Key Highlights

  • Caprice Resources (ASX:CRS) announced on 21 September 2026 that it is halfway through a 50,000 metre drilling program at the Island Gold Project in the Murchison.
  • Two areas, Central Island and New Orient, have advanced to resource-definition stage and will form the basis of an initial maiden Mineral Resource Estimate targeted for November 2026.
  • An updated Exploration Target will be released alongside the resource, and regional drilling will begin at the adjacent Comet Gold Project.

Caprice Resources Limited (ASX:CRS) announced on 21 September 2026 an update on exploration at its Island Gold Project (IGP) and its strategy to grow the project. The company is halfway through a 50,000 metre drilling program and plans an initial maiden Mineral Resource Estimate for November 2026.

This article describes the company, the sector context, the update and the factors that may influence the project.

About Caprice Resources

Caprice Resources Ltd is an ASX-listed gold exploration company with an office in Daglish, Western Australia. Its Island Gold Project in the Murchison region comprises several areas: Central Island, a structurally controlled gold system across banded iron formation (BIF) horizons including Vadrians and Baxter-Golconda; New Orient, a northern system of multiple lodes in BIF horizons; North/South Island; Western Island; and Southern Lake, where BIF horizons are concealed beneath sediments of Lake Austin.

The company does not yet report a Mineral Resource or production revenue. It also holds a regional tenement package including the Comet Gold Project.

Sector backdrop

BIF-hosted gold is common in the greenstone belts of the Murchison, and drilling programs there combine resource definition, extensional and regional exploration. A maiden Mineral Resource Estimate is the first formal estimate of tonnes and grade for a deposit under the JORC Code.

An Exploration Target gives a range of potential tonnage and grade for areas that have been drilled in part, and does not constitute a Mineral Resource. It is used to show the scale potential of a project.

Neighbouring deposits can provide context. The announcement refers to the Comet Gold Mine, immediately north of the Comet tenements, which Valiant Gold Ltd (ASX:VAL) reported on 2 September 2026 as being re-opened with a resource of 3.77 million tonnes at 2.51g/t gold for 304,000 ounces.

Island Gold Project update released on 21 September 2026

Maiden resource and exploration target

The company has advanced Central Island and New Orient to the resource-definition stage. Both remain open along strike and at depth. They will form the basis of an initial maiden Mineral Resource Estimate targeted for November 2026, which the company says will be an initial estimate only, with upside at depth, along strike and in new positions as drilling continues. The resource will be complemented by an updated Exploration Target covering North/South Island, Western Island, where undrilled BIF horizons display historic workings and the continuation of the Break of Day stratigraphy, and Southern Lake.

Regional exploration

Regional drilling will begin with the Comet Gold Project, an interpreted continuation of the Comet Gold Mine, and the company says it will also expand its Murchison tenement footprint as opportunities arise. The company notes that exploration programs are subject to change based on results, field conditions and ongoing review.

The company reports that Central Island and New Orient are the two areas advanced to the resource-definition stage, with Central Island described as a broad, structurally controlled gold system across favourable BIF horizons and New Orient as a high-grade northern system of multiple lodes. The announcement includes a plan showing resource definition, extensional and exploration areas. It also states that the Exploration Target is planned for release alongside the maiden Mineral Resource Estimate and will give the technical basis for the broader scale of the project.

Core growth drivers and material operating risks

Core growth drivers

The items identified are the maiden Mineral Resource Estimate in November 2026, the updated Exploration Target, continued drilling in the 50,000 metre program and the regional drilling at Comet.

Material operating risks

The maiden estimate is a target date and its size is not stated. The Exploration Target will be conceptual. Neighbouring resources, including the Comet Gold Mine, belong to another company and do not indicate mineralisation at Caprice's tenements. Drilling programs depend on results and field conditions, and the company will need funding for continued drilling.