Caprice was the biggest resources gainer – by a significant margin and with massive turnover – rising over 150% today thanks to Phase 1 drilling at its Island project returning thick, shallow high-grade gold in multiple stacked lodes.
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Shares in the company also climbed strongly on Monday, February 10, prior to its entering a trading halt relating to exploration results at that time.
Punters who had bought in then clearly were on to something given the strong results that were released today from the Phase 1 drilling that was conducted in December 2024.
This returned gold assays of up to 28m at 6.4g/t from a down-hole depth of 114m including 4m at 16.4g/t from 130m in hole 24IGRC009 at the Vadrians Hill target and 12m at 3.9g/t from 90m including 6m at 5.9g/t from 94m in 24IGRC001 at the Baxter target.
Both holes also intersected shallower gold intersections of 27m at 3g/t from 48m including 5m at 6.9g/t from 69m (24IGRC009) and 9m at 2.8g/t from 27m including 3m at 5.8g/t from 30m (24IGRC001).
Adding interest, the multiple thick, stacked gold lodes intersected at depth and down-plunge from surface workings remain open in all directions with drilling constrained to less than 100m vertical depth.
This lends credence to the company’s goal of find a potential mirror of Ramelius Resources’ (ASX:RMS) Break of Day deposit just 12km away, which has a resource of 327,000oz at a super-high grade of 10.4g/t gold. Part of the broader 900,000oz+ Cue gold project, the discovery played a key role in Musgrave Minerals’ $200m sale to Ramelius in 2023.
Phase 2 drilling is currently underway to test this highly prospective structural corridor through the Baxter, Golconda and Vadrians Hill targets with assays expected in late March or early April.
Further drilling will also be carried out to test additional cross-cutting structures, with the objective of delivering a potentially significant maiden resource for the Island project.
CRS Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
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