Caprice Resources has completed the acquisition of the Comet Exploration Project, significantly expanding its Island Gold Project footprint in Western Australia's Murchison Goldfields. This strategic move triples the company's contiguous landholding along a proven gold corridor, setting the stage for accelerated exploration.
- Acquisition triples Caprice’s contiguous landholding to over 50 strike-kilometres
- Comet Project shares geological characteristics with multi-million-ounce deposits
- Three granted tenements covering 68 km² added to portfolio
- Accelerate Resources retains 25% interest, free carried to pre-feasibility
- Systematic exploration with AI-driven target modelling and drilling planned for 2026
Strategic Expansion in a Proven Gold District
Caprice Resources Ltd (ASX, CRS) has announced the completion of its acquisition of the Comet Exploration Project, a move that significantly expands its presence in the prolific Murchison Goldfields of Western Australia. This acquisition triples the company's contiguous landholding at the Island Gold Project (IGP) to more than 50 strike-kilometres, consolidating exposure to a highly prospective greenstone-hosted gold corridor.
The Comet Project, located approximately 22 kilometres southeast of Cue, adds three granted exploration tenements covering around 68 square kilometres. This expanded footprint lies within a geological setting known to host multiple million-ounce gold systems, with several nearby operating mines and processing facilities within a 30-kilometre radius.
Geological and Historical Significance
Geologically, the Comet Project shares a direct analogue to the Island Gold Project, with mineralisation hosted within silicified iron formation units. The project covers portions of two mineralised stratigraphic corridors; the Comet Trend and the Tuckabianna Trend; both known for multiple established gold deposits. Historical drilling has returned notable intercepts, including high-grade gold assays such as 10 metres at 3.5 grams per tonne and 1 metre at 10.4 grams per tonne, underscoring the project's exploration potential.
Despite these promising results, much of the Comet tenure remains underexplored by modern standards, presenting immediate discovery opportunities. The acquisition aligns with recent regional developments, including Westgold Resources’ spin-out and IPO of Valiant Gold Limited, which further validates the prospectivity of the area.
Partnership and Financial Terms
Under the earn-in agreement, Caprice paid Accelerate Resources Limited an initial consideration of A$50,000 in cash and A$200,000 in Caprice shares, which are subject to a 12-month escrow. Accelerate retains a 25% interest in the project, free carried through to the completion of a pre-feasibility study. Should either party’s interest dilute below 10%, it converts to a 1% net smelter royalty, with Caprice holding the right to buy back the royalty for A$1 million.
Next Steps, AI-Driven Exploration and Drilling
Caprice is integrating all historical exploration data into an AI-powered platform to refine mineralisation models and prioritise drill targets. Systematic field mapping and ground-truthing are planned for the first quarter of 2026, with drilling programs; comprising aircore and reverse circulation techniques; expected to commence mid-year. This disciplined approach aims to unlock near-term value and advance the consolidated project areas in parallel.
Managing Director Luke Cox highlighted the strategic nature of the acquisition, emphasizing the potential for meaningful discoveries along a fertile greenstone belt. The expanded landholding positions Caprice to leverage existing infrastructure and geological continuity, accelerating its journey toward defining a significant new gold resource in the Murchison region.
Bottom Line?
Caprice’s expanded footprint and methodical exploration strategy position it well for potential breakthroughs in one of Australia’s richest gold provinces.
Questions in the middle?
- How will the expanded landholding impact Caprice’s upcoming maiden Mineral Resource Estimate?
- What are the timelines and expected scale of the planned drilling campaigns in 2026?
- How might the earn-in agreement’s royalty provisions affect future project economics?