Caprice Resources Extends High-Grade Gold Zone with $12.74M Boost

Vadrians Prospect Expands with High-Grade Continuity

Caprice Resources Ltd (ASX:CRS) has delivered a compelling update from its Island Gold Project (IGP) in Western Australia’s Murchison Goldfields, confirming that the high-grade Vadrians prospect now extends over 1,000 metres along strike and at least 400 metres vertically. The recently completed Phase 4 drilling programme, which included 7,000 metres of diamond and air core drilling, revealed impressive intercepts such as 11 metres at 7.1 g/t gold including 3 metres at 25.3 g/t from 353 metres depth, and 4 metres at 30.6 g/t gold from 255 metres, underscoring the continuity and depth potential of this emerging gold system.

These results mark a significant step-change in the scale of the high-grade domain at Vadrians, with the high-grade zone now expanded from approximately 150 metres to 250 metres in vertical extent down plunge. The system remains open in multiple directions, suggesting further growth potential ahead. This progress aligns with the company’s ambition to underpin a maiden Mineral Resource Estimate (MRE) for the project.

Accelerated Exploration Backed by $12.74 Million Placement

Supporting this exploration momentum, Caprice successfully raised A$12.74 million through an equity placement strongly backed by institutional and sophisticated investors. The capital injection boosts the company’s pro-forma cash position to A$13.8 million as of 31 March 2026, providing a robust financial platform for an aggressive exploration push.

The funds are fueling a major 50,000-metre multi-rig drilling campaign across the Murchison tenement package, targeting high-grade extensions at Vadrians, broad near-surface mineralisation, and new discoveries across the underexplored Island Gold corridor. This campaign combines reverse circulation (RC), diamond, and air core (AC) drilling, designed to rapidly advance the project towards a maiden MRE.

Caprice’s approach builds on recent successes, including a 161-hole air core programme that defined multiple priority gold targets north and south of Vadrians, such as the new First Light target with 200 metres of anomalous strike. These targets are set for follow-up deeper RC drilling. The company’s exploration strategy is clearly focused on leveraging structural controls and geological analogues to identify new high-grade zones, as illustrated by the recent AC results defining targets like Trig Gully and Orient Gully.

Expanding Regional Footprint with Comet and Chobe Projects

Beyond Island Gold, Caprice has initiated early-stage field exploration at the Comet Gold Project, located 22 kilometres southeast of Cue. Initial reconnaissance and mapping have yielded positive geological interpretations, with extensive anomalous gold identified in surface geochemistry. The company plans to commence AC and RC drilling mid-2026, aiming to build a pipeline of high-quality drill targets along the Comet and Tuckabianna trends, both known for hosting multiple gold deposits.

Meanwhile, Caprice has agreed to divest a 75% interest in its West Arunta Chobe Project to Corella Resources Limited (ASX:CR9) for A$2.7 million cash plus deferred share consideration. The deal includes a free carried interest through to a decision to mine and a royalty structure, allowing Caprice to retain exposure to future discovery success while focusing its resources on the Murchison portfolio. This strategic move follows a recently completed aeromagnetic survey and aims to accelerate exploration in the emerging West Arunta mineral province.

Strengthening Technical Leadership and Outlook

Caprice also bolstered its exploration expertise with the appointment of Duncan Franey as Exploration Manager. Franey brings over 15 years of experience in high-grade structurally controlled gold systems across Western Australia, including resource growth and new discovery success. His leadership is expected to enhance the company’s systematic drilling and resource definition efforts.

Managing Director Luke Cox highlighted the company’s confidence in the expanding Vadrians system and the broader Island Gold corridor, noting that mineralisation remains open and that the current drilling campaign is poised to deliver continued news flow and discovery potential throughout 2026. The company’s strategic focus on high-grade zones, new target generation, and disciplined exploration execution positions it well for the next phase of growth.

Caprice’s progress follows a series of positive developments including the successful $12.74M placement that underpinned the current exploration push, and the expanded Island Gold targets identified through recent air core drilling, which set the stage for deeper RC testing and resource delineation.