Caprice’s Exploration Surge Raises Stakes Amid Pending Assay Results and New Chair
Caprice Resources has reported multiple high-grade gold intercepts from its Phase 3 drilling at the Island Gold Project, alongside securing $7 million in funding and appointing a new Non-Executive Chair to accelerate exploration.
- Exceptional high-grade gold intercepts extending over 5km strike at Island Gold Project
- $1 million drill-for-equity deal signed with Topdrill to support ongoing drilling
- Successful $7 million placement completed to fund accelerated exploration
- Rob Waugh appointed Non-Executive Chair, bringing extensive resource sector experience
- Advancement of exploration at West Arunta with land access agreement secured
Robust Exploration Progress at Island Gold
Caprice Resources Ltd (ASX – CRS) has delivered a strong update for the June 2025 quarter, highlighting significant progress at its Island Gold Project (IGP) in Western Australia's prolific Murchison Goldfields. The company’s Phase 3 reverse circulation drilling has intersected multiple zones of thick, shallow, and high-grade gold mineralisation along a 5-kilometre strike length, with assays confirming exceptional grades such as 11 metres at 17.3 grams per tonne gold and 10 metres at 11.7 grams per tonne.
These results build on earlier phases of drilling that have consistently revealed promising mineralisation, reinforcing the project's potential to evolve into a substantial gold resource. The mineralisation remains open in several directions, indicating further upside as drilling continues.
Strategic Funding and Partnerships to Accelerate Growth
To underpin its aggressive exploration strategy, Caprice has secured a $7 million placement, significantly strengthening its balance sheet with approximately $7.8 million in cash at quarter-end. Complementing this, the company entered a $1 million drill-for-equity agreement with Topdrill, allowing flexibility to pay up to 40% of drilling costs in shares. This arrangement is designed to support the extensive multi-phase drilling programs planned to advance the IGP towards a maiden resource estimate.
Leadership Bolsters Exploration Ambitions
In a notable corporate development, Caprice appointed Rob Waugh as Non-Executive Chair. Waugh brings a wealth of experience, having played a pivotal role in the growth and successful exit of Musgrave Minerals Ltd, including major gold discoveries and a $200 million acquisition by Ramelius Resources. His appointment signals Caprice’s commitment to leveraging seasoned leadership to navigate the complex path from exploration to resource development.
Expanding Footprint Beyond Island Gold
Beyond the IGP, Caprice is advancing exploration at its West Arunta Project, where it has secured a Land Access Agreement with the Tjamu Tjamu community, clearing the way for on-ground activities. The project area is geologically prospective for copper, gold, and critical metals, with regional mapping and geophysical surveys guiding target refinement. Meanwhile, the Mukinbudin Rare Earth Elements Project remains under review, with potential divestment options being evaluated.
Looking Ahead
Caprice plans to complete assay results for the remaining Phase 3 drill holes imminently and is preparing for a substantial Phase 4 drilling campaign starting in September 2025. This next phase aims to extend high-grade zones and gather structural data critical for a maiden resource estimate. Additionally, air core drilling is planned to test new prospective zones concealed beneath Lake Austin’s salt lake, an area yet to be explored.
Bottom Line?
With high-grade results, fresh capital, and experienced leadership, Caprice is poised to unlock significant value at Island Gold, next assays will be closely watched.
Questions in the middle?
- How will the remaining Phase 3 assay results influence the scale and grade of the maiden resource?
- What impact will Rob Waugh’s leadership have on Caprice’s strategic partnerships and potential M&A activity?
- How quickly can exploration at West Arunta progress given the recent land access agreement and permit status?
