Caprice restarts drilling as it targets maiden Murchison gold resource

Caprice has recommenced drilling at its promising Island gold project, which hosts historic workings just 12km from Ramelius’ Cue mine.

The company plans to release a maiden resource estimate in H1 CY25. Pic: Getty Images

• Caprice recommences drilling at Island gold project after holiday break

• Company confident of extending shallow historic mineralisation

• Drilling will also target ‘Break of Day’ style targets in prolific gold region

 

Special Report: Caprice Resources has recommenced RC drilling at its Island gold project in WA’s Murchison gold province with the aim of extending high grade gold mineralisation and testing ‘Break of Day’ style gold targets.

The Murchison boasts a +15Moz gold endowment and Caprice Resources (ASX:CRS) is keen to unlock Island’s potential, with a 5000m program underway and 30 holes planned for February.

The targets are northwest and northeast cross-cutting high-grade gold structures analogous to the Break of Day deposit, Cue, and Mt Magnet gold mines.

Owned by Ramelius Resources (ASX:RMS), Break of Day is the archetype Caprice wants to replicate. Located just 12kms from Island, it hosts 327,000oz at a super-high grade of 10.4g/t, making it the jewel in the crown of the 927,000oz at 2.3g/t Cue project.

Ramelius paid $201m in shares and cash for Cue owner Musgrave Minerals in 2023, when gold prices were all below current record levels.

Caprice’s plan is to deliver a maiden resource estimate in the first half of this year for the historic New Orient gold mine and Baxter/Golconda deposit at the project.

The Island project is notably within trucking distance of both Ramelius and Westgold Resources’ gold processing facilities, opening potential toll treatment options.

Assays from a previously drilled 10 holes expected later this month, with Caprice confident of results along the lines of previous intercepts which included:

• 24m at 6.8g/t from 24m, including 4m at 19g/t
• 10m at 16.1g/t from 104m, including 6m at 26.1g/t; and
• 5m at 18g/t from 78m, including 1m at 85.1g/t.

Room to grow below historic workings

The Island project historically produced 54,000 ounces of gold at 43.2g/t from shallow workings, and Caprice is confident it can extend gold mineralisation substantially beneath existing drilling, which was historically constrained to below 100m.

Not to mention, the mineralised corridor hosts multiple tempting targets in historic workings and prospects along +4.5km of strike, with drilling underway to extend it.

“Resource estimation has commenced, with 3D modelling of existing gold ore zones at the New Orient gold mine and the Baxter/Golconda historical mining areas progressing well,” CRS CEO Luke Cox said.

“These 3D models will also assist the targeting of cross-cutting, high-grade Break of Day style gold structures, plus depth and strike extensions to existing mineralisation.

“Caprice is fortunate to have outstanding potential within its Murchison gold project to define a near surface, high-grade, gold development opportunity located on granted mining leases, and we look forward to an exciting start to the year in this bull gold market.”

This drilling is just one phase of the company’s three-pillar Murchison gold development pipeline strategy, with planning also underway at the Cuddingwarra project and development studies planned at the New Orient gold mine.

Island is located just 12km from the 927,000oz Cue project. Pic: CRS

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 Caprice restarts drilling as it targets maiden Murchison gold resource