Caprice Resources (ASX:CRS) confirms high-grade gold extensions and new discoveries at Island Gold Project

With the final assay results from its Phase 3 drill campaign now received, Caprice Resources (ASX:CRS) has delivered some of the strongest gold grades to date from its flagship Island Gold Project in Western Australia’s Murchison Goldfields.

The drilling not only expanded the high-grade mineralised envelope at Vadrian’s but also uncovered new lodes across the 5 kilometre corridor, pointing to a large-scale, multi-lode gold system.

In this investor Q&A, Caprice CEO Luke Cox shares insights on the results, the geological implications, and the company’s strategy as it prepares for a fully funded 20,000 metre Phase 4 drill campaign commencing in September 2025.

What do the final Phase 3 drilling results tell us about the scale of the Island Gold Project?

The Phase 3 campaign has reinforced the scale and fertility of the Island Gold corridor.

Drilling at Vadrian’s extended the strike length to at least 350 metres, while new zones of mineralisation were identified at the Condenser and West Star prospects.

These results confirm the continuity of high-grade mineralisation and support our view that we are operating within a much broader, structurally controlled gold system.

Importantly, mineralisation remains open along strike and at depth, with most holes drilled to less than 170 metres vertical depth.

“The final results from Phase 3 have significantly expanded our understanding of the Island Gold Project’s scale potential.”

These outcomes have increased confidence in our geological model, which is further validated by the alignment of these new discoveries with key structural controls common to large gold systems across the region.

How do these recent high-grade results compare to earlier exploration phases at Island Gold?

The final batch of assays from Phase 3 represents a significant uplift in grade compared to earlier programs.

Highlights include 10 metres at 10.9 grams per tonne gold, including 1 metre at 63.9 grams per tonne, and 5 metres at 18.3 grams per tonne, with a peak grade of 62.6 grams per tonne.

These values reflect the highest-grade intercepts reported to date at Island Gold.

“These results exceed those reported in earlier phases and, importantly, they are occurring at greater depths.”

This deeper mineralisation trend supports our interpretation that gold grades improve with depth, and it strengthens our exploration strategy moving into the next phase of drilling.

What is the strategy for the upcoming Phase 4 drill programme and what are the objectives?

Phase 4 has been carefully designed to expand and deepen our understanding of the mineral system while progressing toward a maiden Mineral Resource Estimate.

The 20,000 metre program will include RC and diamond drilling to extend known high-grade zones and improve geological modelling, alongside air core drilling to test new areas across the western and northern parts of the corridor.

“The upcoming Phase 4 campaign, which will deploy 20,000 metres of drilling, is expected to be the most impactful yet and will focus on both resource growth and new target generation.”

We are especially excited about the undrilled corridor beneath Lake Austin, where the same mineralised structures appear to continue under shallow cover and represent a high-priority target for new discoveries.

How does the discovery of West Star and Condenser affect your view of the overall gold system at IGP?

The emergence of West Star and Condenser expands the footprint of known mineralisation and supports our view of a multi-lode, stacked gold system.

West Star returned 2 metres at 3.2 grams per tonne, while Condenser recorded 2 metres at 1.1 grams per tonne.

Both zones remain open and are structurally aligned with the broader corridor, suggesting lateral and vertical repetition of mineralised lodes throughout the system.

These discoveries validate our structural targeting approach and demonstrate that exploration outside of established zones can continue to yield new opportunities.

The scale of the system is becoming increasingly apparent, and we are only just beginning to explore its full extent.

Is there any indication of how the gold may behave metallurgically?

Initial mineralogical analysis has provided encouraging indications.

Samples were analysed using the Bruker M4 TORNADO PLUS system, confirming the presence of free gold, a positive indicator from a processing standpoint.

The gold was also observed in association with muscovite, which aligns with known alteration patterns and enhances our ability to refine drill targeting.

“The study also helped us identify mineral associations, with the gold observed in muscovite-rich alteration zones, which supports our current geological targeting methods.”

This work has helped us refine our understanding of how the gold is distributed and lays the groundwork for the metallurgical test work now being initiated to assess potential recovery pathways.

Outlook: Advancing toward a maiden resource

The completion of Phase 3 has strengthened Caprice Resources geological model, expanded known mineralised zones, and uncovered promising new targets at West Star and Condenser.

As the company prepares to launch its largest drilling program to date, the strategy remains focused on growing the project’s scale and progressing toward a maiden Mineral Resource Estimate.

Located in a proven gold province and within proximity to major processing infrastructure, the Island Gold Project is increasingly demonstrating the key attributes of a high-grade, project-scale system.

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