Caprice Resources (ASX:CRS) reports further gold results from Island Gold Project

Caprice Resources has reported further assay results from the Island Gold Project in the Murchison region of Western Australia, with drilling results received from Vadrians, Baxter, Golconda and newly recognised mafic-hosted quartz veins.

The company said the results continue to support the emergence of a broader, multi-lode gold system across the project, with gold mineralisation intersected in multiple areas.

Highlights

The Island Gold Project drilling programme has identified gold mineralisation across Vadrians, Baxter, Golconda and newly recognised mafic-hosted quartz veins.

Caprice reported that mineralisation is not confined to the main Vadrians trend or BIF units, with mafic-hosted quartz veins highlighting additional exploration search space evolving on the Island.

At Vadrians, diamond drilling has been targeting southern depth extensions at approximately 400m below surface, with gold mineralisation intersected in 26IGRC002D confirming the system remains open down plunge. Infill and resource definition drilling is continuing as part of the work programme to support a future Mineral Resource Estimate at a drill spacing that will enable a high proportion of mineralisation to be classified as Indicated.

Drilling has also targeted potential new lodes and extensions at the northern end of Vadrians and beneath parts of the currently interpreted gold system.

Caprice reported that 23 diamond holes have been completed, with assay results pending.

At Baxter and Golconda, reverse circulation pre-collars for diamond drilling testing Vadrians intercepted high grade gold, including 7.0m at 10.0 g/t gold from 119m downhole in 26IGRC045D, extending Baxter mineralisation a further 50m down dip.

Additional Golconda intercepts included 4m at 3.0 g/t gold from 84m downhole in 26IGRC042D, 3m at 2.3 g/t gold from 75m downhole in 26IGRC043D and 2m at 3.6 g/t gold from 107m downhole in 26IGRC038D.

The company reported these results confirm Golconda gold mineralisation continuity at shallower depths.

Close-spaced RC drilling around the previous high-grade gold intercept in 26IGRC010 was designed to test the orientation and continuity of this mineralisation.

Assaying of the one metre original split sampling of hole 26IGRC010 confirmed 19m at 124.7 g/t gold from 42m downhole.

Caprice reported that 6 of 7 drill holes intersected the interpreted structure, with 2 holes showing anomalous gold and 3 holes pending assay.

The company also reported mafic-hosted quartz veins following a result of 0.5m at 18.1 g/t gold from 305m downhole in 26IGRC031D from a quartz vein in the mafic footwall of Vadrians.

Caprice stated that a similar quartz vein had been intercepted approximately 200m along strike, confirming that high grade gold mineralisation is occurring in quartz veins within mafic hosts rather than being restricted to the targeted BIF host stratigraphy.

Forty-two diamond holes are currently being re-logged and assessed for potential vein-hosted mineralisation within mafic lithologies, with more comprehensive re-sampling underway.

The company said the latest results support the interpretation of a multi-lode gold system with significant scale potential across the broader Island corridor and numerous zones yet to be effectively tested.

Caprice Managing Director Luke Cox said,

“These results continue to show that the Island Gold Project is developing into a significant multi-lode gold system. We are consistently intersecting high-grade gold across multiple lodes and host rock types, while resource definition drilling at Vadrians continues to deliver strong confirmation results, including 7m at 15.4 g/t gold for a 108 gold gram-metre intercept.”

The company’s ongoing 50,000m air core, RC and diamond drilling programme continues across the Island Gold Project, with 12,778m completed of RC and diamond drilling.

Immediate priorities include RC drill testing at the Eureka Prospect, further testing of extensions to New Orient, Iron Clad, Chicago and other emerging targets, broad based RC drilling between Vadrians and New Orient under lake cover, testing northern strike and depth extensions at Vadrians, assessment of mafic-hosted mineralisation and refinement of the structural model to support targeting and future Mineral Resource estimation work.

Results from the ongoing programme will provide further information on the continuity, geometry and controls of mineralisation across the Island Gold System, with regional drilling also testing new high priority targets.

The company said results from the programme will contribute to its objective of defining a maiden Mineral Resource Estimate.