Caprice Resources has confirmed gold mineralisation at the Vadrians lode system down to at least 400 metres, with new drilling results revealing promising strike and dip extensions. The ongoing Phase 4 drilling program aims to further expand the resource in Western Australia's prolific Murchison province.
- Gold mineralisation confirmed to 400m vertical depth at Vadrians
- New drill holes extend strike and dip of high-grade lode system
- Metallurgical drilling validates previous results and supports resource modelling
- Three rigs active targeting extensions and new near-surface targets
- Phase 4 drilling to continue with plans for deeper testing to 500m
Deepening the Discovery
Caprice Resources Ltd (ASX, CRS) has delivered a significant update from its Island Gold Project (IGP) in Western Australia's Murchison goldfields, confirming that gold mineralisation at the Vadrians lode system extends to at least 400 metres below surface. This milestone was achieved through the second batch of assay results from Phase 4 drilling, which also revealed encouraging strike and dip extensions, reinforcing the continuity of the high-grade gold system.
The drilling campaign, now in full swing with three rigs operating, has intersected gold at depths of 294 and 415 metres down dip, with some holes interpreted to have clipped the margins of a plunging high-grade lode. Notably, diamond hole 25IGRC087D extended the known depth of mineralisation by 140 metres, returning 2.0 metres at 2.7 grams per tonne (g/t) gold from 413 metres. These results build on previous intercepts and suggest the system remains open at depth, with plans underway to test down to 500 metres.
Validating Continuity and Quality
Complementing the strike and dip extensions, metallurgical drilling has begun to provide critical data for future resource estimation. One standout intercept from hole D004 returned 9.0 metres at 9.1 g/t gold, including a high-grade 7.0-metre section at 11.6 g/t, confirming the robustness of the mineralisation in fresh rock. These results validate earlier reverse circulation drilling and will underpin forthcoming technical studies, including density and rock property assessments essential for a maiden Mineral Resource Estimate (MRE).
Caprice’s Managing Director, Luke Cox, highlighted the significance of these findings, noting that hitting gold at approximately 400 vertical metres aligns with the depth profiles of major deposits in the Murchison region, which often extend between 600 and 1,500 metres. Cox emphasized the evolving understanding of structural controls on mineralisation, which is refining drill targeting and enhancing the geological model.
Expanding the Exploration Horizon
The Island Gold Project covers a five-kilometre mineralised corridor hosting multiple Banded Iron Formation (BIF) units, known to be prime hosts for gold in the region. Historically, drilling was shallow, averaging just 70 metres, but Caprice’s ongoing efforts have now demonstrated significant down-plunge extensions and identified repeat mineralised BIF units such as the newly discovered Alpha BIF. Near-surface targets at West Star and Condenser also remain open, adding to the project’s growth potential.
The Phase 4 program is ambitious, with plans for 20,000 metres of drilling comprising air core, reverse circulation, and diamond drilling. This multi-pronged approach targets both extensions of known high-grade lodes and new concealed targets beneath shallow cover, aiming to build a comprehensive understanding of the resource potential.
Looking Ahead
With assays from multiple rigs expected through early 2026 and follow-up drilling already in planning, Caprice is positioning itself to rapidly advance the Island Gold Project towards a maiden resource estimate. The combination of depth extensions, high-grade intercepts, and metallurgical validation paints a promising picture for the company’s flagship asset in one of Australia’s most prolific gold provinces.
Bottom Line?
Caprice’s deepening gold discovery at Vadrians sets the stage for a potentially transformative resource update in 2026.
Questions in the middle?
- How will upcoming deeper drilling to 500 metres impact the overall resource potential?
- What metallurgical characteristics will the full test work reveal about ore processing?
- How might the newly identified Alpha BIF influence exploration targeting across the corridor?