Caprice Resources delivers exceptional high-grade gold results at its Island Gold Project and embarks on a fully funded Phase 4 drilling campaign, while strategically expanding its landholding through the acquisition of the Comet Gold Project.
- Outstanding Phase 3 drilling results at Vadrians with high-grade gold intercepts
- Strike length extended to at least 350m with new mineralised zones open at depth
- Fully funded 20,000m Phase 4 drilling program commenced including diamond core drilling
- Binding earn-in agreement executed to acquire Comet Gold Project, tripling landholding
- Quarter-end cash balance of A$7.38 million with A$687,000 spent on exploration
Strong Drilling Results Reinforce Island Gold Potential
Caprice Resources Ltd (ASX – CRS) has reported a quarter of significant progress at its flagship Island Gold Project in Western Australia's Murchison Goldfields. The company unveiled exceptional high-grade gold assay results from its Phase 3 drilling campaign at the Vadrians prospect, including standout intercepts such as 11 metres at 17.3 grams per tonne (g/t) gold from 170 metres and 5 metres at 18.3 g/t from 180 metres. These results not only confirm the continuity of mineralisation but also extend the strike length at Vadrians to at least 350 metres, with multiple mineralised zones remaining open at depth.
Adding to the excitement, Caprice discovered two new gold lodes, West Star and Condenser, west of the New Orient prospect. Early-stage assays from these lodes indicate promising grades, reinforcing the fertility of the broader 5-kilometre Island Gold corridor and suggesting potential for stacked lode systems. Notably, gold grades appear to increase with depth, bolstering geological confidence in the project's capacity to host significant mineralisation.
Phase 4 Drilling and Strategic Expansion
Building on these successes, Caprice has commenced a fully funded Phase 4 drilling program targeting depth and strike extensions, structural mapping, and metallurgical test work across Vadrians, New Orient, and Baxter. This ambitious 20,000-metre campaign includes the first-ever diamond core drilling at Island Gold, designed to test the system's depth potential and provide critical structural and metallurgical insights.
Meanwhile, exploration at the Chobe Project in the West Arunta region has advanced with the initiation of a high-resolution aeromagnetic survey. This survey, conducted alongside a Geological Survey of Western Australia program at no cost to Caprice, aims to refine target definitions in a highly prospective area for rare earths and copper-gold mineral systems.
Comet Acquisition Triples Landholding
Post quarter-end, Caprice executed a binding earn-in agreement to acquire the Comet Gold Project, strategically located along strike from Island Gold. This acquisition effectively triples Caprice’s landholding in the Murchison Goldfields to a contiguous 68 square kilometres, consolidating a significant footprint in one of Western Australia’s most productive gold districts.
The Comet Project shares geological characteristics with Island Gold, hosting multiple walk-up drill targets with known gold mineralisation open along strike and at depth. Historical drilling at Comet has returned encouraging intercepts, including 10 metres at 3.5 g/t gold and 4 metres at 7.1 g/t gold, underscoring its discovery potential.
Financial Position and Outlook
Caprice ended the quarter with a healthy cash balance of A$7.38 million, having invested A$687,000 in exploration activities, primarily drilling, assays, and geological consulting. The company’s disciplined approach to exploration and strategic acquisitions positions it well for a steady stream of value-generating news flow in the coming quarters.
Managing Director Luke Cox highlighted the significance of the recent results and acquisition, emphasizing the strengthened exploration pipeline and the company’s technical capabilities. As Caprice advances its Phase 4 program and integrates the Comet Project, investors will be watching closely for further assay results and progress updates.
Bottom Line?
Caprice’s aggressive exploration and strategic land consolidation set the stage for a pivotal growth phase in the Murchison Goldfields.
Questions in the middle?
- How will the Phase 4 diamond core drilling results influence the project’s resource estimates and development timeline?
- What are the potential challenges or risks associated with integrating the Comet Gold Project into Caprice’s existing operations?
- How might exploration advances at the Chobe Project impact Caprice’s portfolio diversification and long-term growth prospects?