Caprice Resources (ASX: CRS) confirms multi-lode continuity at Island Gold, prepares for resource definition

Luke Cox, Managing Director of Caprice Resources, spoke with MarketOpen to further clarify the company’s latest drilling results across the Island Gold System in Western Australia. He discussed recent high-grade intercepts at 26IGRC010, 26IGRC015, and other positions, explaining how these results support a multi-lode interpretation beyond the main Vadrians lode.

Cox outlined the company’s current priorities, including follow-up drilling to determine the orientation, strike, and depth continuity of high-grade zones. He explained how the ongoing 50,000-metre drilling program is being sequenced to systematically advance the project toward a maiden Mineral Resource Estimate while maintaining capital discipline. He also addressed the remaining uncertainties around true widths and continuity across the broader corridor.

How do the latest high-grade intercepts change confidence in the continuity and scale of the Island Gold System?

We view the latest high-grade intercepts as a meaningful step in confirming the continuity and scale of the Island Gold System. The results at 26IGRC010, 26IGRC015, and parallel structures demonstrate that mineralisation is not confined to the main Vadrians lode, extending across multiple BIF and mafic units.

Each intercept provides evidence that gold is accumulating in structurally favourable positions, and the lateral and vertical continuity observed to date supports our interpretation of a multi-lode system. While we are still defining the overall footprint, these results validate the broader mineralised corridor and give us confidence that high-grade zones occur in multiple locations, including New Orient and Iron Clad.

The data also allows us to target follow-up drilling more precisely, focusing on the orientation, strike, and depth continuity of the high-grade zones. This is the next step in building a maiden Mineral Resource Estimate, and overall, these intercepts provide a clearer picture of the system’s potential scale and repeatability.

Which follow-up drilling is now prioritised to advance a maiden Mineral Resource Estimate, and how is capital being allocated?

Our immediate drilling priorities are focused on following up the bonanza-grade intercept in 26IGRC010 to determine its orientation, strike, and depth continuity. This work will clarify whether the high-grade zone is a discrete shoot or part of a broader structural corridor, which is critical for defining a maiden Mineral Resource Estimate.

In parallel, we are testing northern strike and depth extensions at Vadrians, and we continue to drill emerging targets at New Orient, Iron Clad, Chicago, Eureka, and other identified positions across the Island. We are also refining and testing parallel BIF-hosted structures north and northwest of Vadrians to capture additional mineralised positions.

Capital is being allocated across these programs according to the potential to contribute to the resource definition, with the 50,000-metre program combining air core, RC, and diamond drilling to maximise information density in the zones most likely to define continuous high-grade mineralisation. This approach ensures disciplined use of capital while advancing resource development.

How much do the new results reduce the risk that high-grade zones are confined to Vadrians?

The new results materially reduce the risk that high-grade gold is confined to Vadrians. Intercepts from 26IGRC015, located on a parallel structure approximately 120 metres west of Vadrians, returned 12 metres at 3.0 g/t gold including 5 metres at 5.8 g/t, demonstrating high-grade mineralisation in a separate position.

Additional intercepts at New Orient and Iron Clad confirm that significant gold zones exist along strike and across multiple structural positions, not just within the main lode. This confirms that mineralisation is distributed across a broader corridor and occurs in structurally favourable intersections within both BIF and mafic units.

While continuity and true widths are still being defined, these results validate our multi-lode model and give confidence that high-grade zones are repeatable across the Island system rather than being isolated to Vadrians. This reduces the concentration risk and strengthens the targeting strategy for resource definition.

What key uncertainties remain on orientation, strike, and depth, and how will the next drilling phase address them?

We continue to refine our understanding of the orientation, strike, and depth of high-grade zones across the Island Gold System. While the recent intercepts confirm multiple mineralised positions, we have not yet fully defined whether these zones form discrete shoots, broader structural intersections, or part of a continuous corridor.

The true widths and dip continuity of mineralisation remain to be established, particularly at deeper levels and along strike beyond previously tested positions. Our next drilling phase addresses these uncertainties by targeting shallow positions around the bonanza-grade intercept in 26IGRC010 and following up parallel structures at Vadrians, New Orient, Iron Clad, and other emerging targets.

We are using RC and diamond drilling to map the geometry and continuity of these zones, with each hole providing data to refine structural models. This systematic approach is designed to resolve the key unknowns that underpin the definition of a maiden Mineral Resource Estimate while keeping capital deployment focused and efficient.

Caprice’s near-term objectives and resource development

Caprice Resources is progressing methodically toward a maiden Mineral Resource Estimate at the Island Gold Project. The company is systematically refining structural models, following up high-grade zones, and testing emerging targets across the broader corridor. These steps aim to reduce key uncertainties around orientation, strike, and depth while confirming the potential scale of the multi-lode system.

The sequencing of drilling and capital allocation is designed to maximise the value of ongoing exploration and provide clarity on continuity and repeatability of high-grade zones. This disciplined approach positions Caprice to advance the project efficiently toward resource definition and to lay the groundwork for subsequent development decisions.

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