Caprice Resources (ASX:CRS) reports maiden 522koz gold resource at the Island
Caprice Resources has reported a maiden Mineral Resource Estimate of 6.16Mt at 2.6g/t gold for 522koz at its 100% owned Island Gold Project in Western Australia’s Murchison goldfields, with approximately 52% of contained gold classified as Indicated and an ongoing drilling programme targeting extensions beyond the current resource boundaries.
Highlights
Central Island contains 498koz at 2.6g/t gold, while New Orient contributes 24koz at 2.8g/t gold.
A higher grade subset comprises 1.8Mt at 5.8g/t gold for 340koz, reported at a 3.0g/t gold cut off grade.
Caprice reported $9.5M at 30 September 2026, with 2 rigs actively drilling.
Approximately 25,000m remained in the current 50,000m drilling programme as of 15 October 2026.
Located 25km south of Cue and 50km north of Mt Magnet, the Island resource is derived predominantly from Vadrians within Central Island, with minor contributions from Baxter and Golconda.
Across the project, 269koz is classified as Indicated and 253koz as Inferred, with New Orient’s contribution classified entirely as Inferred.
Within the Central Island pit shells, the Vadrians mineralised domain hosts 252koz at 3.3g/t gold, representing approximately 87% of contained gold in those shells.
Fresh rock hosts approximately 80% of the contained gold within the Central Island pit shells, comprising 231koz at 4.3g/t gold, compared with lower grade oxide and transitional material.
Central Island is reported within a $5,000/oz gold price pit shell above a 0.3g/t gold cut off grade, and outside the shell above a 0.9g/t gold cut off grade.
New Orient is reported within a pit shell using the same gold price, above a 0.3g/t gold cut off grade.
The pit shells are reporting constraints only and do not represent Ore Reserves, a mine design or an economic development study.
The higher grade component is a grade sensitivity subset of the reported resource and does not represent an additional Mineral Resource.
The estimate incorporates drilling results received to 10 August 2026, with subsequent work continuing across the project.
Caprice Managing Director Luke Cox said,
“We are just over halfway through our current 50,000m drill campaign and this maiden MRE is essentially a line in the sand.”
The remaining programme includes air core, reverse circulation and diamond drilling, targeting strike, down plunge and depth extensions at Central Island and New Orient.
Infill drilling in priority Inferred areas, including deeper Central Island mineralisation, is intended to improve geological and grade continuity and support potential future upgrades to Indicated classification.
Beyond the reported resource, Caprice has defined a separate Exploration Target of 8Mt to 12Mt at 2.0g/t to 2.5g/t gold for 500koz to 900koz of contained gold.
The potential quantity and grade of the Exploration Target are conceptual in nature.
There has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
Broader exploration is expected to test prospective banded iron formation horizons across North and South Island, largely undrilled banded iron formation and mafic horizons at Western Island, and concealed horizons beneath shallow lake sediments at Southern Lake.
Geological interpretation and results will guide drilling priorities and sequencing, with additional drilling and assays intended to support progressive expansion and refinement of the resource estimate.