This gold stock among ASX gold companies had a tremendous boost when it returned exceptional high grades following drilling at its gold project.
Caprice Resources Limited (ASX: CRS)
Caprice Resources Limited (ASX: CRS) has announced promising results from its Phase 1 Reverse Circulation (RC) drilling program at the Island Gold Project (IGP). The drilling has returned exceptional gold grades, with some intersections reporting up to 34.9 g/t gold. The Phase 1 drilling, completed in December 2024, targeted unrecognized, high-grade, structurally controlled gold zones, similar to the "Break of Day" analogue targets. Notable intersections include 28m @ 6.4 g/t gold and 27m @ 3.0 g/t gold from Vadrians Hill, along with 15m @ 4.6 g/t gold from Baxter/Golconda. These results confirm the potential for significant gold mineralisation within the IGP Corridor, which spans a 5km strike length, and remains open in multiple directions. The drilling highlights the fertile structural corridors, with the potential for multiple gold ore bodies across the project area.
Caprice’s IGP is located within the Murchison Goldfields, an area known for its prolific gold deposits. The company’s drilling program is focused on testing extensions to existing high-grade gold mineralisation and identifying cross-cutting structures that resemble high-grade deposits like the nearby Break of Day deposit. The IGP area has already seen historical gold production of 54,000 ounces at an impressive 43.2 g/t. Additionally, historical drilling at IGP was constrained to depths of less than 100m, suggesting substantial potential to extend mineralisation at depth. The company’s drilling results so far indicate multiple thick, stacked gold lodes that remain open at depth and along strike, providing a clear opportunity for significant resource growth.
The Island Gold Project also benefits from its strategic location, being close to established gold processing facilities operated by Ramelius Resources and Westgold Resources. This proximity to processing infrastructure enhances the potential for future development, particularly as Caprice aims to deliver a maiden Mineral Resource Estimate (MRE) for IGP in the second half of FY2025. The project’s strong geological setting, with banded iron formations (BIFs) being the preferred host rock for gold deposits, and the presence of en’echelon vein sets controlled by major cross-cutting structures, further increases its potential for hosting high-grade gold deposits.
Caprice one of the gold companies to invest in, is progressing with its Phase 2 drilling program, which started in February 2025 and will cover approximately 3,500m. This phase will test additional high-priority targets across the IGP area, with a focus on the structural corridor that includes Vadrians Hill, Baxter, and Golconda, before moving northward. The ongoing drilling efforts, along with geological modelling, will further refine the understanding of gold mineralisation in the IGP area, and the company is optimistic about the potential to define a substantial maiden resource by mid-2025. This positions Caprice for an exciting period of growth within the Murchison Goldfields.
Source: Company’s Report
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