions at the historical Baxter gold mine. Caprice’s previous drilling at Vadrians Hill returned high-grade intersections, such as 10 metres at 16.1g/t gold from hole 21IGRC009.
Figure 4: Long section of the Baxter-Golconda gold deposit displaying historical drill intersections
New “Break of Day“-style structural targets have been identified between the Baxter-Golconda and New Orient mines. These targets show geological similarities to the high-grade “Break of Day” deposit at Ramelius Resources’ operations, indicating the potential for further gold discoveries in these areas. The remaining 3,446 metres of drilling will focus on testing these new structural targets.
Caprice’s next steps at the Island Gold Project involve continuing the RC drilling programme, which plans to resume in late January. This will further test the newly identified “Break of Day” analogue targets. Based on initial results, follow-up drilling could occur at high-priority areas such as Baxter-Golconda and Vadrians Hill. Caprice also plans depth extension drilling at the New Orient gold mine and metallurgical sampling to support future development studies.
Exploration Fast-Tracked at West Arunta Projects
Caprice Resources is fast-tracking exploration at its West Arunta Project, located 490km south of Halls Creek, WA. The 1,470 km² project is highly prospective for niobium, REE, and IOCG mineralisation. The initial focus is on granted licences E80/5873 and ELA80/5915, with aeromagnetic surveys and reconnaissance planned.
Figure 5: Comprehensive 12-month plan for the West Arunta Project
Applications ELA80/5872 and ELA80/5896 are under review, with field activities to begin post-grant. The project, adjacent to WA1 Resources’ Luni Niobium-REE discovery, is set to undergo ground-based gravity surveys following heritage negotiations.
Figure 6: Murchison and West Arunta Project Location
Driving Strategic Growth: Leadership of Mr. Luke Cox
Figure 7: Mr Luke Cox, Chief Executive Officer
Mr Luke Cox, a geologist with over 25 years of mining industry experience, leads the Company with a proven track record of driving growth and operational excellence. Previously CEO of Green Technology Metals (ASX: GT1), he successfully advanced the Company’s Canadian lithium portfolio, securing rapid resource growth, key partnerships, and offtake agreements. Mr. Cox’s leadership focuses on value creation, strategic alliances, and sustainable project development, positioning the Company for continued success.
Investor’s outlook
Caprice Resources is strategically advancing its projects in the highly prospective Western Australian gold sector. With visible gold discoveries at Cuddingwarra and promising drill results at Island Gold, the Company is well-positioned for significant growth.
As of December 23, 2024, Caprice Resources’ share price was AUD 0.022 per share, and its market capitalisation was approximately AUD 9.06 million. Over the past year, the Company’s strong exploration strategy and presence in the gold-rich Murchison region suggest robust potential for long-term value creation.
Gold prices have continued to perform well, trading at USD 2,625 per ounce on December 24, 2024, amid a softening US dollar and increased demand for safe-haven assets. Gold has surged more than 27% this year, positioning it for its most significant annual gain since 2010. Firm central bank purchases and US policy easing contributed to this growth.
Caprice’s three-pillar strategy of discovery, resource definition, and development aligns with the upward trend in gold prices, positioning the Company to meet growing global demand. With a 52-week price range between AUD 0.016 and AUD 0.046, Caprice Resources offers significant upside potential, supported by its strategic location in one of the world’s most prolific gold-producing regions.
About Caprice Resources (ASX: CRS)
Caprice Resources is focused on exploring and developing gold, copper, and rare earth elements (REE) across two key projects in Western Australia, covering approximately 1,540 km². The Murchison Gold Projects—Cuddingwarra, Island Gold, and New Orient Gold Mine—cover 240 km² and follow a three-pillar strategy: exploration, resource growth, and development evaluation. Located in a +15Moz gold-endowed region, these projects are near major mills, offering strong growth potential. The West Arunta Project, spanning 1,300 km², targets copper, gold, and niobium, with multiple high-potential targets identified. In September 2024, Caprice secured a Land Access Agreement with Tjamu Tjamu, enabling exploration in this prospective region.
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