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Highlight
- Caprice Resources (ASX:CRS) enhances its cash position to $4 million following the early exercise of unlisted options.
- The company is set to advance its Phase 3 drilling program at the Island gold project in Western Australia.
- New assays are anticipated by March, with goals of delivering a significant maiden resource.
With the gold price surpassing $4,500 per ounce, the timing could not be more ideal for Caprice Resources as the company gears up for drilling at the Island gold project in Western Australia’s Murchison district. This ambitious venture is supported by a significant increase in financial resources, thanks to the recent early exercise of unlisted options, boosting Caprice Resources’ (ASX:CRS) funds to $4 million.
The funding sets the stage for an extensive Phase 3 drill program, which includes the drilling of 40 reverse circulation holes spreading across approximately 5000 meters. Scheduled to commence in March, this program follows last year’s successful Phase 1, where thick high-grade gold intersections were uncovered along the previously unexplored, cross-cutting 'Break of Day' gold targets.
Noteworthy results from this phase included 28 meters at 6.4 grams per tonne (g/t) and 27 meters at 3 g/t gold at the Vadrians Hill site, alongside 9 meters at 2.8 g/t gold from Baxter/Golconda. The continuation of this exploration seeks to test a highly promising structural corridor, eventually expanding north to evaluate additional cross-cutting structures.
The strategic aim is to announce a potentially substantial maiden resource in the upcoming months, with several newly identified high-grade gold structures yet to be drill-tested, as evidenced by early positive results. In pursuit of these targets, Caprice Resources is pushing forward with applications to acquire new tenements adjacent to the Island project, aiming to magnify their exploration area by 43%.
The Island gold project lies within the prolific north-south striking Meekatharra–Cue–Mt Magnet greenstone belt, a region characterized by steeply inclined, intensely deformed rocks that are rich in gold and other minerals. In tandem with these developments, the company is conducting desktop evaluations to refine its targeting approach and facilitate the swift granting of prospective tenements.
