Caprice Resources (ASX:CRS) has declared a maiden Mineral Resource Estimate of 522,000 ounces of contained gold at its Island Gold Project in the Murchison region of Western Australia, grading 2.6 grams per tonne gold across 6.16 million tonnes, with a high-grade core of 340,000 ounces at 5.8 grams per tonne gold at a 3.0 grams per tonne cut-off, according to a company filing dated 4 November 2026.

Key Points

  • Maiden Mineral Resource of 522,000 ounces at 2.6g/t Au across 6.16 million tonnes, comprising Central Island (498,000oz) and New Orient (24,000oz) deposits
  • High-grade core of 340,000 ounces at 5.8g/t Au reported at a 3.0g/t Au cut-off, unencumbered with no third-party, mill or ore purchase agreements
  • Updated Exploration Target of 500,000 to 900,000 ounces of contained gold at 2.0 to 2.5g/t Au across 8 to 12 million tonnes beyond the current Mineral Resource
  • Metallurgical testwork confirmed gold recoveries of up to 94% at a grind size of P80 75µm, with 33% coarse gravity gold and 92% extraction in 24 hours
  • 25,000 metres of funded drilling to come, targeting resource extensions and high-priority targets beyond the 10 August 2026 database cut-off

Maiden Mineral Resource Estimate at Central Island and New Orient

The maiden Mineral Resource at the Island Gold Project comprises two deposits. Central Island hosts 498,000 ounces, split between 269,000 ounces in the Indicated category at 2.99 million tonnes grading 2.8 grams per tonne gold, and 253,000 ounces in the Inferred category at 3.16 million tonnes grading 2.5 grams per tonne gold. New Orient contributes an additional 24,000 ounces. The resource was reported with a 10 August 2026 database cut-off. At a 5.0 grams per tonne cut-off, the resource contains 228,000 ounces at 7.5 grams per tonne gold across 0.9 million tonnes. The ore source is described as unencumbered, with no third-party, mill or ore purchase agreements in place.

Updated Exploration Target Across Broader Island Corridor

Caprice Resources also declared an updated Exploration Target of 500,000 to 900,000 ounces of contained gold, estimated at 8 to 12 million tonnes grading 2.0 to 2.5 grams per tonne gold, across prospective areas beyond the current Mineral Resource. The target spans more than five kilometres of strike within the broader Island Corridor, encompassing ten outcropping BIF units and 50 kilometres of BIF search space within North, Central and South Island areas. The filing states that the potential quantity and grade of the Exploration Target are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the target, and that it is uncertain whether further exploration will result in a Mineral Resource estimate.

Metallurgical Results and Processing Characteristics

Testwork results disclosed in the filing confirmed gold recoveries of up to 94% at a grind size of P80 75 micrometres, with recoveries of 92% still present at a coarser 106 micrometre grind. Gravity gold accounted for 33% of total gold as coarse gold, and leach kinetics achieved 92% extraction within 24 hours. The filing states standard reagent consumption was recorded with no preg-robbing and minimal deleterious elements. These results are described as supporting the future potential for a simple, low-cost conventional gravity and carbon-in-leach processing flowsheet. The Island Gold Project is located in the Murchison region of Western Australia, with four operating mills within the region holding a combined installed capacity exceeding 6.0 million tonnes per annum.