FURTHER HIGH-GRADE INTERCEPTS AND NEW GOLD LODES IDENTIFIED AT ISLAND GOLD

Caprice confirms robust continuity and scale potential at Vadrian’s and broader IGP

Caprice Resources Ltd (ASX:CRS) has reported final assay results from Phase 3 reverse circulation (RC) drilling at its Island Gold Project (IGP), highlighting further high-grade intercepts at Vadrian’s and the discovery of new mineralised gold zones within the 5km x 1km target corridor.

All assays from the 43 completed holes (7,024m) have now been received, with recent drilling extending Vadrian’s strike length to at least 350m. Importantly, the results suggest increasing gold grades with depth and demonstrate the continuity of mineralisation, which remains open in multiple directions.

New intercepts have also confirmed early-stage mineralisation at the Condenser and West Star targets. These discoveries align with Caprice’s broader geological model, pointing to potential for stacked lodes and further high-grade discoveries.

Top Phase 3 Intercepts at Vadrian’s:

10m @ 10.9 g/t gold from 123m (25IGRC051), including
▪ 1m @ 63.9 g/t gold from 126m
9m @ 14.8 g/t gold from 154m (25IGRC054), including
▪ 1m @ 33.1 g/t gold from 159m
5m @ 18.3 g/t gold from 180m (25IGRC049), including
▪ 1m @ 62.6 g/t gold from 181m

Other intercepts of note include:

8m @ 4.2 g/t gold from 125m (25IGRC053)
2m @ 10.9 g/t gold from 154m (25IGRC052)
14m @ 1.4 g/t gold from 72m (25IGRC071), including:
▪ 2m @ 3.2 g/t gold from 75m
▪ 2m @ 3.2 g/t gold from 85m

Newly Discovered Lodes:

2m @ 3.2 g/t gold from 132m (25IGRC070 – West Star)
2m @ 1.1 g/t gold from 90m (25IGRC058 – Condenser)

The Condenser target, in particular, is emerging as a priority for future drilling, with early intercepts comparable to initial results at Vadrian’s. Planning is now underway for a fully funded Phase 4 program, which will include 20,000m of drilling (air core, RC and diamond), set to begin in September 2025.

Caprice CEO, Luke Cox, commented:
The final batch of Phase 3 drilling has delivered our most impressive gold grades to date, returning equivalent grades of up to two ounces per tonne and confirming robust continuity across the Vadrian’s system. These results not only reinforce the high-grade nature of the mineralised zones, but also the potential for scale, with known gold mineralisation presently open in all directions.

The identification of new gold lodes across the broader project area is also exciting, with results supporting the presence of stacked lodes and a large-scale mineralised corridor that continues to grow. These outcomes reinforce our strategic objective to rapidly define a high-grade, project-scale gold resource at the Island Gold Project, ideally located between two major regional processing hubs in the heart of the Murchison Goldfields.

The Phase 4 exploration programme is now in advanced stages of planning and has been designed to build on the success of our previous drilling campaigns as we progress towards delivering a maiden MRE at IGP. This upcoming campaign will focus on extending known zones of high-grade gold mineralisation and further enhancing our geological understanding of the system. The combination of RC and diamond drilling is expected to provide the drill density required to support a robust resource model, while air core drilling will continue to test the broader IGP system for new discoveries.