Caprice Resources Ltd (ASX: CRS) has made significant progress in its exploration efforts across its Murchison Goldfields projects, with promising discoveries and ongoing drilling campaigns poised to drive regional growth. The company has reported visible gold at its Cuddingwarra Gold Project, signaling potential similar to Westgold’s Cue deposits. Additionally, a 5,000-metre reverse circulation (RC) drilling program is underway at the Island Gold Project to expand existing gold lodes and prepare for a maiden Mineral Resource Estimate.
Cuddingwarra and Island Gold Projects: Key Developments
Caprice Resources is advancing its Murchison Goldfields strategy with a clear focus on the Cuddingwarra and Island Gold Projects. The company has identified geological similarities between its Cuddingwarra project and Westgold’s nearby mining district, with initial field mapping revealing prospective conditions for gold mineralization, including north-south striking greenstone host rocks and faulting. Notably, cross-cutting quartz reefs at the site, which have shown visible gold, are undergoing assay analysis, with results expected by late January.
Caprice plans to further expand its exploration at Cuddingwarra by identifying additional quartz reefs through surface geochemical sampling. An initial air core or RC drilling program will be designed to test high-priority targets identified from this analysis. These efforts, combined with the company’s focus on exploring additional areas within the Murchison region, are set to enhance its gold exploration footprint.
At the Island Gold Project, Caprice has made significant strides in its 5,000-metre RC drilling program, having completed 1,554 metres to date. The drilling is aimed at testing extensions of high-grade gold mineralization at both the historical Golconda and Baxter gold mines. Previous drilling at Vadrians Hill yielded promising intersections, including 10 metres at 16.1 g/t gold from hole 21IGRC009.
Caprice has also identified new structural targets with geological similarities to Ramelius Resources’ high-grade “Break of Day” deposit, suggesting further exploration potential. The remaining 3,446 metres of drilling will focus on these newly identified targets, with plans to resume drilling in late January 2025. Follow-up drilling will likely focus on areas like Baxter-Golconda and Vadrians Hill, as well as depth extensions at the New Orient gold mine.
Strategic Location and Expansion
Both the Cuddingwarra and Island Gold Projects are strategically positioned within trucking distance to key processing facilities, including Westgold’s Tuckabianna Gold Mill (15 km away) and Ramelius Resources’ Mt Magnet Checkers Gold Mill (25 km away). This proximity to infrastructure positions Caprice for future growth, with the company also exploring potential inorganic growth opportunities within the region.
West Arunta Project: Expedited Exploration
In addition to its Murchison Goldfields activities, Caprice is accelerating exploration at its West Arunta Project, located 490 km south of Halls Creek in Western Australia. Spanning 1,470 km², the project is highly prospective for niobium, rare earth elements (REE), and iron oxide copper-gold (IOCG) mineralization. The initial exploration phase will focus on granted licences E80/5873 and ELA80/5915, with plans for aeromagnetic surveys and reconnaissance work.
Further exploration is planned for additional applications, including ELA80/5872 and ELA80/5896, with field activities expected to begin after the grants are finalized. The West Arunta Project is located adjacent to WA1 Resources’ Luni Niobium-REE discovery, positioning Caprice for potential high-impact exploration in this emerging mineral district.
CEO’s Outlook
Luke Cox, CEO of Caprice Resources, emphasized the company’s promising outlook, stating, “Commencing exploration in early December allows Caprice to deliver significant news flow in the new year. This timing enables the geology team to refine exploration targets and advance drilling efforts in January 2025, where we see outstanding potential for defining a high-grade, open-pittable gold development opportunity.”
With its strategic projects, Caprice Resources is positioning itself for continued growth and value creation in the Murchison and West Arunta regions, offering substantial upside potential for investors in the coming year.
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