Caprice Resources Uncovers 22m at 66.2g/t Gold in New Island Zone

Exceptional Near-Surface Gold Intercept Defines New Zone

Caprice Resources Ltd (ASX:CRS) has unveiled a standout drill result at its Island Gold Project (IGP) in Western Australia's Murchison goldfields, with a reverse circulation hole intercepting 22 metres at 66.2 grams per tonne (g/t) gold, including a blistering 8 metres at 181 g/t from just 42 metres downhole. This bonanza-grade mineralisation lies in a new high-grade zone approximately 120 metres parallel to the primary Vadrians lode, marking the highest-grade intercept recorded to date at the project.

The mineralisation occurs within a weathered shear zone beneath a near-surface depletion horizon, suggesting a mineralisation style potentially distinct from the banded iron formation (BIF)-hosted Vadrians lode. This discovery not only broadens the geological complexity of the IGP but also reinforces the conceptualisation of Island as a multi-lode, high-grade gold system with substantial scale potential.

Drilling Program Accelerates with Follow-Up and Expansion Targets

Caprice is actively pursuing a 50,000-metre drilling campaign combining air core, reverse circulation, and diamond drilling across the Island Gold, Comet, and Cuddingwarra projects. The latest intercept has prompted immediate planning for follow-up drilling in the area, with operations set to recommence next week. Meanwhile, assays remain pending for holes drilled beneath the bonanza intercept, which could extend this high-grade zone further.

These efforts build on recent advances where the company has confirmed lateral and vertical continuity at Vadrians, extending mineralisation into parallel lodes and structural repeats. Notably, hole 26IGRC016 extended mineralisation north along strike at 200 metres vertical depth, with the system still open down plunge and along strike, underscoring ongoing exploration upside.

The company’s Managing Director, Luke Cox, emphasised the significance of the new intercept, highlighting its combination of grade, thickness, and shallow depth near a major lode. He noted the validation of the broader exploration strategy targeting concealed mineralisation beneath weathered depletion zones, using low-level air core anomalism as an effective vector. This approach is driving the systematic unlocking of the project’s potential and advancing towards a maiden Mineral Resource Estimate.

Geological Insights and Resource Implications

The new mineralisation lies within a hanging wall position spatially associated with a narrow BIF horizon and a quartz vein, distinct from the main Vadrians BIF-hosted mineralisation. The preferential weathering of the shear zone hosting this mineralisation suggests a complex geological setting that may harbour additional undiscovered high-grade zones.

Caprice’s ongoing drilling is designed to test northern strike and depth extensions at Vadrians, as well as new targets across the Island corridor. This includes follow-up diamond drilling to assess depth and grade continuity, with assays awaited for recently completed diamond holes targeting the southern high-grade zone down plunge.

These developments come amid a backdrop of a recent $12.74 million capital raise that has bolstered Caprice’s balance sheet, supporting the ambitious drilling program and exploration across multiple projects in the Murchison region. The company’s focus remains on defining a sizeable, high-grade resource at Island, which lies within a prolific gold corridor with established mining hubs nearby.

Caprice’s discovery and expansion efforts at Island are part of a broader strategy to unlock the Murchison’s next major gold discovery, with the new parallel high-grade zone potentially adding significant ounces to the resource base. The project’s evolving geological model and expanding mineralised footprint suggest a dynamic system with multiple opportunities for further high-grade discoveries and resource growth.

These results complement earlier findings where Caprice extended the high-grade gold zone at Vadrians and launched its major drilling push in the region, reinforcing the company’s momentum in the Murchison goldfields and its potential to deliver a high-quality resource in the near term.