New gold intercepts have Caprice Resources beating its chest over deposit potential

Caprice Resources’ drilling returns best gold intercept at Vadrian’s deposit within the Island project and doubles strike of high-grade system.

Caprice’s best gold intersection from Vadrian’s deposit highlights the high-grade potential of its Island project. Pic: Getty Images

• Caprice hits best ever intercept of 11m at 17.3g/t gold at Vadrian’s deposit

• First batch of results doubles strike of the high-grade system to at least 350m

• Drilling at New Orient discovers significant new mineralisation 80m to the west

Special Report: Drilling at Caprice Resources’ Island gold project in WA’s Murchison region has returned its best intercept to date at the Vadrian’s deposit of 11m grading 17.3g/t from 170m.

The first batch of assays from the phase 3 drill program also confirmed the recent discovery of the Evening Star high-grade lode, doubling the strike of the high-grade system to at least 350m and extending mineralisation at depth where it remains open.

Other notable results include 10m at 11.7g/t gold from a down-hole depth of 175m and 9m at 8.3g/t gold from 94m with Caprice Resources (ASX:CRS) noting that Vadrian’s’ mineralisation remains open in multiple directions.

The best-ever intersection at the Vadrian’s gold deposit. Pic: Caprice Resources

Additionally, this batch of assays represents half of the new at depth drilling at the deposit and highlights the significant high-grade gold upside.

Meanwhile, drilling to follow-up the strike extent and grade potential of historical anomalous gold mineralisation about 80m west of the main New Orient lode has returned notable intersections such as 21m at 1.3g/t gold from 29m.

“The phase 3 RC drill program has delivered one of our best Island gold project results to date, intersecting 11m at 17.3g/t gold from 170m, highlighting the exceptional depth, width and grade expansion of the Vadrian’s gold deposit, noting that high-grade gold mineralisation remains open in all directions,” CRS chief executive officer Luke Cox said.

“Drilling around New Orient also discovered significant new gold mineralisation 80m west of the main lode and confirmed the southern continuation of mineralisation under thin sediment cover which had not been previously drill tested, all leading the way for our next round of drilling.

Perspective aerial view of the IGP Corridor showing the location of historical shallow gold workings. Pic: Caprice Resources

Island gold project

The 21km2 Island project is adjacent to the Great Northern Highway and about 630km north of Perth, 60km north of Mt Magnet and 20km south of Cue.

Gold mineralisation occurs along a strike length of 5km, from the New Orient gold mine in the north to the Ironclad prospect in the south, within the 700m to 1000m wide IGP Corridor that contains multiple banded iron formation units up to 30m thick.

BIF units are a preferential host rock for gold deposits in the Murchison.

Recent phase 1 and phase 2 drilling returned multiple thick, high-grade intersections of up to 28m at 6.4g/t gold from previously untested, structurally controlled, cross-cutting gold targets analogous to the high-grade Break of Day deposit across 5km of strike.

More from Caprice Resources: $7M to fund gold exploration in the Murchison

Should the company define a significant gold resource, development could be fairly straightforward given that it sits between gold processing facilities operated by Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).

CRS plans to carry out initial aircore drilling of the southern strike extensions to the New Orient gold lode structure under the Lake Austin salt lake in Q4 2025.

This highly prospective zone represents an additional 1000m of strike.

Assays are also pending for the remaining 11 phase 3 RC drill holes at Vadrian’s along with an additional 15 RC drill holes that tested additional structural targets at the IGP.

This article was developed in collaboration with Caprice Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as New gold intercepts have Caprice Resources beating its chest over deposit potential