Caprice Resources (ASX: CRS) extends high grade gold system with drilling confirming continuity at Vadrians

Caprice Resources Managing Director Luke Cox spoke with MarketOpen following the Company’s latest drilling results from the Island Gold Project, where recent diamond drilling has intersected high grade gold and extended mineralisation at the Vadrians system.

The results continue to build evidence of continuity along strike and at depth, with multiple drilling programs now underway across the broader corridor. The update also comes as the Company advances toward a maiden Mineral Resource Estimate, while progressing earlier stage work across its Comet and Chobe projects within a staged exploration framework.

What have these latest step out results changed in your view of the scale and continuity at Vadrians?

The latest drilling results continue to reinforce that the Vadrians system extends beyond the initial discovery area, with mineralisation now intersected along strike and at depth. The system has been drilled to over 300 metres vertical depth and extends for more than 1,000 metres of strike, and it remains open in multiple directions including to the north and down plunge .

Importantly, recent drilling has extended the high grade zone further down plunge, with mineralisation continuing beyond previously defined limits. From our perspective, this confirms that the system is not constrained to a single zone, but represents a broader mineralised structure where continuity is being demonstrated through successive drill programs. While further drilling is required to define the full extent, the current results are building confidence in the overall footprint and continuity of the system.

How should investors think about the role and sequencing of your current drilling programs?

Our drilling programs are structured to progressively advance the project through different stages of definition, with each method serving a specific role. Air core drilling is being used to systematically test the broader corridor, particularly north of Vadrians, where we are assessing multiple targets along the mineralised trend, with results expected in April .

RC drilling is then focused on testing strike extensions and following up on identified zones, including current work extending the Vadrians system to the north. Diamond drilling is targeting depth and down plunge extensions of the higher grade zones, allowing us to better understand how mineralisation continues at depth. This sequencing enables us to move from broad scale target generation through to more detailed definition, ensuring that drilling is directed toward areas where mineralisation has already been identified.

What still needs to be demonstrated before delivering a maiden Mineral Resource at Island?

The key requirement ahead of a maiden Mineral Resource is to continue defining the continuity and extent of mineralisation across the system. While drilling has confirmed high grade gold along strike and at depth, the system remains open in multiple directions and requires further drilling to define its limits .

A material component of this work is the pending assay results from 90 air core holes testing the broader corridor, which will provide additional data on the distribution of mineralisation beyond the current focus area. At the same time, ongoing RC and diamond drilling are focused on strengthening the dataset around known zones. This work is aimed at building a sufficient level of confidence in the continuity and extent of mineralisation to support a reliable estimate.

How do Comet and Chobe fit into near term capital allocation and value creation?

Comet and Chobe are being advanced alongside Island as part of a broader exploration portfolio, with each project at an earlier stage of work. At Comet, current activity is focused on geological field mapping and re logging historical material, with the aim of establishing a pipeline of drill targets across areas of anomalous gold and along strike from the historical Comet Gold Mine .

At Chobe, exploration is progressing through geophysical work, with the aeromagnetic survey completed and preliminary target generation underway, followed by planned heritage and gravity surveys to refine drill targets . This approach allows the Company to generate and prioritise targets before committing to drilling, ensuring that capital is allocated in a measured and staged manner across the portfolio.

Building scale while advancing definition

The current phase of work reflects a structured approach to advancing Island through ongoing drilling while progressing earlier stage opportunities across the broader portfolio. At Vadrians, drilling continues to extend mineralisation along strike and at depth, with the system remaining open and subject to further testing. In parallel, work at Comet and Chobe is focused on target generation and prioritisation, supporting a pipeline of future drilling opportunities. Together, this positions Caprice Resources to continue advancing the Island Gold Project while maintaining exposure to additional exploration outcomes across its project base.

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