Caprice Resources (ASX: CRS) hits bonanza grade gold beyond core Vadrians System

Caprice Resources Limited (ASX: CRS) Managing Director Luke Cox spoke with MarketOpen to further discuss the company’s latest drilling results at the Island Gold Project in Western Australia, including the 22m at 66.2 g/t gold intercept located outside the main Vadrians lode. The result sits within a parallel hanging wall position approximately 120 metres from the primary structure and represents the highest grade intercept returned to date at the project. Cox outlined how this result is shaping the evolving interpretation of the system, how it is being prioritised within the ongoing 50,000 metre drilling program, and the next steps required to assess continuity, scale and repeatability across the broader project.

The 22m @ 66.2 g/t intercept sits outside Vadrians. How does this change system understanding and capital allocation priorities?

The 22m at 66.2 g/t intercept sits approximately 120 metres west of the Vadrians lode in a parallel hanging wall position, which confirms that high grade mineralisation is not confined to the main Vadrians structure but extends into additional zones. This supports an interpretation that the Island Gold Project is developing into a multi lode system rather than a single lode focus.

From a capital allocation perspective, this allows us to prioritise follow up drilling both within the Vadrians lode and across these newly identified parallel structures. Immediate follow up drilling is planned around this intercept, with drilling to recommence in the area next week, alongside ongoing RC and diamond drilling targeting extensions and additional targets across the corridor. This approach allows us to test multiple mineralised zones within the existing 50,000 metre program as we progress toward a maiden Mineral Resource Estimate.

Mineralisation sits beneath a depletion zone. How much does this validate your targeting model, and where does uncertainty remain?

The result shows high grade mineralisation occurring directly beneath the weathered depletion profile, where low level air core anomalism has been used to guide targeting. This provides support for the current exploration approach, where near surface geochemical signals are used to identify potential mineralisation at depth.

The 22m at 66.2 g/t gold intercept, including 8m at 181 g/t gold from 42 metres downhole, demonstrates that this approach can identify material mineralisation beneath depleted near surface zones. The uncertainty remains in defining the primary host lithology, which is not yet clearly resolved, and in establishing the true width and continuity of the mineralisation. Further drilling and assays are required to test extensions and confirm repeatability across the broader system.

You now describe a multi lode system. What supports that today, and what still needs to be proven?

The current drilling has returned high grade mineralisation outside the main Vadrians lode, including the 22m at 66.2 g/t gold intercept from a parallel hanging wall position. The release also notes mineralisation extending into parallel lodes and structural repeats, with drilling confirming grade continuity within the main Vadrians BIF.

This supports an interpretation of a multi lode system with potential for additional mineralised zones across the Island corridor. What remains to be proven is continuity, repeatability and geometry of these zones. Further assays, follow up RC and diamond drilling, and tighter definition of the new zone are required before it can be incorporated into the broader resource pathway as the company advances toward a maiden Mineral Resource Estimate.

With assays pending and follow up drilling planned, what are the key data points to assess continuity, scale, and repeatability?

The key data points are the assays from holes already completed around the new high grade intercept, the one metre resampling of the 22m at 66.2 g/t gold interval, and results from follow up RC and diamond drilling. These will help determine whether the mineralisation extends beyond the initial intercept and whether grade is repeated in adjacent drilling.

Additional focus areas include testing northern strike and depth extensions at Vadrians, further down dip testing of high grade zones, and assays from deep diamond holes testing the southern high grade zone at depth. These results are expected to contribute to a more consistent understanding of the system as drilling progresses within the 50,000 metre program ahead of a maiden Mineral Resource Estimate.

Building toward scale at Island

The current phase of drilling is focused on converting individual high grade results into a clearer understanding of the system across strike and at depth. With assays pending, resampling underway, and follow up drilling planned, the near term objective is to assess continuity and determine whether these zones can be replicated. This work sits within a broader program targeting extensions and additional structures across the Island Gold Project, as Caprice Resources advances toward defining a maiden Mineral Resource Estimate.

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