Vadrians Lode Extended to 300m with 15.3 g/t Gold Intercepts in Phase 4 Drilling

Extending the Depths of Gold Potential

Caprice Resources Ltd (ASX:CRS) has delivered a promising update from its Island Gold Project (IGP) in Western Australia, revealing high-grade gold mineralisation extending deeper than previously recorded. The first batch of assay results from 14 holes in the Phase 4 drilling program confirmed gold intercepts at the Vadrians lode reaching vertical depths of approximately 300 metres, with mineralisation remaining open beyond this point.

The standout intercepts include a 13-metre section grading 7.7 grams per tonne (g/t) gold and a 3-metre interval at 15.3 g/t, underscoring the project's potential to host significant high-grade gold zones at depth. These results not only reinforce the geological model but also validate the company’s targeted drilling strategy aimed at unlocking deeper mineralised zones.

A Fully Funded Exploration Campaign

With a fully funded 20,000-metre Phase 4 program underway, Caprice is advancing a combination of air core, reverse circulation (RC), and diamond core drilling designed to delineate a maiden Mineral Resource Estimate (MRE). The ongoing drilling includes deeper diamond core holes planned to test extensions down to 400 metres vertical depth, with assays pending.

Beyond Vadrians, the broader 5-kilometre-long and 1-kilometre-wide mineralised corridor remains largely underexplored at depth, presenting multiple targets such as Baxter and New Orient that have seen limited drilling below 150 metres. This opens the door for further discoveries and resource growth potential along strike and at depth.

Geological Context and Strategic Location

The Island Gold Project is situated within the prolific Murchison Goldfields, a region known for its +15 million ounce gold endowment. The project’s geology is dominated by Banded Iron Formation (BIF) units, a proven host for large-scale gold deposits. Caprice’s exploration approach leverages structural and geological analogies to other successful deposits in the region, focusing on intersecting shear zones and quartz vein systems that control gold mineralisation.

Importantly, the project benefits from proximity to existing processing infrastructure, including Westgold’s Tuckabianna and Ramelius’ Mt Magnet gold mills, which could facilitate future development and production efficiencies.

Looking Ahead

Caprice’s Managing Director, Luke Cox, highlighted the significance of the deep high-grade intercepts as a breakthrough that validates the company’s geological targeting and drilling strategy. The ongoing Phase 4 program aims to build on these results, with continuous drilling expected to provide a steady flow of news and data through the end of 2025 and into 2026.

The combination of infill and step-out drilling, alongside metallurgical and structural studies, is designed to underpin a robust maiden resource estimate. Meanwhile, air core drilling will continue to test concealed targets beneath shallow cover, potentially unlocking new zones of mineralisation within the extensive IGP corridor.