Caprice Resources Unveils New High-Grade Gold Discovery, Launches Phase 3 Drilling at Island Gold
Caprice Resources has reported strong drilling results at its Island Gold Project, including a new high-grade gold discovery south of Vadrians Hill, and has commenced an extensive Phase 3 drilling program to expand its maiden resource potential.
- Exceptional high-grade gold assays up to 34.9g/t from 4,763m drilled
- New gold discovery 250m south of Vadrians Hill with significant mineralisation
- Phase 3 drilling program underway targeting extensions and new targets
- $1 million drill-for-equity agreement signed with Topdrill to support exploration
- Rob Waugh appointed Non-Executive Chair, bringing proven exploration and M&A expertise
Strong Drilling Results at Island Gold Project
Caprice Resources Limited (ASX: CRS) has delivered a compelling update for the March 2025 quarter, highlighting substantial progress at its Island Gold Project (IGP) in the prolific Murchison goldfields of Western Australia. The company reported assay results from 41 reverse circulation (RC) drill holes totaling 4,763 metres, revealing multiple thick, shallow zones of high-grade gold mineralisation. Notably, assays included exceptional grades reaching up to 34.9 grams per tonne (g/t) gold, reinforcing the project's potential to host a significant maiden resource.
The drilling campaign has extended known mineralisation at Vadrians Hill to 250 metres along strike, with high-grade intercepts such as 28 metres at 6.4 g/t Au and 11 metres at 6.7 g/t Au from near surface. These results confirm the presence of shallow, high-grade ore bodies that remain open in multiple directions, underscoring the prospectivity of the IGP corridor.
New Discovery and Exploration Upside
A standout highlight from the quarter was the discovery of a new gold zone 250 metres south of Vadrians Hill, featuring an intercept of 22 metres at 2.3 g/t Au, including high-grade sub-intervals up to 14.1 g/t Au. This discovery is open in all directions and may represent a repeat structure analogous to Vadrians, suggesting the potential for multiple high-grade deposits along the five-kilometre prospective strike corridor.
Additional drilling at the Baxter/Golconda area intersected multiple mineralised zones within a structurally complex setting, including 10 metres at 3.0 g/t Au and 20 metres at 1.0 g/t Au, with parallel lodes identified for further investigation. Importantly, existing drilling has only tested less than 100 vertical metres below surface, indicating substantial depth potential remains unexplored.
Phase 3 Drilling Commences
Building on these encouraging results, Caprice has initiated a Phase 3 drilling program comprising 40 RC holes for approximately 5,000 metres. This next phase targets extensions of the Vadrians mineralisation, step-out drilling around the new discovery, southern strike extensions near the New Orient Gold Mine, and several untested high-priority structural targets along the corridor. First assay results from this program are expected in June 2025, which will be pivotal in defining the scale and continuity of the mineralisation.
Strategic Partnerships and Corporate Developments
To underpin its aggressive exploration strategy, Caprice signed a $1 million drill-for-equity agreement with Topdrill, allowing up to 40% of drilling costs to be paid in shares, providing financial flexibility to accelerate resource definition. The company also expanded its tenement holdings adjacent to the IGP, effectively doubling the project area and securing additional ground prospective for high-grade gold mineralisation.
On the leadership front, Caprice appointed Rob Waugh as Non-Executive Chair. Waugh brings a wealth of experience from his pivotal role in the development and eventual $200 million acquisition of Musgrave Minerals by Ramelius Resources, as well as multiple significant gold and base metal discoveries. His appointment signals Caprice’s commitment to leveraging seasoned expertise to advance its projects.
Broader Project Portfolio and Outlook
Beyond the Island Gold Project, Caprice is progressing exploration at its Cuddingwarra project with planned soil sampling and air core drilling to refine gold targets. The West Arunta Project saw the execution of a Land Access Agreement with the Tjamu Tjamu community, clearing the way for on-ground exploration, although a prior agreement with Rio Tinto Exploration was mutually terminated. Meanwhile, the Mukinbudin REE Project remains under review for potential divestment or joint venture opportunities.
Financially, Caprice raised over $2.3 million through early option exercises since January 2025 and ended the quarter with a solid cash position of approximately $2.7 million, supporting ongoing exploration activities.
Bottom Line?
With high-grade discoveries and a robust drilling program underway, Caprice is poised to unlock significant value from the Murchison goldfields in the coming months.
Questions in the middle?
- Will Phase 3 drilling confirm continuity and scale sufficient for a maiden resource declaration?
- How will the new tenement acquisitions impact the overall resource potential at Island Gold?
- What strategic moves will Caprice make following the termination of the Rio Tinto agreement at West Arunta?