Caprice Resources (ASX:CRS) delivers further high grade continuity at Island Gold with new footwall reef identified

Caprice Resources (ASX:CRS) Managing Director Luke Cox outlines the latest geological and drilling outcomes from the Phase 4 programme at the Island Gold Project, where recent diamond and air core results continue to confirm strike and depth continuity of the Vadrians lode, delineate a newly recognised high grade footwall quartz reef, and further define the scale and structural architecture of mineralisation within the broader banded iron formation corridor.

In parallel, early stage field activities at the recently acquired Comet Project are progressing target generation across the Company’s Murchison portfolio, supporting a multi-asset exploration strategy grounded in systematic geological refinement and disciplined drill testing.

How does the current drilling confirm the scale and continuity of the Vadrians gold system?

The Phase 4 results demonstrate that mineralisation at Vadrians is now defined over more than 1,000 m of strike and to at least 400 m vertically, with consistent grade and thickness recorded across infill, depth extension and strike extension drilling, which together provide a coherent picture of a continuous and laterally extensive BIF hosted lode system.

Intersections such as 19.2 m at 4.6 g/t Au from 152 m in 25IGDD0006, including 9 m at 9.1 g/t Au, together with 6 m at 7.4 g/t Au from 317 m in 25IGRC028D, including 2 m at 19.9 g/t Au, and 3.8 m at 8.6 g/t Au from 281 m in 25IGRC069D, including 2 m at 15.6 g/t Au, all sit within the same interpreted mineralised framework and therefore confirm continuity of both grade and thickness along strike and down plunge.

“Mineralisation is now confirmed over more than 1,000 m of strike and at least 400 m vertically, with high grade shoots persisting along strike and at depth within a coherent structural framework.”

When these results are integrated with existing drilling, they show that high grade zones are not isolated but occur repeatedly within the same structural corridor, supporting the interpretation of a large and laterally continuous mineralised system that remains open along strike and down plunge.

What is the significance of the newly identified footwall quartz reef?

Diamond drilling has intersected a previously unrecognised high grade quartz reef within the mafic footwall of the main Vadrians BIF hosted lode, with results including 1.2 m at 14.4 g/t Au from 205 m in 25IGDD0006 and 1 m at 3.6 g/t Au from 248 m in 25IGDD0007, while sectional interpretation indicates that this reef extends for at least 150 m along strike at a similar depth.

This mineralisation is hosted in a different lithological and structural position to the main lode and therefore represents an additional style of gold mineralisation within the same corridor.

“The identification of a high grade quartz reef in the footwall expands the mineralised envelope and establishes a second structural position carrying significant gold grades adjacent to the main BIF lode.”

The presence of gold in this parallel position increases the effective width of the mineralised system and introduces a new horizon for systematic follow up, with further diamond drilling planned to assess continuity, geometry and grade distribution along strike and down plunge.

How does the grade profile compare between infill, depth extension and strike extension drilling?

Infill drilling within the central portion of the Vadrians system has returned some of the highest grades recorded in the current programme, including 4 m at 30.6 g/t Au from 255 m in 25IGRC095D and 19.2 m at 4.6 g/t Au in 25IGDD0006, confirming robust high grade zones within previously drilled areas.

At depth, 25IGRC028D intersected 6 m at 7.4 g/t Au from 317 m, including 2 m at 19.9 g/t Au, demonstrating that elevated grades persist well below earlier drilling, while to the north along strike, 25IGRC069D returned 3.8 m at 8.6 g/t Au, including 2 m at 15.6 g/t Au, confirming lateral continuity of high grade shoots.

“High grade intercepts are being repeated in infill, depth and strike extension drilling, indicating that both grade tenor and thickness are maintained across multiple parts of the system rather than being confined to a single zone.”

Collectively, these results show that mineralisation is laterally and vertically continuous, with multiple high grade shoots developed within the same structural setting.

What is the status and objective of the remaining Phase 4 drilling?

Drilling has recommenced to complete the remaining approximately 1,000 m of diamond drilling and 6,000 m of air core drilling within the planned 20,000 m Phase 4 programme.

The diamond component is designed to test strike, dip and down plunge extensions of the Vadrians lode in order to further define continuity and refine the geological and structural model, while the air core programme is targeting the broader BIF units across the Island Gold Project tenure to identify additional mineralised positions and structural corridors with limited historical drilling.

“The remaining diamond and air core drilling is focused on confirming continuity, refining the structural model and generating the next pipeline of priority RC and diamond drill targets across the Island corridor.”

Assays are pending for 10 diamond holes, including RC pre collars, and for 70 air core holes, which will provide further data to guide follow up drilling and geological interpretation.

How does the Comet Project fit within the current exploration strategy?

At the Comet Project, early stage field exploration has commenced with on ground reconnaissance, geological mapping and access assessment, aimed at confirming and

prioritising multiple gold targets across the newly acquired tenure and establishing a pipeline of drill ready prospects.

This work is being advanced in parallel with the Phase 4 drilling at Island, allowing the Company to continue expanding its flagship asset while also progressing additional opportunities within the broader Murchison portfolio, with target generation at Comet intended to support future drill campaigns once surface evaluation and structural interpretation are complete.

Outlook and near-term focus

The immediate focus for Caprice Resources remains on completing the remaining diamond and air core drilling under the Phase 4 programme at the Island Gold Project and on receiving and integrating the pending assay results from 10 diamond holes and 70 air core holes, which will further inform geological continuity, structural interpretation and the distribution of high grade shoots across the Vadrians corridor and adjacent BIF units.

In parallel, systematic reconnaissance and mapping at the Comet Project are establishing a pipeline of priority targets for future drill testing, broadening the exploration front within the Murchison and providing additional growth opportunities alongside the ongoing definition of scale and continuity at Island.

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