Island Gold Project Drills 28m at 6.4 g/t and Peaks at 34.9 g/t Gold
Caprice Resources reports outstanding Phase 1 drilling results at its Island Gold Project, revealing thick, high-grade gold intersections that signal a promising maiden resource. The company has already commenced Phase 2 drilling to further unlock the project's potential.
- Phase 1 drilling returns up to 34.9 g/t gold over significant widths
- Multiple thick, shallow, high-grade gold zones identified across 5km strike
- Drilling highlights stacked lodes and increasing grade down plunge
- Phase 2 drilling of 30 holes underway to expand resource potential
- Project located in prolific Murchison Goldfields with strong structural analogues
Exceptional Early Results at Island Gold
Caprice Resources Ltd (ASX: CRS) has delivered a compelling update from its Island Gold Project in Western Australia's Murchison Goldfields. The recently completed Phase 1 Reverse Circulation (RC) drilling program returned exceptional gold grades, including a standout intersection of 28 metres at 6.4 grams per tonne (g/t) gold, with a peak assay of 34.9 g/t. These results underscore the project's potential to host a substantial maiden gold resource.
The drilling targeted previously unrecognised, structurally controlled high-grade zones analogous to the Break of Day deposit, a known high-grade system nearby. Notably, multiple thick and shallow gold mineralised zones were intersected across a 5-kilometre strike length, with mineralisation remaining open in several directions, suggesting significant upside for resource expansion.
Structural Setting and Geological Context
The Island Gold Project lies within a 700 to 1,000-metre-wide corridor of banded iron formations (BIFs), the preferred host rock for gold in the region. Caprice's drilling has revealed that high-grade gold mineralisation is associated with en-echelon vein sets controlled by major cross-cutting structures trending north-northwest to south-southeast. This structural framework closely resembles that of other prolific deposits in the Murchison Goldfields, including the nearby Break of Day and Mt Magnet mines.
CEO Luke Cox highlighted the significance of the structural analogues and the presence of multiple stacked lodes thickening and increasing in grade down plunge. He emphasised that the project’s scale is larger than previously understood, with fertile structures mapped along the entire 5-kilometre strike between historic workings at New Orient and Shamrock.
Ongoing Exploration and Next Steps
Following the successful Phase 1 program, Caprice has already commenced Phase 2 drilling, comprising 30 RC holes for approximately 3,500 metres. This next phase aims to test the highly prospective structural corridor further, including the Baxter, Golconda, and Vadrians Hill targets, before expanding northward to explore additional cross-cutting structures.
Assay results from Phase 2 are expected between late March and early April 2025. Geological modelling and interpretation continue in parallel, with the company targeting a maiden resource estimate at New Orient in the coming months. The combination of thick, high-grade intercepts and open mineralisation at relatively shallow depths presents a substantial opportunity for resource growth.
Strategic Positioning in a Tier-One Gold District
Caprice’s Island Gold Project benefits from its location within the Murchison Goldfields, a region boasting over 15 million ounces of gold endowment. The project is strategically positioned within trucking distance of established processing facilities operated by Westgold and Ramelius Resources, enhancing its development potential.
Beyond Island Gold, Caprice holds a diversified portfolio including the West Arunta Project, which targets copper, niobium, and rare earth elements, further underpinning the company’s growth strategy in high-value commodities.
Bottom Line?
Caprice’s robust Phase 1 results set the stage for a potentially transformative resource at Island Gold, with Phase 2 drilling poised to unlock further value.
Questions in the middle?
- How will Phase 2 drilling results refine the scale and grade continuity of the mineralisation?
- What timeline is Caprice targeting for a maiden resource estimate and potential development decisions?
- How might the structural analogues to Break of Day influence exploration strategies and resource modelling?