Caprice Resources Ltd. provided an exploration update for the Island Gold Project located in the Murchison region of Western Australia. The second batch of results from the large expansionary drilling program on The Island have been received. The drilling has delineated multiple high grade prospects across The Island.

Significant new mineralisation has been identified at the Vadrians Hill, Trigg Gully, and Chicago-Shamrock prospects. This is in addition to the existing Baxters, Golconda and New Orient prospects. Mineralisation remains open at depth at most prospects, with the average hole depth for Caprice drilling to date of less than 100m.

The drilling was the largest program to date on the Project and tested a significant number of new areas, as well as aiming to extend mineralisation down plunge on select prospects. The program consisted of 83 holes for 8,093m between July and October 2021. Results for the first 44 holes were announced on 8/11/2021, however, since then, assay turnaround and sample processing order has been disappointing.

The Island comprises a 600-700m wide sequence of Banded Iron Formation (BIF) packages with intercalated mafic volcanic, mafic intrusive and clastic sediments. The BIF packages range in width from 3m to 30m. BIF hosted gold was historically mined from many small open pit and underground mines between 1897-1903.

The Project was privately held between 1993 and 2020, with exploration limited to close spaced shallow drilling adjacent to historic mines. Caprice acquired the Project with the aim of applying a modern and systematic exploration approach to unlock the potential of the high-grade mineralisation. All drilling and historical workings to date have been limited to The Island area of the IGP, which covers approximately 25% of the Project.

The remaining 75% is covered by Lake Austin. An 83 hole RC program was completed for a total of 8,093m between late July and early October. Samples were submitted in the order in which they were drilled.

The program largely tested the Bravo: BIF package, with a number of holes also following up mineralisation at a number of other prospects. All holes targeted BIF hosted mineralisation on The Island, though some mineralisation was noted in other rock types. The program was designed to test the frequency and orientation of structures that control high grade mineralisation across the Bravo BIF package.

Even though drilling finished in October, disappointingly, 6 of the 83 holes are yet to be returned. Following on from the initial announcement of the first results further high quality results have been now been received. The results are from a number of different prospects across The Island.

Better results include: Trigg Gully: 9m at 4.7g/t from 101m, incl. 1m at 8.4g/t Au from 101m &. 3m at 9.2g/t Au from 104m in 21IGRC0062, 4m at 1.2g/t from 3m in 21IGRC0062.

Baxters: 6m at 2.7g/t from 60m incl 2m at 6.2g/t from 60 in 21IGRC0040, 1m at 1.9g/t from 52m in 21IGRC0040, 2m at 1.7g/t from 101m in 21IGRC0040. Chicago-Shamrock: 4m at 3.4g/t from 74m in 21IGRC0021. Iron Clad: 5m at 1.7g/t from 64m incl.

2m @ 3.4g/t from 64m in 21IGRC0007,1m at 1.5g/t from 68m in 21IGRC0007, 4m at 1.2g/t from 20m in 21IGRC0008, 3m at 1.3g/t from 33m in 21IGRC0008, 2m at 1.6g/t from 50 in 21IGRC0009. New Orient: 1m at 1.1g/t from 134m in 21IGRC0074, 2m at 3.7g/t from 140m in 21IGRC0074. Vadrians North: 3m at 3.0g/t from 25m in 21IGRC0054, 1m at 1.9g/t from 1m in 21IGRC0056.

Alpha BIF: 2m at 3.7g/t from 4m in 21IGRC0039.