CAPRICE RESOURCES LIMITED ASX RELEASE | 31 January 2022 | ASX:CRS
MORE OUTSTANDING DRILLING RESULTS FROM THE ISLAND
SUMMARY
only | The second set of results from the 2021 expansionary RC drilling on The Island continue to | |
demonstrate the quality of the Island Gold Project, with results including: | ||
o 9m @ 4.7g/t Au from 101m, incl. 3m @ 9.2g/t Au - Trigg Gully, | ||
use | o 6m @ 2.7g/t Au from 60m, incl. 2m @ 6.2g/t Au - Baxters, | |
o 4m @ 3.4g/t Au from 74m - Chicago-Shamrock, | ||
o | 3m | @ 3.0g/t Au from 25m - Vadrians North, |
o | 2m | @ 3.7g/t Au from 140m - New Orient, and |
o | 2m | @ 3.7g/t Au from 4m - Alpha BIF. |
Of the 83 RC holes completed, all but 6 have now been received. | ||
Aircore drill program at Lake Austin planned to commence in February. |
personalCaprice Resources Ltd (ASX: CRS) ("Caprice" or "the Company") is pleased to provide an exploration update for the Island Gold Project ("The Island", "IGP", "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
For8/11/2021, however, since then, assay turnaround and sample processing order has been disappointing.
Managing Director, Andrew Muir, commented:
"The results from last year's expansionary RC program have continued to demonstrate the prospectivity of The Island with many high grade intercepts requiring follow up. The results confirm our belief that the IGP has the potential to host mineralisation of significance.
In February, we will start drilling the southern end of Lake Austin using aircore. This will be the first program to test underneath the lake cover within the IGP. The area has favourable structures and different geology to The Island and we look forward to investigating the potential of this exciting new area."
CAPRICERESOURCES.COM.AU
Level 3, 10 Outram Street, West Perth WA 6005 Australia
ASX RELEASE | 31 January 2022 | ASX:CRS
only | ||
use | New Orient | |
Campers | ||
Trigg Gully | ||
personal | ||
Vadrians North | ||
Scottish Chief | Alpha BIF | |
Baxters/Golconda | ||
Vadrians Hill | ||
Chicago/Shamrock | Eureka | |
Ironclad | ||
For | Condenser | |
Figure 1: Island Gold Project Prospects
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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia
ASX RELEASE | 31 January 2022 | ASX:CRS
Geology and Background
onlyThe 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 usemodern 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.
2021 RC Drilling
An 83 hole RC program was completed for a total of 8,093m between late July and early October. personalSamples 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 (ASX: 8 Nov 2021), 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
o
Foro
Baxters
o 6m @ 2.7g/t from 60m incl 2m @ 6.2g/t from 60 in 21IGRC0040 o 1m @ 1.9g/t from 52m in 21IGRC0040
- 2m @ 1.7g/t from 101m in 21IGRC0040 Chicago-Shamrock
- 4m @ 3.4g/t from 74m in 21IGRC0021
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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia
ASX RELEASE | 31 January 2022 | ASX:CRS
personal use only
1m @ 2.3g/t
9m @ 4.7g/t
2m @ 9.3g/t
2m @ 3.7g/t
10m @ 16.1g/t | |
7m @ 3.7g/t | 3m @ 3.0g/t |
6m @ 2.7g/t | 2m @ 3.7g/t |
4m @ 3.4g/t
2m @ 1.6g/t
For
2m @ 3.8g/t
2m @ 4.8g/t
3m @ 1.3g/t
1m @ 1.1g/t
Figure 2: All drilling across The Island, collars coloured by max Au in hole. New significant intercepts are
highlighted in yellow, significant intercepts from 8 November 2021 are highlighted in white.
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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia
ASX RELEASE | 31 January 2022 | ASX:CRS | ||
Iron Clad | ||
only | 5m | @ 1.7g/t from 64m incl. 2m @ 3.4g/t from 64m in 21IGRC0007 |
o | ||
o | 1m | @ 1.5g/t from 68m in 21IGRC0007 |
o | 4m | @ 1.2g/t from 20m in 21IGRC0008 |
o 3m @ 1.3g/t from 33m in 21IGRC0008 o 2m @ 1.6g/t from 50 in 21IGRC0009 New Orient
use | 1m @ 1.1g/t from 134m in 21IGRC0074 |
o | |
o 2m @ 3.7g/t from 140m in 21IGRC0074 | |
Vadrians North |
o 3m @ 3.0g/t from 25m in 21IGRC0054 | |
o | 1m @ 1.9g/t from 1m in 21IGRC0056 |
Alpha BIF | |
personalcompany aims to delineate additional exploration targets and asses the full potential of the IGP. | |
o | 2m @ 3.7g/t from 4m in 21IGRC0039 |
Summary
The drilling was highly successful, identifying significant new mineralisation at four prospects, being: Vadrians Hill, Trigg Gully, Chicago-Shamrock and Alpha BIF. Good results were also received at existing prospects Baxters, Golconda and New Orient.
Results to date also highlight the regular frequency of high grade BIF hosted mineralisation across the Bravo BIF package. The mineralisation correlates well with interpreted north-east striking structures, and to a lesser extent, north-west striking structures. By delineating these structures and then extrapolating them across other favourable lithologies, such as parallel BIF packages of lithological contacts, the
The results continue to upgrade the quality of the Island Gold Project with seven mineralised prospects Fornow delineated. Most of these prospects have very limited drilling and require further follow up to the
quantify size and geometry of the mineralisation.
Next Steps
Caprice continues to advance its expansive exploration strategy on the Island Gold Project.
Large areas of The Island remain untested. Recent announcements by neighbouring Musgrave Minerals (ASX: MGV 12/10/21, 6/1/22 & 27/1/22) indicate that the Island Gold Project contains similar mineralising structures and geology to MGV's proximal West Island and Waratah prospects, enhancing the prospectivity of the IGP.
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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia
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Caprice Resources Ltd. published this content on 30 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2022 21:30:05 UTC.
