Caprice Resources (ASX:CRS) delivers best-ever gold intercept at Island Project, advancing toward maiden resource

Caprice Resources (ASX:CRS) has reported its strongest drilling results to date from the Island Gold Project in Western Australia’s Murchison region.

The latest assays from the Company’s Phase 3 reverse circulation (RC) program have confirmed a high-grade extension at Vadrian’s, with a standout intercept of 11 metres at 17.3 grams per tonne (g/t) gold.

The result, which includes 9 metres at 21.0 g/t gold, doubles the known strike length of the recently discovered Evening Star lode and extends mineralisation at depth, where it remains open in all directions.

Additional results from New Orient have uncovered new zones of gold mineralisation to the west of the main lode and under shallow cover to the south, revealing strong potential for further discoveries across the 5 kilometre-long Island Gold Project Corridor.

CEO Luke Cox responds to key investor questions on the significance of these findings, the geological context, and what lies ahead.

How do these new intercepts change the outlook for Vadrian’s

Phase 3 drilling at Vadrian’s has delivered the strongest gold intercept reported at the Island Gold Project, confirming the continuity and scale of the Evening Star lode.

These results build on previous discoveries made earlier in 2025 and provide strong geological support for further expansion.

“The Phase 3 RC drill programme has delivered one of our best Island Gold Project results to date, intersecting 11m at 17.3 g/t gold from 170m, highlighting the exceptional depth, width and grade expansion of the Vadrian’s gold deposit, noting that high-grade gold mineralisation remains open in all directions.”

This intercept demonstrates that the mineralised structure extends deeper than previously understood, and with mineralisation still open, further growth potential remains a key focus of ongoing exploration.

What do the New Orient results suggest about the potential for additional discoveries?

Drilling at New Orient has identified mineralisation in two new areas: approximately 80 metres west of the main lode and to the south beneath a thin sedimentary cover adjacent to Lake Austin.

These results validate the Company’s exploration model, which predicts that multiple stacked lodes may exist across the project corridor.

“Drilling around New Orient also discovered significant new gold mineralisation 80m west of the main lode and confirmed the southern continuation of mineralisation under thin sediment cover which had not been previously drill tested, all leading the way for our next round of drilling.”

With the broader corridor remaining largely untested beneath shallow cover, these findings present substantial opportunity for discovery along a kilometre-long section between Vadrian’s and New Orient.

How does the Island Gold Project compare with other Murchison gold systems?

The Island Gold Project sits within the Meekatharra–Cue–Mount Magnet greenstone belt, one of Western Australia’s most prolific gold-producing regions.

Mineralisation is hosted in banded iron formations (BIFs) and is structurally controlled by cross-cutting fault systems features consistent with several high-grade deposits in the district.

“The focus is to deliver a significant maiden high-grade gold resource at Caprice’s Island Gold Project, which is strategically located between Ramelius Resources Ltd and Westgold Resources Ltd gold processing facilities in the highly prospective Murchison Goldfields district of Western Australia.”

The project’s proximity to established infrastructure offers Caprice flexibility and optionality for future development scenarios, including toll treatment or partnerships.

What stage is the Phase 3 program at, and what happens next?

To date, Caprice has received assay results for 17 of the 43 RC drill holes completed during the Phase 3 program.

These results include the most promising intercepts to date at Vadrian’s and several encouraging hits at New Orient.

The remaining 26 assays are expected in the coming weeks, which will inform Phase 4 planning.

“These first Phase 3 results represent 50% of the new at depth Vadrian’s drilling and continue to demonstrate significant IGP high-grade gold upside.”

Phase 4 is scheduled to commence in September 2025 and will include RC and diamond drilling aimed at extending high-grade zones and collecting structural data for resource modelling.

Additionally, air core drilling is planned for the December quarter to test the undrilled corridor beneath Lake Austin and high-titanium basalt stratigraphy to the west.

Outlook and Next Steps Advancing Toward Resource Definition

The latest drill results have reinforced Caprice Resources confidence in the scale and quality of gold mineralisation at the Island Gold Project.

With more than half of the Phase 3 program assays still pending and new mineralised zones already emerging at Vadrian’s and New Orient, the potential for further discovery remains high.

The Company is now focused on progressing to Phase 4 drilling, which will support the development of a maiden mineral resource and test untested areas across the project’s extensive corridor.

Situated in a tier-one gold district with access to nearby processing facilities, Caprice is positioned to convert exploration success into long-term value through disciplined drilling and targeted project advancement.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.