Caprice Resources (ASX:CRS) extends high grade Vadrians gold footprint while sequencing next drilling phases

Luke Cox, Managing Director of Caprice Resources, joins MarketOpen today to discuss the latest drilling results from the Island Gold Project, where new reverse circulation and diamond drilling has extended high grade gold mineralisation at the Vadrians system, added strike and depth continuity, and set up the next round of RC and diamond drilling with multiple assay batches still pending.

The latest drilling highlights include 9m at 7.3 g/t gold and multiple additional high grade intervals, so what has this round of results changed in your understanding of the Vadrians system footprint and continuity?

These results extend the emerging high grade lode at Vadrians by more than 80m to the north and increase our confidence in both strike and depth continuity, with drilling now defining the system over more than 1,000m of strike and to at least 400m vertical depth while it remains open in most directions.

We are also seeing higher grade zones within the broader system, supported by multiple intercepts across both RC and diamond holes, with repeatable high grade intervals occurring at different positions and depths.

This consistency strengthens confidence in our staged drilling approach, while the latest program confirms that Vadrians is continuing to grow in scale and remains open, supporting further step out and depth focused drilling.

A new adjacent high grade quartz reef discovery in the Vadrians footwall was also reported, so how does that affect targeting and optionality within the broader project area?

The identification of a new adjacent high grade quartz reef in the Vadrians footwall introduces an additional higher grade growth target within the broader Vadrians system and expands the number of priority zones we can test with follow up drilling.

This is important because it shows that high grade mineralisation is not restricted to a single position within the system and that parallel or nearby structures can host strong results.

We are now able to incorporate this footwall reef into our drill planning and targeting sequence, which increases internal optionality within the same corridor. The presence of multiple mineralised positions supports a broader growth model at Vadrians rather than a single lode outcome.

With Phase 4 drilling complete but assays still pending for diamond and air core holes, how should investors think about the near term results pipeline and sequencing of information flow?

Phase 4 drilling is complete and we have assays pending for 5 diamond holes and about 160 air core holes, with results expected in batches through February and March 2026, which creates a structured and ongoing flow of data rather than a single update point.

These pending results test strike, depth and grade continuity at Vadrians as well as multiple target domains across the broader 5km Island Gold Project strike horizon.

This means upcoming assay batches will add to the current dataset across both core extensions and new target areas. We are entering a period where multiple result streams from different drill types and target zones are expected, which supports a staged and repeatable update cycle.

The release outlines further RC and diamond drilling planned, so how is the next phase of work being prioritised across strike extensions, depth extensions and pre collars?

The next phase of work is sequenced with follow up RC drilling scheduled to commence this month targeting northern strike extensions and additional depth continuity at Vadrians, including follow up of the hole that delivered the 9m at 7.3 g/t result.

RC pre collars will be used to support further diamond drilling, and diamond drilling will recommence after those pre collars are completed, with a focus on strike and down plunge extensions of high grade mineralisation.

This staged approach allows us to use RC drilling to efficiently extend and position holes, then apply diamond drilling where detailed follow up is required. The program is structured to extend known zones first and then deepen confidence through targeted diamond tails.

Beyond Vadrians, the announcement references air core drilling across the broader corridor and field work at Comet and Chobe, so how does that wider program fit alongside the core Island Gold drilling strategy?

Air core holes have been drilled across numerous target domains within the broader 5km strike horizon at the Island Gold Project to delineate additional discovery targets that can be rapidly followed up with RC drilling, which builds a pipeline of targets alongside the core Vadrians growth program.

At the Comet Gold Project, systematic geological field mapping is underway, including re logging and sampling of historical drill collars and spoil piles, and a pipeline of high quality gold drill targets is being established.

At Chobe in the West Arunta, the aeromagnetic survey is complete, target generation is underway and planning has commenced for a ground gravity survey to refine and prioritise drill targets, this creates parallel target generation while Vadrians drilling continues.

What the staged drilling model delivers in practice

The Caprice Resources execution model at the Island Gold Project combines step out RC drilling, diamond drilling for depth and continuity, and wide air core coverage to build and test multiple targets in parallel.

Managing Director Luke Cox is overseeing a coordinated sequence where strike extensions, depth testing and new target generation are advanced together rather than in isolation, with pending assays and planned follow up programs used to progressively expand and refine the Vadrians system and nearby prospects.

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