Caprice Resources reports high-grade hits from Phase 1 drilling at Island gold project
The first 10 holes of the drilling campaign conducted by Caprice Resources (ASX: CRS) at its Island project in Western Australia have returned high-grade intersections from previously unrecognised analogue gold targets.
The reverse circulation holes were part of Phase 1 exploration for a total of 1,554 metres and returned multiple zones of thick, shallow gold mineralisation across numerous targets, open in multiple directions along 5 kilometres of strike.
Phase 2 of the campaign is in progress and will complete another 30 holes for approximately 3,500m.
High-grade results
Best results from the Vadrians Hill prospect were 28m at 6.4 grams per tonne gold from 114m including 12m at 7.8g/t and 4m at 16.4g/t, along with 27m at 3g/t gold including 4m at 4.9g/t from 61m and 5m at 6.9g/t from 69m.
Significant intercepts from the Baxter/Golconda target were 9m at 2.8g/t from 27m including 3m at 5.8g/t from 30m and 12m at 3.9g/t from 90m including 6m at 5.9g/t from 94m.
The company is yet to test a highly prospective 5-kilometre strike and has identified numerous identical structures between the New Orient and Shamrock historical gold workings.
Multiple ore bodies
Caprice chief executive officer Luke Cox said the Phase 1 results showed the corridor’s potential to host multiple ore bodies and provide a substantial maiden resource opportunity.
“These first 10 holes have highlighted increasing grades down plunge compared to the near-surface gold mineralisation,” he said.
“Even more encouragingly, multiple stacked lodes were intersected by this drilling.”
“Phase 2 drilling will continue to test this highly prospective corridor through Baxter, Golconda and Vadrians Hill before moving north to test additional cross-cutting structures, with the objective of delivering a potentially significant maiden resource in the coming months.”
Historical workings
The Island project was privately held between 1993 and 2020, with exploration limited to shallow rotary air blast and reverse circulation drilling adjacent to historical workings.
Caprice acquired the project in 2020 with the aim of applying a modern and systematic approach to unlocking the mineralisation’s full potential.
Caprice believes Island’s structural setting is similar to high-grade gold deposits found in the prolific Murchison goldfields, with banded iron formation host rocks and cross-cutting structures controlling the high-quality gold lodes.