Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) has announced outstanding results from its Phase 2 Reverse Circulation (RC) drilling program at the Island Gold Project, located in the highly prospective Murchison Goldfields of Western Australia. The results confirm the presence of thick, high-grade gold mineralisation across multiple targets, reinforcing the project’s immense potential for future development.
Phase 2 Drilling Results Reveal Significant Gold Deposits
The latest RC drilling campaign has delivered multiple high-grade gold intersections, further expanding the mineralisation footprint at the Vadrians and Baxter prospects while also identifying a new discovery south of Vadrians.
Figure 1: A long segment of Vadrians Hill (BIF) showing the stacking of high-grade gold lodes that plunge shallowly
Vadrians Prospect
Drilling at Vadrians intersected multiple zones of thick, shallow, high-grade gold mineralisation, which remains open along strike and at depth.
- 11 metres at 6.7 g/t gold from 1 metre downhole in hole 25IGRC017, including 7 metres at 10.2 g/t gold from 5 metres.
- 20 metres at 1.5 g/t gold from 106 metres downhole in hole 25IGRC022, including 8 metres at 2.6 g/t gold from 118 metres.
- Previously reported: 28 metres at 4 g/t gold from 114 metres downhole in hole 24IGRC009.
These results suggest strong continuity of mineralisation at Vadrians, with significant expansion potential in all directions.
New Gold Discovery South of Vadrians
A key highlight of the Phase 2 program is the discovery of a new gold-bearing zone located 250 metres south of Vadrians. This zone remains open in all directions and may represent a repeat structure of Vadrians, potentially indicating a much larger mineralised system.
- 22 metres at 2.3 g/t gold from 168 metres downhole in hole 25IGRC027, including:
- 2 metres at 9.0 g/t gold from 178 metres.
- 2 metres at 14.1 g/t gold from 184 metres.
This discovery supports the Company’s belief that the Island Gold Project has multiple, parallel high-grade gold lodes, warranting further drilling.
Figure 2: Aerial view of the Island Gold Project Corridor depicting historical shallow gold workings and the new discovery
Figure 3: A long section from New Orient to Baxter showing interpreted high-grade gold zones (brown wireframes) and plunging high-grade shoots (magenta). The Phase 2 discovery drill hole 25IGRC027, located 250m south of Vadrians, remains open with no nearby deep drill holes (dashed line) below 100 metres.
Baxter Prospect Continues to Deliver
Extensional drilling at the Baxter Prospect has intersected significant new gold mineralisation, suggesting the presence of multiple parallel lodes.
- 10 metres at 3.0 g/t gold from 13 metres downhole in hole 25IGRC012, including 4 metres at 6.2 g/t gold from 18 metres.
- 17 metres at 1.1 g/t gold from 11 metres downhole in hole 25IGRC009.
- 20 metres at 1.0 g/t gold from 6 metres downhole in hole 25IGRC005, including 10 metres at 1.6 g/t gold from 16 metres.
- 4 metres at 5.4 g/t gold from 102 metres downhole in hole 25IGRC001, including 3 metres at 6.9 g/t gold from 102 metres.
Baxter continues to demonstrate excellent gold continuity and high-grade zones, with structural complexity that could host additional untapped mineralisation.
Figure 4: A long section of Baxter-Golconda (BIF) showcasing the stacked, shallow-plunging high-grade gold lodes.
Expanding the Mineralisation Footprint at Vadrians
Phase 2 drilling has significantly extended the high-grade gold mineralisation at Vadrians. Key advancements include:
- Extending the strike length to 250 metres.
- Expanding the mineralisation 100 metres up dip and 70 metres down dip.
- Identifying gold continuity, which remains open at depth and along strike.
These results strongly indicate that Vadrians has the potential to develop into a large-scale, high-grade gold system, with further drilling expected to unlock more ounces.
Exploration Potential Along Five Kilometres of Strike
The Island Gold Project covers five kilometres of virtually untested strike, hosting numerous potential gold-bearing structures between the historical New Orient and Shamrock gold workings.
- Over 30 highly prospective structural targets remain untested.
- Current drilling has been shallow, mainly less than 100 metres deep, leaving significant potential for deeper high-grade gold discoveries.
- The geological setting suggests strong potential for multiple gold lodes, both near surface and at depth.
CEO Commentary
Mr. Luke Cox, CEO of Caprice Resources, expressed strong confidence in the project’s future, stating:
“I am very excited to deliver these exceptional Island Gold Project gold intersections from our Phase 2 drill programme, which significantly expands upon the success of the December Phase 1 drill results. These Phase 2 RC drill holes have consistently highlighted high-grade gold mineralisation up and down plunge of the Phase 1 RC drill holes. Even more encouragingly, a Phase 2 proof-of-concept drill hole testing a conceptual structural target discovered significant gold mineralisation 250 metres south of Vadrians. This mineralisation remains open in all directions, and the next nearest drill hole is 250 metres away.”
Next Steps: Advancing the Island Gold Project
Caprice Resources is aggressively advancing the Island Gold Project with multiple initiatives:
- Phase 3 Drilling Program: A 5,000-metre RC drill program is scheduled for Q2 CY2025, targeting:
- Extensions to high-grade gold zones at Vadrians.
- Over 30 greenfield structural targets along the five-kilometre strike.
- New Tenement Applications: Caprice has lodged two new applications adjoining the Island Gold Project, effectively doubling the project’s total area.
Geological Modelling & Target Refinement: Ongoing data analysis to enhance understanding of mineralisation controls and identify further high-priority drill targets.
Regional Geological Context: A World-Class Gold Belt
The Island Gold Project is situated in the Meekatharra–Cue–Mt Magnet greenstone belt, one of Western Australia’s most prolific gold regions.
- This belt hosts multiple large-scale gold deposits, including those at Cue, Mt Magnet, and Meekatharra.
- Gold mineralisation at the project is primarily hosted in banded iron formations (BIFs), a key geological feature associated with significant gold deposits in the Murchison region.
- BIF-hosted gold mineralisation typically occurs in structurally complex zones, where faults and folds create ideal traps for gold deposition.
End Note: A Project with Significant Growth Potential
Caprice Resources’ latest drilling success highlights the Island Gold Project’s immense exploration potential. The discovery of new gold mineralisation, coupled with the expansion of existing high-grade zones, confirms the project’s strong upside.
With further drilling planned, new tenement applications, and ongoing geological analysis, Caprice is well-positioned to advance one of Western Australia’s most promising emerging gold projects. Investors can expect an exciting year ahead as the Company continues to unlock the project’s full potential.
Investor’s Outlook: Strong Performance and Market Interest
Caprice Resources Ltd (ASX: CRS) has demonstrated robust market performance, reflecting growing investor confidence in the Island Gold Project and its expansion potential.
Current Market Snapshot [April 1st, 2025]
- Last Price: $0.058
- Market Capitalisation: $43.49 million
- Recent Trading Volume:
- 26 March 2025:11.6 million
- 27 March 2025:9.3 million
- 28 March 2025:15.5 million
- 1 March 2025: 60.2 million (Highest in recent days)
Stock Performance Overview
Caprice Resources has significantly outperformed the broader market and sector benchmarks, delivering impressive returns over the past year.
- Year-to-Date (YTD) Performance: +152.17%
- 1-Year Performance: +222.22%
- 1-Year Performance vs Gold Sector: +232.26%
- 1-Year Performance vs ASX 200: +222.32%
Investor Sentiment and Future Prospects
The stock’s strong upward trajectory aligns with the Company’s aggressive exploration and expansion strategy at the Island Gold Project. The high trading volumes, particularly the 60.2M shares traded on 1 March 2025, suggest increased market interest and accumulation by investors.
With a Phase 3 drilling program set to commence and multiple high-grade gold discoveries, Caprice Resources presents a compelling investment opportunity in the Australian gold sector. Continued exploration success and favourable gold market conditions could further enhance shareholder value in 2025.
