Caprice Raises $2.5M to Fund 5,000m Drilling at Island Gold Project
Caprice Resources has launched a 5,000m drilling program at its Island Gold Project and expanded its West Arunta copper-niobium exploration tenure, supported by a $2.5 million capital raise. The company is sharpening its focus on high-grade gold assets in the Murchison goldfields while advancing large-scale greenfield projects.
- 5,000m reverse circulation drilling commenced at Island Gold Project targeting extensions
- Maiden Exploration Target defined for New Orient and Island Gold Mines with up to 300,000 ounces potential
- Visible gold discovered at high-priority Cuddingwarra Project quartz reefs
- West Arunta landholding expanded to ~2,000km2 with Rio Tinto tenement acquisition
- Successful $2.5 million placement to fund exploration and development activities
Strategic Shift to Gold Development
Caprice Resources (ASX: CRS) has unveiled a decisive pivot towards its gold assets in Western Australia's prolific Murchison goldfields, while maintaining momentum on its copper and niobium greenfield projects in the West Arunta region. This recalibrated strategy aims to leverage the company's portfolio of historical gold mines and high-grade mineralisation zones, positioning Caprice to unlock value through exploration, resource definition, and development evaluation.
Island Gold Project: Drilling and Exploration Target
The company has commenced a 5,000-metre reverse circulation (RC) drilling program at the Island Gold Project (IGP), targeting extensions of known high-grade gold mineralisation along strike and at depth. The IGP, located near established processing facilities operated by Westgold and Ramelius, hosts historical production of 54,000 ounces at an exceptional grade of 43.2 g/t gold from shallow workings. Notably, previous drilling has been limited to less than 100 metres vertical depth, leaving significant potential open for discovery.
In November 2024, Caprice announced a maiden Exploration Target for the combined New Orient and Island Gold Mines, estimating between 200,000 and 300,000 ounces of gold at grades ranging from 1.5 to 1.9 g/t. While still conceptual, this target underscores the project's scale and the opportunity to delineate a substantial resource with ongoing drilling.
Cuddingwarra Project: Visible Gold and Structural Targets
At the Cuddingwarra Gold Project, Caprice's field mapping and sampling have identified visible gold within quartz reefs at the high-priority CUD-GPX01 target. This discovery follows detailed aeromagnetic surveys that highlighted ten structurally controlled gold targets. The presence of visible gold in outcrop, coupled with extensive historical workings, suggests the potential for high-grade mineralisation analogous to nearby Westgold operations.
West Arunta Expansion and Greenfield Potential
Caprice has significantly expanded its West Arunta project footprint to approximately 2,000 square kilometres through the acquisition of a Rio Tinto tenement. This makes Caprice the third largest ASX-listed explorer in the region, which is renowned for its world-class niobium and rare earth element (REE) discoveries, including the adjacent Luni deposit held by WA1 Resources.
The company has signed a Land Access Agreement with the Tjamu Tjamu community, facilitating exploration activities across the expanded tenure. Planned high-resolution magnetic and gravity surveys aim to refine and generate new targets for follow-up drilling, focusing on carbonatite and IOCG-style mineral systems.
Financial Position and Corporate Developments
Supporting its exploration ambitions, Caprice successfully raised $2.5 million in a placement during October 2024, strengthening its balance sheet to fund ongoing drilling and evaluation programs. The company completed the first stage of the Island Gold Project drilling in December 2024, with the second stage scheduled for February 2025.
Caprice also held its annual general meeting in November 2024 and a general meeting in January 2025, with all resolutions passed, reflecting shareholder support for the company’s strategic direction.
Outlook
Caprice Resources is methodically advancing its gold development pipeline while nurturing its greenfield copper and niobium prospects. The combination of historical high-grade gold assets, recent visible gold discoveries, and expanded tenure in a highly prospective region positions the company for potential resource growth and value creation in the near term.
Bottom Line?
Caprice’s focused drilling and strategic land acquisitions set the stage for a pivotal year in unlocking gold and critical metals value.
Questions in the middle?
- Will the ongoing Island Gold Project drilling confirm and expand the maiden Exploration Target to a formal resource?
- How will assay results from the visible gold at Cuddingwarra influence the prioritisation of targets and drilling plans?
- What impact will the expanded West Arunta tenure and upcoming geophysical surveys have on Caprice’s discovery potential for niobium and copper?
