Caprice Resources Limited (ASX:CRS) Declares Maiden 522koz Mineral Resource at Island Gold Project in Western Australia

Sonal Goyal

05 November 2026 03:56 PM AEDT

Caprice Resources Limited (ASX:CRS) Declares Maiden 522koz Mineral Resource at Island Gold Project in Western Australia

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Highlights

Caprice Resources has declared a maiden Mineral Resource Estimate of 522,000 ounces of contained gold at the Island Gold Project in the Murchison region of Western Australia, encompassing the Central Island and New Orient deposits.
The resource contains a high-grade component of 340,000 ounces at an average grade of 5.8 grams per tonne gold at a cut-off of 3.0 grams per tonne, underpinning the quality of the deposit's core zone.
Metallurgical testwork has confirmed gold recovery of up to 94 per cent using a conventional gravity and carbon-in-leach processing flowsheet, with 33 per cent coarse gold identified — supporting a potentially low-cost processing route.
A new Exploration Target of between 500,000 and 900,000 ounces across prospective areas beyond the current resource boundary has been defined, with over 25,000 metres of funded drilling planned to continue testing extensions and new targets.

Caprice Resources Limited (ASX:CRS), an ASX-listed gold explorer focused on the Murchison region of Western Australia, announced on 4 November 2026 the declaration of a maiden Mineral Resource Estimate at the Island Gold Project. The resource, which covers the Central Island and New Orient deposits, totals 6.16 million tonnes at 2.6 grams per tonne gold for 522,000 ounces of contained gold. The Island Gold Project is 100 per cent owned by Caprice and is located within the broader Murchison Goldfields, a historically productive district situated approximately midway between the established Mining centres of Cue and Mt Magnet. The maiden resource declaration marks a significant de-risking milestone for the company and provides a foundation from which further exploration and development studies can be advanced.

Resource Quality and High-Grade Core

The maiden Mineral Resource Estimate at the Island Gold Project is classified at the Indicated and Inferred levels, with the Indicated component totalling approximately 2.99 million tonnes at 2.8 grams per tonne gold for 269,000 ounces, entirely within the Central Island deposit. The Inferred component contributes the balance, spread across both the Central Island and New Orient deposits. The resource contains a high-grade core that the company has separately highlighted: at a 3.0 gram per tonne gold cut-off, 340,000 ounces are delineated at an average grade of 5.8 grams per tonne, demonstrating the presence of a well-defined, elevated-grade zone within the broader resource envelope.

Metallurgical testwork results reported alongside the resource have confirmed that the ore at Island Gold responds well to conventional processing approaches. Gold recovery of up to 94 per cent was achieved at a standard grind size, with favourable recoveries maintained at a coarser grind as well. Approximately one-third of the gold identified is characterised as coarse gold, which is well-suited to gravity recovery methods, further supporting the economic case for a simple processing flowsheet. The ore has shown minimal deleterious elements and no evidence of preg-robbing behaviour, both of which are positive indicators for straightforward processing.

Exploration Target and Growth Strategy

Beyond the declared resource, Caprice has defined a new Exploration Target covering prospective areas beyond the current Mineral Resource Estimate boundaries. The target spans an estimated 8 to 12 million tonnes at grades between 2.0 and 2.5 grams per tonne gold, implying a potential range of 500,000 to 900,000 additional ounces. This target is conceptual in nature and there is no certainty that further exploration will result in the estimation of a Mineral Resource from the areas it covers. The target spans a broader corridor of more than five kilometres of interpreted strike across the Island Gold Project tenement, incorporating multiple parallel structures and extensional zones that remain insufficiently tested.

The company has funded a substantial ongoing drilling program and intends to continue testing resource extensions and high-priority regional targets. The Island Gold Project also benefits from infrastructure proximity, with the project located within reasonable trucking distance of multiple operating mills in the Murchison region, including the Tuckabianna and Mt Magnet processing facilities. The company highlighted that its ore is unencumbered by any third-party mill, ore purchase, or processing agreements, providing flexibility in future toll-milling or development arrangements. Caprice also holds the Comet Gold and Cuddingwarra projects in the Murchison, both of which provide additional exploration optionality in the district.

Key Takeaways

The maiden Mineral Resource Estimate at Island Gold establishes Caprice Resources with a tangible and meaningful gold inventory in one of Australia's established gold-producing regions. The combination of a substantial resource base, a high-grade core, favourable metallurgy, and proximity to existing milling infrastructure creates a portfolio of characteristics that the company will look to develop further through its ongoing drilling program. The new Exploration Target, while conceptual, points to the potential for the Island Gold Project's footprint to expand materially as additional ground is tested. As the 2027 exploration program advances and resource updates are released, the trajectory of the project's growth will be an important signal for investors watching the company's development.

FAQs

Q: What is the Island Gold Project and where is it located?

A: The Island Gold Project is a 100 per cent owned gold exploration project held by Caprice Resources in the Murchison region of Western Australia. It is located between the established mining centres of Cue and Mt Magnet and sits within the broader Murchison Goldfields, a district with a long history of gold production.

Q: What is the total mineral resource at Island Gold?

A: The maiden Mineral Resource Estimate totals 6.16 million tonnes at 2.6 grams per tonne gold for 522,000 ounces of contained gold, comprising the Central Island and New Orient deposits. The Central Island deposit accounts for approximately 95 per cent of the total contained gold.

Q: What makes the metallurgy at Island Gold significant?

A: Metallurgical testwork confirmed gold recovery of up to 94 per cent using a conventional gravity and carbon-in-leach processing flowsheet. Around one-third of the gold is characterised as coarse gold, which is recoverable through gravity methods. The ore shows minimal deleterious elements, all of which support a potentially low-cost and straightforward processing route.

Q: What is the Exploration Target and is it included in the resource?

A: The Exploration Target covers prospective areas beyond the current Mineral Resource Estimate boundaries and estimates between 500,000 and 900,000 ounces at grades of 2.0 to 2.5 grams per tonne gold. It is not included in the declared resource; it is conceptual in nature and does not carry the same level of geological confidence as the Mineral Resource Estimate.

Q: How does Caprice plan to advance the Island Gold Project?

A: The company has funded over 25,000 metres of additional drilling to continue testing resource extensions and new targets beyond the current Mineral Resource. It also plans baseline studies, metallurgical work, and permitting activities in 2027, alongside potential updates to the Mineral Resource Estimate as new drilling results are incorporated.

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