Vadrian’s Gold Deposit Expansion Raises Stakes for Caprice Resources

Phase 3 Drilling Delivers Breakthrough Results

Caprice Resources Ltd (ASX – CRS) has announced a compelling update from its ongoing exploration at the Island Gold Project (IGP) in Western Australia. The first tranche of assay results from the Phase 3 Reverse Circulation (RC) drilling program has revealed some of the highest-grade gold intercepts recorded to date at the project. Notably, a standout intercept of 11 metres grading 17.3 grams per tonne (g/t) gold at the Vadrian’s prospect confirms the Evening Star discovery as a new high-grade lode, effectively doubling the strike length of this mineralised system to at least 350 metres.

This intercept not only highlights the exceptional grade but also the depth potential of the deposit, with mineralisation remaining open in multiple directions. Additional significant intercepts include 10 metres at 11.7 g/t and 9 metres at 8.3 g/t gold, underscoring the robust nature of the mineralisation at Vadrian’s.

Expanding the Resource Footprint at New Orient

Alongside Vadrian’s, drilling near the New Orient prospect has also yielded encouraging results. Seven Phase 3 RC holes returned notable gold intercepts, including a 21-metre interval at 1.3 g/t gold from shallow depths, with higher-grade zones within this interval. Importantly, drilling has confirmed the southern continuation of the New Orient lode beneath shallow sediment cover near Lake Austin, an area previously untested by drilling. This discovery opens up approximately 1,000 metres of highly prospective strike length concealed beneath the salt lake, which Caprice plans to test with an air core drilling program in the fourth quarter of 2025.

Strategic Location and Geological Setting

The Island Gold Project is strategically situated within the prolific Murchison Goldfields, a region known for its +15 million ounce gold endowment. The project corridor extends over 5 kilometres and hosts multiple banded iron formation (BIF) units, which are prime hosts for orogenic gold deposits. The geological setting at IGP shares similarities with other high-grade deposits in the district, featuring structurally controlled, reef-style quartz lodes associated with major cross-cutting faults.

Caprice’s exploration approach leverages this geological framework, with drilling designed to test both strike extensions and depth potential. The recent Phase 3 results validate this strategy, revealing multiple stacked high-grade lodes within the BIF units and confirming the presence of significant mineralisation beyond previously known limits.

Looking Ahead – Phase 4 and Beyond

With 17 of 43 Phase 3 drill holes reported, Caprice anticipates receiving assays for the remaining 26 holes in the coming weeks. The company is already planning a substantial Phase 4 drilling campaign, expected to commence in September 2025, which will include both RC and diamond core drilling. This next phase aims to extend known high-grade zones and gather critical structural data to support a maiden mineral resource estimate.

Additionally, the planned air core drilling beneath Lake Austin and targeting high titanium basalt stratigraphy analogous to nearby deposits signals Caprice’s intent to aggressively explore new frontiers within its tenement package. The proximity of the Island Gold Project to established processing facilities operated by Ramelius Resources and Westgold Resources further enhances the project’s development potential.

CEO Commentary

Caprice’s CEO, Luke Cox, emphasised the significance of these results – "The Phase 3 RC drill programme has delivered one of our best Island Gold Project results to date, intersecting 11m at 17.3 g/t gold from 170m, highlighting the exceptional depth, width and grade expansion of the Vadrian’s gold deposit. High-grade gold mineralisation remains open in all directions. Drilling around New Orient also discovered significant new gold mineralisation 80m west of the main lode and confirmed the southern continuation of mineralisation under thin sediment cover, all leading the way for our next round of drilling."

He added that the company remains focused on delivering a significant maiden high-grade gold resource within this strategically located and richly endowed region.