Island Gold Project Drilling Yields Up to 63.9 g/t Gold, Extends Mineralisation 350m

Strong Phase 3 Results Extend High-Grade Gold Potential

Caprice Resources Ltd (ASX – CRS) has released the final assay results from its Phase 3 drilling program at the Island Gold Project (IGP) in Western Australia's prolific Murchison Goldfields. The latest batch of 26 reverse circulation drill holes has delivered standout gold intercepts, notably at the Vadrian’s prospect, where high-grade zones have now been extended to at least 350 metres along strike. These results reinforce the continuity and robustness of the mineralised system, with gold grades reaching up to 63.9 grams per tonne over one metre.

Importantly, the drilling has also uncovered new mineralised zones, including the West Star and Condenser targets, expanding the footprint of gold mineralisation within the broader 5-kilometre-long and 1-kilometre-wide corridor. The Condenser target, in particular, shows early-stage results comparable to initial shallow hits at Vadrian’s, suggesting promising depth potential that warrants further investigation.

Geological Model Gains Confidence, Depth Remains Open

The comprehensive Phase 3 program, comprising 43 holes totaling over 7,000 metres, has increased confidence in the project's geological model. Data indicates that gold grades tend to increase with depth, a positive sign for the potential scale and economic viability of the deposit. To date, drilling has been limited to less than 170 vertical metres, leaving significant scope for discovering additional high-grade lodes at greater depths.

The IGP corridor hosts multiple Banded Iron Formation units, a geological setting known to host large-scale gold systems in the region. Structural features such as north-northwest and northeast striking shear zones appear to control mineralisation, with en’echelon quartz veins and reef-style lodes identified in fold zones. This structural complexity offers a compelling framework for ongoing exploration success.

Advanced Analytical Techniques Support Exploration

Caprice has employed advanced mineralogical analysis using the Bruker M4 TORNADO PLUS, confirming the presence of free gold within the mineralised zones. This is advantageous from a processing perspective and provides deeper insight into gold distribution and mineral associations. Such detailed analysis supports more refined drill targeting and has initiated metallurgical test work to better understand ore characteristics.

Fully Funded Phase 4 Drilling to Define Maiden Resource

Looking ahead, Caprice is preparing for a fully funded Phase 4 drilling campaign scheduled to commence in September 2025. This program will encompass 20,000 metres of air core, reverse circulation, and diamond drilling aimed at extending known high-grade zones and improving geological understanding. The combination of drilling methods is designed to provide the density of data required to support a robust maiden Mineral Resource Estimate (MRE) for the Island Gold Project.

Additional air core drilling will target prospective stratigraphy on the western edge of the project and test a concealed BIF gold trend beneath shallow Lake Austin sediments, an area yet to be drilled. The project’s proximity to major regional processing hubs, Westgold’s Tuckabianna Gold Mill and Ramelius’ Mt Magnet Checkers Gold Mill, adds strategic value to the potential resource.

Strategic Positioning in a Rich Gold Province

The Island Gold Project is situated within the Meekatharra–Cue–Mt Magnet greenstone belt, one of Australia’s most productive gold provinces with over 15 million ounces of gold endowment. Caprice’s tenure includes granted mining and exploration leases in good standing, held through its wholly owned subsidiary Goldview Metals Pty Ltd. The company’s exploration approach builds on historical data and modern techniques to unlock the full potential of this richly endowed region.