Caprice Commences 20,000m Phase 4 Drilling at Island Gold Project

Phase 4 Drilling Campaign Kicks Off

Caprice Resources Ltd (ASX, CRS) has commenced the air core (AC) drilling component of its fully funded 20,000-metre Phase 4 drilling campaign at the Island Gold Project (IGP) in Western Australia's prolific Murchison goldfields. This latest phase complements ongoing reverse circulation (RC) and diamond drilling, with three rigs now operating simultaneously to systematically define and expand the project's gold resources.

The AC drilling, scheduled for approximately 10,000 metres, focuses on high-impact strike extensions of the known Vadrians deposit and tests parallel banded iron formations (BIFs) that represent promising new discovery targets within the granted mining leases. These BIFs have demonstrated potential to host gold mineralisation, offering fresh avenues for exploration beyond previously drilled zones.

Refined Targets Through Advanced Geophysics

Caprice has leveraged ground gravity 3D inversion modelling to refine its drill targeting. This technique converts gravity data into a three-dimensional subsurface density model, revealing structural “breaks” within the BIF units that correlate strongly with gold mineralisation. Three major breaks have been identified, including one near the New Orient prospect and another aligning with the Vadrians deposit, where gold mineralisation has been confirmed to depths of around 300 metres and remains open at depth and along strike.

These gravity lows, interpreted as sheared zones and fluid pathways, provide compelling drill targets. Notably, the northern and southern breaks correspond to sparsely tested zones covered by thin lake sediments, where shallow artisanal workings suggest the presence of undiscovered gold systems. Surface rock chip sampling along these breaks has returned anomalous gold grades, reinforcing the likelihood of mineralised systems at depth.

Strategic Exploration and Regional Context

Caprice’s CEO, Luke Cox, highlighted the strategic importance of this phase, noting the expansion of coverage across a highly fertile gold corridor within the Murchison. The company plans a particularly exciting lake-based air core drilling program targeting concealed BIF corridors beneath shallow colluvial cover and salt lake sediments, areas never before drilled despite their geological promise.

Located within 50 kilometres of several operating mills and processing hubs, the Island Gold Project benefits from excellent infrastructure and a supportive regional environment amid ongoing gold price strength. The integration of the recently acquired Comet Gold Project further enhances Caprice’s district-scale exploration potential and pipeline of drill targets.

Looking Ahead, Towards a Maiden Resource Estimate

The Phase 4 campaign also includes 7,000 metres of RC drilling and 3,000 metres of diamond drilling aimed at extending known high-grade zones and collecting structural data critical for a maiden Mineral Resource Estimate (MRE). Diamond drilling is expected to complete by the fourth quarter of 2025, with assay results anticipated late this year and into early 2026. The RC drilling will continue in parallel, providing a steady flow of results across the mineralised corridor.

Caprice’s systematic approach, combining multiple drilling techniques with advanced geophysical modelling and surface sampling, positions the company well to unlock the Island Gold Project’s geological potential. The sustained news flow from this campaign is likely to keep investors engaged as the company advances towards defining what could be the Murchison’s next major gold discovery.