Caprice Resources Strikes Gold with High-Grade Discoveries at Island Gold Project
Caprice Resources (ASX: CRS) has released exceptional results from its final batch of 26 holes in the Phase 3 drilling program at the Island Gold Project (IGP), revealing high-grade gold intercepts that extend mineralisation and identify new gold zones across the project area.
Drilling Success Extends Vadrian's Strike Length to 350m
The latest results from the 7,024-meter Phase 3 drilling campaign have delivered the company's most impressive gold grades to date, extending the strike length at Vadrian's to at least 350m. The high-grade intercepts include:
- 10m @ 10.9 g/t gold from 123m downhole, including 1m @ 63.9 g/t gold
- 9m @ 14.8 g/t gold from 154m downhole, including 1m @ 33.1 g/t gold
- 5m @ 18.3 g/t gold from 180m downhole, including 1m @ 62.6 g/t gold
- 8m @ 4.2 g/t gold from 125m downhole
These results significantly enhance the geological model and demonstrate that gold grades increase with depth, with some intercepts reaching approximately two ounces per tonne.
"The final batch of Phase 3 drilling has delivered our most impressive gold grades to date, returning equivalent grades of up to two ounces per tonne and confirming robust continuity across the Vadrian's system," said Caprice CEO Luke Cox.
New Gold Discoveries Expand Project Potential
Importantly, the drilling program has also identified new mineralised zones within the broader 5km x 1km target area:
- West Star discovery: 2m @ 3.2 g/t gold from 132m downhole
- Condenser discovery: 2m @ 1.1 g/t gold from 90m downhole
These new discoveries reinforce the fertility of the corridor, with early-stage results at Condenser comparable to initial shallow hits at Vadrian's. The identification of these new gold lodes supports the presence of stacked lodes and a large-scale mineralised corridor that continues to grow.
Understanding the Island Gold Project Geology
The Island Gold Project is located within the north-south striking Meekatharra-Cue-Mt Magnet greenstone belt of Western Australia's Murchison Goldfields, one of Australia's most productive gold provinces with a +15Moz gold endowment.
Gold mineralisation at IGP extends over a 5km strike length, from the New Orient Gold mine in the north to the Ironclad prospect in the south. The project hosts multiple Banded Iron Formation (BIF) units up to 30m thick, a proven geological setting for large-scale gold systems in the region.
The geological and structural features at IGP appear to closely mirror those of other high-grade gold at Fortitude North and deposits across the Murchison Goldfields, with the presence of BIF units and key NNW-SSE cross-cutting structures driving mineralisation.
What Makes This Discovery Significant: Understanding BIF-Hosted Gold Deposits
Banded Iron Formation (BIF) hosted gold deposits are among the most significant sources of gold globally. These formations consist of alternating layers of iron-rich minerals and silica, which create natural structural traps for gold mineralisation when affected by deformation events.
The BIF units at Island Gold Project act as brittle host rocks that fracture during tectonic activity, creating space for gold-bearing fluids to deposit precious metals. This geological setting is particularly favourable because:
- The chemical contrast between iron-rich layers and surrounding rocks helps precipitate gold from hydrothermal fluids
- The brittle nature of BIF creates extensive fracture networks that increase mineralisation potential
- The distinctive layering provides predictable structural controls that aid in targeting high-grade zones
Successful BIF-hosted gold deposits often display increasing grades with depth, exactly the pattern Caprice Resources high-grade gold discoveries are showing at Vadrian's. This pattern frequently indicates proximity to the primary fluid source, suggesting potential for even higher grades in deeper drilling.
Path to Maiden Resource Estimate
The company remains focused on progressing toward delineating a maiden gold Mineral Resource Estimate (MRE) at IGP. The exceptional results from Phase 3 provide strong evidence of grade, continuity, and scale potential.
A fully-funded Phase 4 drilling program, set to comprise 20,000m of air core, RC, and diamond drilling, is scheduled to commence in September 2025. This next phase will focus on:
- Extending known zones of high-grade gold mineralisation
- Providing essential structural data to support the maiden MRE
- Testing the concealed BIF gold trend beneath shallow Lake Austin sedimentary cover
- Targeting prospective high-titanium basalt stratigraphy on the Western edge of IGP
Technical analysis has confirmed "Free Gold" at the project, which is advantageous from a processing perspective. This has been verified through Bruker M4 TORNADO PLUS analysis, offering deeper insight into gold distribution and mineral associations.
Strategic Location in the Heart of the Murchison Goldfields
The Island Gold Project enjoys a strategic location between two major regional processing hubs:
- 15-25km from Westgold's Tuckabianna Gold Mill (1.4Mtpa capacity)
- 15-25km from Ramelius' Mt Magnet Checkers Gold Mill (1.9Mtpa capacity)
This proximity to established processing infrastructure significantly reduces the capital requirements for any future development scenario and provides multiple potential processing options. Similarly, Austin Metals begins drilling near top producers in the region, highlighting the area's strategic importance.
Investment Potential: Why Investors Should Take Notice
Caprice Resources high-grade gold discoveries present a compelling investment case for several reasons:
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High-grade gold intercepts: Multiple intersections exceeding 10 g/t gold, including bonanza grades up to 63.9 g/t, indicate potential for a high-grade resource.
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Expanding mineralisation: The strike length at Vadrian's continues to grow, now reaching at least 350m, while remaining open in all directions.
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New discoveries: The identification of West Star and Condenser demonstrates the fertility of the broader 5km x 1km corridor and potential for multiple ore sources.
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Increasing grades with depth: The confirmation that gold grades improve at depth suggests significant exploration upside below the current drilling depth of 170m.
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Strategic location: Proximity to established processing facilities reduces development capital requirements and provides multiple processing options.
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Experienced management: The systematic exploration approach demonstrates the technical capability of the Caprice team to advance this project efficiently toward a resource.
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Fully funded exploration: The upcoming 20,000m Phase 4 drilling program is fully funded, ensuring continued news flow and potential resource delineation in the near term.
The Caprice Resources high-grade gold discoveries at the Island Gold Project combine high-grade intercepts, expanding mineralisation footprint, and strategic location in a tier-one mining jurisdiction. With drilling to date constrained to depths of less than 170 vertical meters below surface, the project offers substantial scope for additional gold-copper discoveries at depth.
As Caprice progresses toward its maiden resource estimate, investors have an opportunity to participate in what could develop into a significant new gold discovery in one of Australia's most productive gold provinces. Furthermore, with new mining opportunities for gold exploration emerging in the region and ongoing compulsory acquisition activities shaping the competitive landscape, Caprice's strategic position appears increasingly valuable.
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