Caprice’s Bold Move: Comet Acquisition Brings Exploration Risks and Rewards

Strategic Expansion in a Proven Gold District

Caprice Resources Ltd (ASX, CRS) has taken a decisive step to bolster its gold exploration portfolio by entering into a binding earn-in agreement to acquire the Comet Exploration Project from Accelerate Resources Ltd (ASX, AX8). Located in the heart of Western Australia's Murchison Goldfields, the Comet Project adds approximately 40 kilometres of contiguous greenstone strike, effectively tripling Caprice's landholding in this highly prospective region.

The acquisition is particularly significant given the geological continuity between Comet and Caprice’s existing Island Gold Project. Both projects share similar geology and mineralisation styles, notably the presence of Banded Iron Formations (BIF), which are known hosts for gold mineralisation in the area. The Comet tenure lies within the Tuckabianna mining complex, adjacent to historic gold mines that have collectively produced over two million ounces of gold.

Encouraging Historical Data and Exploration Potential

Historical drilling at Comet has revealed multiple shallow gold targets with notable intercepts, including grades up to 8.8 grams per tonne over several metres. While these results are from early-stage exploration and true widths remain uncertain, they provide compelling walk-up targets for Caprice’s exploration team. The company plans to consolidate all historical data into its proprietary drill hole database and apply advanced artificial intelligence modelling to refine existing mineralisation zones and identify new targets.

Caprice’s CEO, Luke Cox, highlighted the strategic value of the acquisition, noting that Comet represents a northerly extension of the Island Gold Project and is ideally positioned between two major regional processing hubs. The company intends to apply the same systematic exploration approach that has yielded promising results at Island Gold, aiming to delineate a future gold resource at Comet.

Structured Exploration and Earn-in Terms

The exploration strategy will commence with detailed data validation and integration, followed by field mapping and ground-truthing to prioritize targets. Drilling will proceed in stages, starting with air core and reverse circulation methods to test shallow extensions, before advancing to diamond core drilling for more detailed assessment.

Under the earn-in agreement, Caprice will pay an initial consideration of A$50,000 in cash plus A$200,000 in shares, with Accelerate Resources retaining a 25% interest free-carried through to completion of a Pre-Feasibility Study. Provisions include a net smelter royalty conversion if interests dilute below 10%, with Caprice holding buy-back rights.

Positioning for Growth in a Competitive Gold Landscape

This acquisition aligns with Caprice’s broader strategy to unlock new mineral discoveries across Western Australia’s prolific gold belts. Alongside its flagship Island Gold Project and exploration at the Chobe Project in the West Arunta, Caprice is building a diversified portfolio with significant growth potential. The expanded footprint in the Murchison Goldfields enhances the company’s leverage to gold price movements and regional infrastructure advantages.

While exploration remains at an early stage and subject to the usual risks inherent in mineral discovery, the combination of historical data, geological setting, and a clear exploration roadmap positions Caprice Resources as a company to watch in the evolving Australian gold sector.