Gold exploration is heating up in Western Australia, and Caprice Resources Ltd (ASX: CRS) has taken centre stage. The latest episode of Chieftain Chatter (Season 5, Episode 159) features an engaging conversation with Luke Cox, CEO of Caprice Resources, discussing the Company’s impressive gold hits at the Island Gold Project.
Advancements in the Island Gold Project
The Island Gold Project is located just 60km from Mt Magnet, near Break of Day, a gold deposit recently acquired by Ramelius Resources (ASX: RMS). Luke Cox, who joined Caprice in August, wasted no time in evaluating the project’s potential. He identified promising geological structures, including banded iron formations and brecciated quartz veins, and launched an initial 10-hole drill program before Christmas.
The results were outstanding:
- 28m @ 6.4 g/t Au from 114m
- 27m @ 3.0 g/t Au from 48m (same hole)
- 15m @ 4.6 g/t Au from 112m
- 12m @ 3.9 g/t Au from 90m
Cox explained that mineralisation occurs where cross-cutting shear zones intersect banded iron formations. He compared this to Musgrave Minerals’ Break of Day deposit (372koz @ 10.4 g/t Au), now mined by Ramelius Resources at an open-pit grade of 7.36 g/t Au.
Market Reaction: CRS Share Price Soars 160%
Mr. Cox mentioned that these high-grade results ignited the market. CRS shares surged ~160%, with 266 million shares traded, pushing the Company’s market capitalisation beyond $30 million. This trading volume exceeded CRS’s previous market cap. The Company has 30 additional drill holes pending assay results and will soon commence a 5,000m follow-up drill program.
Caprice Resources (ASX: CRS) remains significantly undervalued, with its stock price and market capitalisation not reflecting the outstanding results from its Island Gold Project. The high-grade gold intersections across multiple zones, including thick, shallow mineralisation, highlight immense potential. Despite these remarkable discoveries and the substantial upside in its 5km strike, Caprice’s market valuation lags behind, presenting a potential investment opportunity for those recognising the project’s true worth as drilling continues.
Figure 1: Humongous surge in the stock price of Caprice Resources on 12 February, 2025
About Mr. Luke Cox – Chief Executive Officer, CRS
Mr. Luke Cox is an expert geologist with over 25 years of experience in the mining industry. He has a proven track record of growing exploration and mining companies, demonstrating strong leadership in resource development and stakeholder engagement.
- As the former CEO of Green Technology Metals (ASX: GT1), he played a key role in advancing Canadian lithium projects.
- He successfully drove rapid resource growth while securing critical offtake agreements and strengthening relationships with local indigenous communities.
- His expertise in exploration and project development makes him a valuable asset to Caprice Resources as it advances its gold and base metals projects.
Figure 2: Mr. Luke Cox, CEO of Caprice Resources
February 2025 Update: Exceptional Gold Grades
Caprice Resources (ASX: CRS) has delivered high-grade gold results from its ongoing drilling at the Island Gold Project. These results confirm the project’s potential for large-scale, high-grade mineralisation and continue to build excitement around its exploration success.
Vadrians Hill Delivers More Strong Intercepts
Drilling at Vadrians Hill has produced some of the thickest and highest-grade gold intercepts seen in recent months. The latest results highlight extensive mineralised zones that remain open in multiple directions, supporting the potential for a substantial resource estimate.
Key intercepts from Vadrians Hill include:
- 28m @ 6.4 g/t gold from 114m in hole 24IGRC009, including:
- 12m @ 7.8 g/t from 114m
- 4m @ 16.4 g/t from 130m
- A further mineralised sequence up-dip
- 27m @ 3.0 g/t gold from 48m in the same hole (24IGRC009), including:
- 4m @ 4.9 g/t from 61m
- 5m @ 6.9 g/t from 69m
- 15m @ 4.6 g/t gold from 112m in hole 24IGRC008, including:
- 9m @ 7.0 g/t from 113m
These intersections indicate multiple stacked high-grade lodes within a structural corridor that continues to extend along strike.
Baxter/Golconda Continues to Show High-Grade Potential
Drilling at the Baxter/Golconda prospect has also returned strong gold intercepts, reinforcing the prospectivity of this part of the Island Gold Project. The mineralisation remains open at depth and along strike, with the potential for additional high-grade zones.
Key intercepts from Baxter/Golconda include:
- 9m @ 2.8 g/t gold from 27m in hole 24IGRC001, including:
- 3m @ 5.8 g/t from 30m
- 12m @ 3.9 g/t gold from 90m in the same hole (24IGRC001), including:
- 6m @ 5.9 g/t from 94m
- 8m @ 1.5 g/t gold from 114m in hole 24IGRC002, including:
- 2m @ 4.6 g/t from 118m
These results confirm that gold mineralisation at the Island Gold Project extends across a 5km-long mineralised corridor, with multiple high-priority targets still to be tested. Identical structures have been identified between the New Orient and Shamrock historical gold workings, reinforcing the potential for further discoveries.
Caprice Resources: December Quarter Performance Highlights
Island Gold Project: A High-Grade Discovery in the Making
Caprice Resources is advancing its highly prospective gold assets in the Murchison goldfields, an area known for historical gold production and proximity to processing facilities.
Key highlights from the December 2024 Quarterly Report:
- Exploration targets identified at New Orient and Island Gold Mines.
- Historical production of 54,000oz @ 43.2g/t gold from shallow workings.
- Gold mineralisation remains open along strike and at depth.
- 5,000m reverse circulation (RC) drilling commenced in mid-December.
- Major drill intercepts include:
- 24m @ 6.8 g/t Au from 24m, incl. 4m @ 19.0 g/t Au
- 10m @ 16.1 g/t Au from 104m, incl. 6m @ 26.1 g/t Au
- 5m @ 18.0 g/t Au from 78m, incl. 1m @ 85.1 g/t Au
Cuddingwarra Project: A New Gold Opportunity
- Visible gold discovered in outcrop at high-priority target CUD-GPX01.
- Historical workings suggest extensive quartz reef systems.
- 10km of highly prospective strike identified for further exploration.
West Arunta Copper-Gold-Niobium Project: Expanding Exploration
- Land access agreement signed with Tjamu Tjamu (RNTBC).
- Ground position expanded to ~2,000km² via a tenement acquisition from Rio Tinto.
- Aerial magnetic survey planned to identify new targets.
Strong Financial Backing
Caprice raised $2.5 million in a well-supported placement to fund exploration programs.
Figure 4: Caprice Resources’ West Arunta Copper-Gold-Niobium Project
Final Thoughts: True
Potential of CRS
Caprice Resources has emerged as a top gold exploration play with:
- A rapidly growing high-grade gold discovery at Island Gold.
- Strategic location near two operating gold mills.
- Strong market interest, with CRS shares up 160%.
- Upcoming assays and a 5,000m drilling program.
With gold prices soaring and investor confidence high, Caprice Resources could see further upside. This is one to keep on the watch list.
Investor’s Outlook
Caprice Resources (ASX: CRS) has demonstrated exceptional market performance, significantly outperforming both its sector and the ASX 200 over the past year. The Company’s share price currently (as of February 18, 2025) stands at $0.057, with a market capitalisation of $29.24 million. Over the last 52 weeks, the stock has traded between $0.016 and $0.073, reflecting strong upward momentum driven by its exploration success.
In the past week alone, Caprice shares have surged 119.23%, while its one-month return is an impressive 171.43%. Year-to-date, the stock has gained 147.83%, and over the past year, it has climbed 159.09%, significantly outperforming its sector and the ASX 200 by 164.26% and 148.45%, respectively.
Much of this growth is attributed to the Company’s latest drilling results at the Island Gold Project, where multiple zones of thick, high-grade gold mineralisation have been intersected. The ongoing 5,000m RC drill program is expected to further enhance the resource potential, keeping investors engaged as Caprice advances towards a maiden resource estimate.
