Caprice Resources (ASX:CRS) expands gold portfolio with Comet Project earn-in

Caprice Resources Ltd (ASX:CRS) has taken a major step in strengthening its presence in the Murchison Goldfields by executing a binding earn-in agreement to acquire the Comet Exploration Project from Accelerate Resources.

The acquisition triples the company’s footprint in the district and consolidates around 40 kilometres of fertile greenstone strike immediately along strike of its Island Gold Project, giving Caprice a larger and more contiguous position in one of Western Australia’s most productive gold regions.

To highlight the significance of this transaction, the exploration potential and the company’s forward strategy, Chief Executive Officer Luke Cox addressed several key investor questions.

How does this acquisition change Caprice’s position in the Murchison Goldfields?

This transaction materially enhances our presence in the Murchison by tripling our landholding and giving us control of 40 kilometres of prospective strike, directly north of the Island Gold Project within the Tuckabianna mining complex, a region that has already produced circa two million ounces of gold from mines such as Tuckabianna and Comet, both of which were previously operated by Westgold.

The geology is consistent with what we are already exploring at Island, with Banded Iron Formations present across the project area, which are known to host gold across the belt and which provide us with a highly prospective and continuous corridor of geology that has already demonstrated the ability to yield million-ounce deposits.

“The Comet Exploration Project is a northerly extension of the Island Gold Project and sits amongst a cluster of million-ounce gold mines. Similar to the Island, this tenure is ideally located between two major regional processing hubs in the heart of the Murchison Goldfields.”

What are the exploration opportunities within the Comet Project?

Comet offers a pipeline of immediate exploration opportunities, with multiple walk-up targets where historical shallow drilling has already intersected gold mineralisation across several prospects.

At Comet East, drilling recorded 10 metres at 3.5 grams per tonne gold from 34 metres, 4 metres at 8.8 grams per tonne gold from 27 metres and 12 metres at 1.3 grams per tonne gold from 44 metres, while the Antarctica prospect delivered 6 metres at 1.9 grams per tonne gold from 22 metres, which included a high-grade metre at 10.4 grams per tonne, along with 9 metres at 0.9 grams per tonne and 3 metres at 2.2 grams per tonne.

At Comet North, drilling confirmed mineralisation with 4 metres at 2.0 grams per tonne from 8 metres and 1 metre at 2.2 grams per tonne from 15 metres.

All of this drilling was shallow, leaving mineralisation open along strike and down dip, and importantly, the gold is associated with Silicified Iron Formation units, the same host rocks present at Island and nearby multi-million-ounce deposits, which reinforces the potential for further discoveries.

What is the immediate exploration plan?

The first priority is to compile and validate all available historical exploration data into the Expedio–CRS drill hole database, which will then be modelled using the MicroMine Co-Pilot artificial intelligence platform to refine known mineralised zones and generate new targets across the 68 square kilometre project area.

These targets will be assessed and ranked through systematic field mapping and ground-truthing before advancing to drill testing, which will commence with air core and reverse circulation drilling to examine shallow extensions and anomalies, followed by diamond drilling to assess deeper potential.

This staged and methodical program ensures technical rigour is maintained while allowing exploration progress to be delivered quickly, and we anticipate being in a position to provide regular updates throughout the field season.

“Historical drilling was all very shallow and provides us with immediate walk-up gold targets. Our plan is to apply the same systematic exploration approach at Comet that has delivered the excellent outcomes achieved at our Island Gold Project.”

What are the terms of the earn-in agreement with Accelerate Resources?

The earn-in agreement has been designed to give Caprice Resources immediate access to the Comet ground at a low upfront cost while ensuring both parties retain exposure to future outcomes.

Under the terms, Caprice will pay fifty thousand dollars in cash and issue two hundred thousand dollars in Caprice shares, which will be priced at the five-day volume weighted average prior to execution and escrowed for 12 months, while Accelerate will retain a 25 percent interest free carried through to the completion of a Pre-Feasibility Study.

Should either Caprice or Accelerate dilute below a 10 percent interest, that interest will convert into a one percent net smelter royalty, which Caprice can buy back for one million dollars.

This arrangement, which is subject to standard conditions precedent, provides a highly leveraged and efficient way for Caprice to expand its gold exploration portfolio in the Murchison.

How does Comet fit into Caprice’s broader strategy alongside Island and Chobe?

Comet is highly complementary to Island because it extends our ground position northward into the Meekatharra to Mount Magnet Greenstone Belt at the southern end of the Tuckabianna Shear Zone, giving us control of a contiguous corridor that covers both the Comet Trend and the Tuckabianna Trend, which already host multiple established deposits.

This consolidation strengthens our ability to build exploration scale in a proven district with nearby mining and processing infrastructure, while at the same time we continue advancing the Chobe Project in the West Arunta, a 2,000 square kilometre holding that is prospective for niobium, rare earths and iron-oxide copper-gold systems.

Together, Island, Comet and Chobe position Caprice with a balanced portfolio that combines advanced gold exploration in a productive belt with frontier exposure to critical minerals in one of Australia’s most exciting new provinces.

“This transaction represents a fantastic addition to the portfolio that strengthens our position as we deliberately and methodically advance our exploration activities towards delineation of a future gold resource.”

Next steps in the Murchison and beyond

The addition of Comet has expanded Caprice’s presence in one of Western Australia’s most productive gold regions, providing scale and a highly prospective geological corridor that contains proven host rocks and multiple shallow gold intercepts.

By consolidating historical exploration data, applying artificial intelligence targeting and progressing a staged drilling program, Caprice is positioned to deliver consistent exploration outcomes and a steady stream of updates throughout the field season.

At the same time, the company continues to advance its Chobe Project, which provides a large-scale opportunity in critical minerals, meaning Caprice now combines near-term gold potential with long-term growth opportunities across a diversified exploration portfolio.

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