Caprice Resources - High-Grade Gold Results Extend Depth Potential at the Island Gold Project (WA)
- Noel Ong
- Dec 2
- 6 min read
Announcement
High-Grade Results Extend Gold Mineralisation at Depth 12 November 2025 (click here to view the announcement)
Caprice Resources Ltd (ASX: CRS) has released the first batch of assay results from its Phase 4 RC and diamond drilling program at the Island Gold Project (IGP), located between Mt Magnet and Cue in Western Australia’s Murchison Goldfields (Figure 1). Early results have delivered further high-grade intercepts at the Vadrians prospect, extending known gold mineralisation to ~300m vertical depth and demonstrating continuity of the system down plunge.
The Phase 4 program is part of an ongoing 20,000m campaign designed to progress IGP toward a maiden Mineral Resource Estimate.
Figure 1: Location of Island Gold Project & recently acquired Comet Project with surrounding mine/processing plants. (source: CRS)
The Business of Caprice Resources - Gold Project Focus
Caprice Resources is advancing a multi-asset gold development pipeline across the Murchison, supported by a strategy of exploration, resource definition, and development evaluation (Figure 2). The Island Gold Project remains the flagship asset within the Company’s portfolio of four Murchison gold projects.
Figure 2: Perspective aerial view of the IGP Corridor: Showing the location of historical shallow gold workings. * Best recorded intercept/grab sample to date (source: CRS)
Highlights – High-Grade Zones Extend to ~300m Depth at Vadrians
The first 14 drill holes (3,740m) from the Phase 4 program confirm strong high-grade mineralisation both along strike and at depth.
Vadrians Strike Extension
(Figure 3)
13m @ 7.7 g/t Au from 242m (25IGRC078)
• includes 7m @ 13.9 g/t Au from 246m
3m @ 15.3 g/t Au from 234m (25IGRC078)
Figure 3: Schematic long section of the Vadrians gold mineralisation with recently received significant assays. (source: CRS)
Vadrians Depth Extension
(Figure 4)
12m @ 3.6 g/t Au from 323m (25IGRC081)
• includes 6m @ 6.5 g/t Au from 323m
Figure 4: Plan of the Vadrians gold mineralisation with recently received significant assays (source: CRS)
Vadrians Infill & Metallurgical
(Figure 5)
10m @ 12.8 g/t Au from 220m (25IGRC085)
6m @ 6.3 g/t Au from 162m (25IGRC080)
• includes 3m @ 12.1 g/t Au from 164m
6m @ 3.3 g/t Au from 66m (25IGRC084)
Figure 5: Vadrians Depth Profile – 200–400m Extension & Stacked BIF Potential (source: CRS)
Collectively, these results extend mineralisation to ~300m vertical depth, with deeper diamond drilling to 400m already completed and assays pending.
Leadership Commentary
Caprice MD, Luke Cox, commented:
“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 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.
“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.”
About the Project (WA)
The Island Gold Project sits within the highly endowed Murchison Goldfields (>15Moz gold endowment). Key geological features include:
A 5km × 1km mineralised corridor hosting multiple Banded Iron Formation (BIF) units up to 30m thick.
Gold mineralisation controlled by NNW–NE cross-cutting structures, hosting quartz vein arrays and shear-hosted lodes.
Recent discoveries at West Star and Condenser, west of New Orient, demonstrate stacked lodes and additional targets.
Historically shallow drilling (<70m) with new drilling confirming deeper plunging zones.
Near-Term Milestones to Watch
Ongoing Phase 4 drilling (~12,500m still active) across RC, diamond, and aircore programs.
Pending assays from multiple deep diamond holes to ~400m depth.
Aircore drilling to begin testing concealed BIF trends beneath Lake Austin sediments, including:
1km corridor between New Orient and Vadrians
1km × 1km “Gap” corridor between Iron Clad and Condenser
Structural and metallurgical data collection to support a maiden Mineral Resource Estimate (MRE).
How Samso Understands the Investment Memo for the Company
Caprice is building a geological foundation that supports scale, continuity, and potential resource growth at IGP. The deep, high-grade extensions at Vadrians provide strong evidence that the project may host vertically and laterally extensive lode systems, consistent with major gold deposits across the Murchison.
Samso Concluding Comments
The Island Gold Project continues to present as one of those classic Murchison-style BIF-hosted systems where persistent, methodical drilling tends to be rewarded. The combination of shallow and deep mineralisation is important, as it provides optionality across future development scenarios. Most importantly, Caprice is beginning to demonstrate that Vadrians is not just a near-surface opportunity but potentially a deeper, structurally controlled system with room to grow.
The regional context is another factor investors should appreciate. Being situated near long-life processing hubs such as Westgold’s Tuckabianna Mill and Ramelius’ Mt Magnet operations improves the strategic value of any emerging resource. In regions like the Murchison, proximity to mills often accelerates the commercialisation timeline, particularly when high grades are involved.
The exploration model being applied across the 5km corridor is steadily adding geological confidence. The presence of multiple BIF units, cross-cutting structures, and newly identified lodes suggests that the system may eventually deliver more than one economic centre. The ongoing structural interpretation work and diamond drilling will shed more light on the scale of these opportunities.
As always, exploration carries uncertainties, but Caprice’s systematic approach, strong geological team, and fully funded drill program put the company in a favourable position. The next wave of diamond core assays is likely to provide critical insights into the continuity and depth potential of the system, shaping the pathway toward a maiden Mineral Resource Estimate.
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