- Maiden 522,000oz gold resource at 2.6g/t, including 340,000oz at 5.8g/t
- Additional 500,000-900,000oz exploration target puts the 1moz ambition in reach
- $9.5m cash backing a 50,000m drilling campaign, with roughly half remaining as of mid-October
Caprice Resources (ASX: CRS) has laid down a serious marker at its Island gold project, unveiling a maiden resource of 6.16mt at 2.6g/t for 522,000oz of contained gold.
The result marks a turning point for the junior, which began exploring the project in December 2024 when much of the ground had only been tested by shallow drilling.
Less than two years later, Caprice has a half-million-ounce resource locked in and its sights set on cracking 1moz.
The real kicker is the grade. The trove includes a high-grade component of 340,000oz at 5.8g/t gold, including 228,000oz at 7.5g/t.
About 52% of the resource is classified as indicated, while the maiden estimate was delivered at a discovery cost of about $25/oz.
High-grade gold shines
Located about 25km south of Cue, Island sits in WA’s prolific Murchison goldfields, surrounded by established deposits and processing infrastructure.
Central Island accounts for 498,000oz, predominantly hosted at Caprice’s Vadrians deposit, with New Orient deposit contributing another 24,000oz.
Vadrians remains open along strike and at depth, offering plenty of room for growth.
Initial metallurgical test work has delivered gold recoveries of up to 94% using conventional processing.
Managing director Luke Cox said the company has its sights set firmly on its next challenge.
“As our technical understanding expands, the Company remains firmly focused on our next goal of +1moz,” he said.
More ounces in the pipeline
Caprice has outlined a separate exploration target of 500,000-900,000oz across the broader project, potentially providing another substantial lift to its gold inventory.
The target remains conceptual and is not a mineral resource, with further drilling required and no guarantee of conversion into resources.
Meanwhile, two rigs remain active, with about 25,000m remaining in the company’s 50,000m campaign as of mid-October.
Crucially, the maiden estimate only includes drilling results received up to August 10, leaving subsequent drilling outside the current resource.
With $9.5m in cash at September 30, Caprice has funds to keep chasing extensions and fresh discoveries.
For Caprice, the first 522,000oz may only be the beginning.