Caprice Expands Vadrians Gold Push Across the Murchison

Vadrians Becomes the Centre of Caprice's Gold Strategy

Caprice Resources Limited (ASX:CRS) has finished FY2026 with its exploration strategy increasingly concentrated on the Murchison, where drilling at the Island Gold Project has extended the Vadrians mineralised system to at least 400 metres vertically and approximately 1,000 metres along strike. The company has now moved into a 50,000 metre multi-rig campaign combining resource-definition, step-out and discovery drilling.

The headline exploration numbers are encouraging, but they are not yet a resource. FY2026 drilling produced several high-grade intersections at depth, including 13 metres at 7.7 grams per tonne gold, 10 metres at 12.8 grams per tonne and 11 metres at 7.1 grams per tonne. The broader Island corridor also returned mineralisation across New Orient, Baxter, Golconda, West Star, First Light, Chicago and Iron Clad, supporting Caprice's interpretation of a system spread across multiple lodes, host rocks and structural positions.

One result stood apart from the broader campaign. Follow-up sampling completed after year end refined a shallow intersection west of Vadrians to 19 metres at 124.74 grams per tonne gold from 42 metres. That result is a subsequent development rather than a FY2026 result, and the company says the primary host lithology had not been conclusively resolved when the initial intersection was reported. Its significance will depend on orientation, continuity and repeatability through further drilling.

Metallurgy Adds an Early Technical Marker

Initial metallurgical work on a high-grade fresh-mineralisation Vadrians composite returned overall gold recovery of up to 94% at a P80 75-micron grind, with gravity recovery exceeding 33% and more than 92% extraction within 24 hours. The testing indicated that the composite was amenable to conventional gravity and carbon-in-leach processing, with moderate reagent consumption and no preg-robbing behaviour observed.

The limitation is important: the test used a single composite with an assayed head grade of approximately 13.3 grams per tonne. Caprice says variability and comminution testing across additional grades and geological domains are still required, so the result cannot yet be treated as a recovery assumption for all Island mineralisation.

Capital and Portfolio Decisions Favour Murchison

Caprice raised approximately A$12.8 million before costs through a March placement of 159.25 million shares at A$0.08, giving it the funding base for the expanded drilling programme. It also acquired a 75% interest in the Comet Gold Project, about 22 kilometres south-east of Cue, where historical drilling has identified near-surface gold mineralisation. Comet drilling is scheduled to begin in FY2027.

The company subsequently completed the sale of a 75% interest in West Arunta for A$2.7 million in cash plus A$190,000 of deferred equity consideration, while retaining minority interests that are free-carried through to a Decision to Mine. At 30 June, Caprice held A$10.81 million in cash, compared with A$7.78 million a year earlier, although exploration cash outflows rose to A$8.41 million as activity accelerated.

Financially, Caprice remains an explorer rather than a producer. The FY2026 net loss narrowed to A$2.55 million from A$3.36 million, while exploration and evaluation assets rose to A$24.09 million. The balance sheet can support the current work programme, but the investment case still turns on whether drilling can be converted into a maiden Mineral Resource Estimate and, eventually, a technically and economically viable project.