Caprice Resources (ASX:CRS) advances depth and scale potential at Island Gold Project

Caprice Resources Ltd (ASX:CRS) has released the first assay results from the Phase 4 drilling program at the Island Gold Project, with the results confirming continued high grade gold mineralisation along strike and at depth at Vadrians.

The drilling has extended gold mineralisation to approximately 300 metres below surface, with the system remaining open and further assays due shortly, including from a diamond drill hole completed to around 400 metres vertical depth.

These developments support the company’s strategy to progress toward a maiden Mineral Resource Estimate while continuing to test the broader five kilometre corridor that hosts multiple gold targets at varying stages of exploration.

“The deep drilling intercept of 6m at 6.5 g/t gold from 323m downhole is a breakthrough moment for the team demonstrating the effectiveness of the geological targeting model and discovery focused drilling strategy that indicates considerable gold potential at depth and along strike within the Island Gold Project. Deeper diamond drilling is underway to test potential depth extensions at Vadrians to 400m vertical depth, with assays pending.”

The Phase 4 program includes reverse circulation, diamond core and air core drilling designed to extend known gold zones, improve structural and geological understanding, and test prospective areas that have seen limited or no drilling to date.

The program is fully funded and ongoing, with approximately 12,500 metres of drilling still underway.

What is the significance of the new assay results at the Vadrians area?

The new assay results confirm that high grade gold mineralisation continues both along strike and down plunge at Vadrians.

The drilling returned strong intercepts including 13 metres at 7.7 grams per tonne gold from 242 metres downhole, with a higher grade internal section of 7 metres at 13.9 grams per tonne gold, and 10 metres at 12.8 grams per tonne gold from 220 metres downhole.

At greater depth, drilling intersected 12 metres at 3.6 grams per tonne gold from 323 metres downhole, including 6 metres at 6.5 grams per tonne gold.

These results extend the confirmed depth of mineralisation to around 300 metres below surface, and the system remains open beyond this level, supporting the potential for additional extensions.

How does this drilling support the goal of defining a maiden Mineral Resource Estimate?

The Phase 4 drilling program is generating the geological, structural and metallurgical information required to support a maiden Mineral Resource Estimate.

Reverse circulation drilling is defining grade continuity across the lodes, while diamond drilling is providing structural orientation and rock property detail that informs how the gold is hosted within the banded iron formation units.

The consistent grade patterns across multiple intersections increase confidence in the scale and geometry of the system, which is essential for resource definition.

“The consistent occurrence of high-grade intercepts at depth, particularly within the Vadrians system, which is recognised for its elevated gold concentrations, is notable and supports the assessment of continuity and scalability of the Project’s gold mineralisation envelope”.

The combination of both shallow and deeper gold intercepts suggests opportunities for lateral and vertical expansion of the maiden resource opportunity, establishing a solid basis for continued exploration and potential development.

What is the scale of the Island Gold Project and how much exploration potential remains?

The Island Gold Project covers a corridor approximately five kilometres long and one kilometre wide containing several banded iron formation units up to 30 metres thick, which are recognised host rocks for gold systems in the region.

While Vadrians, Baxter and New Orient have been drilled to depths greater than 150 metres, the remainder of the corridor remains largely untested.

Concealed gold targets also exist beneath shallow sedimentary cover between New Orient and Vadrians, and between Iron Clad, Condenser and the area referred to as the Gap.

Observations of weathered sulphides and historical workings indicate the potential for further gold mineralisation across the corridor.

How well funded is the Phase 4 drilling program and how long will drilling continue?

The Phase 4 drilling program is fully funded and totals approximately 20,000 metres of drilling.

A total of 3,740 metres has been reported from the first 14 holes, with approximately 12,500 metres of drilling still in progress.

Drilling will continue through the remainder of this year and into the following year, with ongoing assay results expected to provide consistent news flow.

Why is the deeper drilling particularly important to the project?

The deeper drilling is important because it demonstrates that gold mineralisation extends significantly below previous drilling depth at Vadrians.

The intercept of 6 metres at 6.5 grams per tonne gold from 323 metres downhole confirms that gold remains present well below earlier levels. A diamond drill hole has been completed

to around 400 metres vertical depth and assays are expected soon, which will further inform the understanding of the vertical continuity of the system.

“The Phase 4 exploration programme is now in full swing and designed to build on the success of our previous drilling campaigns as we progress towards delivering a maiden MRE at IGP of grade and scale. The campaign will focus on extending known zones of high-grade gold mineralisation and further enhancing our geological understanding of the system. The combination of RC and diamond drilling is expected to provide the drill density required to support a robust resource model, while air core drilling will continue to test the broader IGP system for new gold discoveries.”

Laying the foundations for development

Caprice Resources continues to advance the Island Gold Project with ongoing drilling designed to expand known mineralised zones and test new targets within the extensive project corridor.

With further assays pending, including the first deep diamond results, the company expects additional updates as the program progresses toward the development of a maiden Mineral Resource Estimate.

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