Caprice Resources (ASX:CRS) strengthens geological model as Vadrians confirms gold continuity to 400m

Caprice Resources has continued to advance the Island Gold Project through its fully funded Phase 4 drilling programme, which is generating meaningful extensions to the Vadrians lode system and delivering a clearer understanding of the broader structural architecture along the five kilometre corridor.

The latest drilling has confirmed deeper strike and dip extensions, reinforced the continuity of high grade mineralisation and supported the growing technical foundation required for future assessment.

Managing Director Luke Cox discusses the implications of the results, the role of metallurgical drilling and the key catalysts expected as exploration advances into 2026.

Hitting gold at circa 400 vertical metres is an exceptional outcome and confirms the system persists at depth with the clear potential to extend even further.

This statement provides important context for interpreting the significance of the latest step out drilling, particularly as the Company prepares deeper follow up holes to test the system beyond its newly confirmed depth.

How does confirming gold mineralisation to at least 400m depth at Vadrians influence your interpretation of the system’s scale and behaviour?

The latest drilling has provided a more refined view of the depth potential at Vadrians, given that both diamond tails in this batch intersected gold at substantial depths.

Hole 25IGRC079D intersected mineralisation at 293m downhole while hole 25IGRC087D intersected mineralisation at 413m downhole, confirming that the system continues down to approximately 400m vertical depth and remains open below this point.

These intersections appear to sit on the margin of a plunging high grade lode and align well with previously reported intercepts such as 13m at 7.7 g/t gold from 242m in hole 25IGRC078 and 12m at 3.6 g/t gold from 323m in hole 25IGRC081, all of which contribute to a consistent picture of depth continuity.

Although we remain disciplined in avoiding assumptions about ultimate scale, the structural style and depth profile we are observing are entirely compatible with the broader Murchison region, where comparable systems often extend much deeper.

This provides a strong rationale for the deeper drilling that is now being planned to test the system to around 500m.

What is the practical significance of the new strike and dip extensions for advancing toward a maiden Mineral Resource Estimate?

The newly confirmed strike and dip extensions are highly relevant for future technical work because they support the continuity required for geological modelling.

Hole 25IGRC079D delivered 2.45m at 1.8 g/t gold from 281.5m and 1m at 6.9 g/t gold from 293m, contributing to the expansion of the strike component, while hole 25IGRC087D extended the dip by intersecting 2m at 2.7 g/t gold from 413m.

These intersections complement the high grade zones already defined in prior phases and collectively reinforce the lode’s structural coherence, which is essential for any eventual Mineral Resource Estimate.

These results continue to enhance our model, drill targeting and general understanding of the controls on high grade mineralisation at IGP.

This insight reflects how the growing dataset is strengthening the structural model, which will underpin both future drilling and technical evaluations.

What role does the metallurgical drilling play, and what do the early results tell you about the system?

The metallurgical drilling contributes directly to the project’s technical advancement because it provides core for comminution testing, recovery studies and variability assessments, all of which support future engineering and resource related work.

The early results have been strongly aligned with expectations.

Hole D004 returned 9m at 9.1 g/t gold from 106m, including 7m at 11.6 g/t gold from 107m, confirming the tenor observed in reverse circulation drilling, while hole D005 returned 7.3m at 1.2 g/t gold from 22.7m in the oxide domain along with transitional zone intervals of 1.7 g/t gold and 1.3 g/t gold.

These results demonstrate continuity across different geological units and support the reliability of our geological interpretations.

Grade variability is common and expected in all high grade gold systems and our structural understanding on the controls on mineralisation continues to grow.

This observation is particularly relevant for metallurgical planning, as understanding variability enables more accurate modelling of the system’s behaviour.

How does the broader 5km mineralised corridor shape your longer-term exploration outlook?

The five kilometre long and one kilometre wide mineralised corridor is a central factor in shaping our long term exploration strategy, as it contains multiple stacked BIF units up to 30m thick that have historically demonstrated strong potential to host significant gold systems across the Murchison.

Much of this corridor has been only lightly drilled or remains undrilled due to historical programmes averaging shallow depths of around 70m, which means substantial opportunity remains both at depth and along strike.

Phase 4 drilling has already confirmed repeated mineralised units, including the newly identified Alpha BIF, while near surface discoveries at West Star and Condenser remain open in multiple directions.

The structural pattern, particularly the intersection of BIF horizons with north northwest and northeast trending structures, closely resembles the architecture seen in major deposits across the region.

This reinforces the value of a methodical, multi rig programme incorporating air core, RC and diamond drilling to progressively evaluate near surface, concealed and deep targets across the entire corridor.

What should investors expect next from Phase 4 drilling, and what are the key catalysts heading into 2026?

Investors can expect continued steady progress with Phase 4 given that it is fully funded and will extend into 2026, with 10,000m of air core drilling planned across four domains, 7,000m of reverse circulation drilling targeting strike and dip extensions and 3,000m of diamond drilling focused on testing deeper plunge zones.

With three rigs operating continuously, the Company anticipates a regular flow of assay results through the first quarter of 2026.

Follow up drilling at Vadrians is already being planned to test the lode system to approximately 500m depth, following the confirmation of mineralisation down to at least 400m and the clear evidence that the system remains open.

The coming period will therefore deliver multiple catalysts across the Vadrians system, the broader BIF trends and the concealed targets beneath Lake Austin, all of which will contribute to the continued refinement of the technical and geological model.

Positioning the Island Gold Project for the next phase of growth

The latest drilling results have strengthened Caprice Resources confidence in the depth continuity, structural predictability and emerging scale of the Vadrians lode system, while simultaneously highlighting the broader potential contained within the extensive mineralised corridor.

With deeper drilling in planning, three rigs generating continuous data and Phase 4 advancing across multiple domains, the Company is entering a period of strong technical momentum.

Managing Director Luke Cox remains committed to executing a disciplined programme, integrating each new dataset and systematically progressing the Island Gold Project toward its next stage of development.

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