Caprice Resources hits high-grade gold to enhance Island

Drilling at Caprice Resources’ Island gold project has extended high-grade mineralisation and discovered a potential repeat structure.

Caprice Resources drilling has extended high-grade mineralisation at the Vadrians prospect and identified a potential repeat structure. Pic: Getty Images

• Caprice drilling at Island project returns multiple, thick high-grade gold intersections

• Results extend high-grade mineralisation at the Vadrians prospect to 250m along strike

• New discovery could be a repeat of the Vadrians structure ~250m to the north

Special Report: Phase 2 drilling at Caprice Resources’ Island project in WA’s Murchison region has returned multiple thick, high-grade gold intersections from previously untested targets across 5km of strike.

Drilling, which tested previously unrecognised, structurally controlled, cross-cutting gold targets analogous to the high-grade Break of Day deposit, returned a best result of 11m at 6.7g/t gold from 1m (25IGRC017) updip of a previously reported 28m at 6.4g/t from 114m (24IGRC009) at the Vadrians prospect.

This has extended high-grade gold mineralisation at Vadrians to 250m along strike as well as 100m updip and 70m downdip of the intercepts at 24IGRC009. The prospect remains open along strike and downdip.

Caprice Resources’ (ASX:CRS) drilling also made a new discovery ~250m south of Vadrians after hole 25IGRC027 returned 22m at 2.3g/t gold from 168m including 2m at 9g/t from 178m and 2m at 14.1g/t from 184m.

This is open in all directions and could represent a repeat of the Vadrians structure.

Meanwhile, extensional drilling at the Baxter prospect returned 10m at 3g/t gold from 13m including 4m at 6.2g/t from 18m (25IGRC012) and 4m at 5.4g/t from 102m (25IGRC001).

The Phase 2 program of 31 holes totalling 3209m was completed in late February 2025.

Aerial view of the Island gold project corridor. Pic: Caprice Resources

Validating geological interpretation

“I am very excited to deliver these exceptional Island gold project intersections from our Phase 2 drill program which significantly expands upon the success of the December Phase 1 drill results,” chief executive officer Luke Cox said.

“These Phase 2 RC drill holes have consistently highlighted high-grade gold mineralisation up and down plunge of the Phase 1 RC drill holes.

“Even more encouragingly, a Phase 2 proof of concept drill hole testing a conceptual structural target discovered significant gold mineralisation 250m south of Vadrians; this mineralisation remains open in all directions and the next nearest drill hole is 250m away.

“Identical structural settings are present in historical workings evident from New Orient Gold Mine in the north through to the Shamrock workings in the south, and these fertile structures have been mapped at multiple locations within the host banded iron formations along the five kilometres of strike connecting these workings.

“Caprice’s geological interpretation has been validated and, with numerous additional greenfield gold targets along this trend, it highlights the potential for a significant maiden resource opportunity at our Island gold project.”

Listen: Caprice making golden gains in the white hot Murchison

Island gold project

High-grade gold mineralisation at the Island project occurs along a strike of ~5km from the New Orient Gold mine in the north to the Iron Clad prospect in the south within a 1km-wide corridor containing multiple banded iron formations up to 30m thick.

BIFs are the preferred host rock for gold deposits in the Murchison.

CRS notes the project’s mineralisation and structural setting display similarities to the high-grade gold deposits in the prolific +15Moz Murchison Goldfields.

Key factors for high quality gold deposit formation - BIF host rocks and cross-cutting structures controlling high-grade gold lodes - are both present at the Island.

The company will refine existing targets and identify new targets prior to launching a Phase 3 drilling program totalling 5000m this month that will target extensions to high-grade gold mineralisation at Vadrians and test >30 new greenfield structural targets along the 5km of strike.

It has also lodged two new tenement applications adjoining the project that will about double its area.

These tenements cover the continuation of the same greenstone lithologies, and structures seen within the IGP, including outcropping BIFs, and are considered highly prospective for further high-grade gold.

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 Resources hits high-grade gold to enhance Island