EXCEPTIONAL GRADES UP TO 34.9 G/T GOLD DISCOVERED AT ISLAND GOLD PROJECT

Caprice Resources Reports Promising Drill Results with Significant High-Grade Gold Intercepts

Caprice Resources Ltd (ASX:CRS) has announced promising results from its Phase 1 Reverse Circulation (RC) drilling at the Island Gold Project. The programme has uncovered thick, high-grade gold intersections across previously untested “Break of Day” analogue targets.

Key Highlights

Island Gold Project drilling has revealed multiple zones of thick, shallow, high-grade gold mineralisation over a 5-kilometre strike, with areas open in multiple directions.
Top drill intercepts at Vadrians Hill:
- 28m @ 6.4 g/t from 114m downhole in 24IGRC009, including:
  - 12m @ 7.8 g/t from 114m; and
  - 4m @ 16.4 g/t from 130m (plus additional mineralised sequences up-dip).
- 27m @ 3.0 g/t from 48m downhole in 24IGRC009, including:
  - 4m @ 4.9 g/t from 61m; and
  - 5m @ 6.9 g/t from 69m.
- 15m @ 4.6 g/t from 112m downhole in 24IGRC008, including:
  - 9m @ 7.0 g/t from 113m.
Key intercepts at Baxter/Golconda:
- 9m @ 2.8 g/t from 27m in 24IGRC001, including:
  - 3m @ 5.8 g/t from 30m.
- 12m @ 3.9 g/t from 90m in 24IGRC001, including:
  - 6m @ 5.9 g/t from 94m.
- 8m @ 1.5 g/t from 114m in 24IGRC002, including:
  - 2m @ 4.6 g/t from 118m.

Additional testing will target a 5-kilometre corridor of highly prospective structures between the New Orient and Shamrock historical gold workings, as well as further stacked high-grade gold lodes observed during the programme.

CEO Commentary

Luke Cox, CEO, said:

It’s a great pleasure to be delivering these exceptional gold results from our Island Gold Project December drill programme. These first 10 holes of the planned 40-hole drill programme have highlighted mineralisation thickening and increasing grade down plunge compared to the near-surface gold mineralisation. Even more encouragingly, multiple stacked lodes were intersected by this drilling.

Identical structural settings are present in historical workings at the New Orient Gold Mine in the north and at Shamrock in the south, and these fertile structures have been mapped at multiple locations within the host banded iron formations along the five kilometres of strike connecting these historic workings; providing numerous additional greenfield targets and highlighting an enlarged scale to the project.

The Phase 2 RC drill programme will continue to test this highly prospective structural corridor through Baxter, Golconda and Vadrians Hill, before moving north to test additional cross-cutting structures, with the objective of delivering a potentially significant Island Gold Project maiden resource in the coming months.