Caprice Resources Ltd (ASX:CRS) has intersected high-grade gold of up to 5 metres at 18 g/t while drilling at the Island Gold Project (IGP) in the Murchison region of Western Australia.
The company completed 4,575 metres of reverse circulation (RC) drilling at the project in the March quarter.
This program tested for extensions and grade continuity at several prospects and returned multiple strong intercepts, enhancing the prospectivity of most areas tested.
These results build on Caprice’s maiden drilling campaign from late 2020 after acquiring the IGP in October 2020.
Future exploration will focus on testing new exploration targets on the eastern side of the IGP as well as extending existing mineralisation.
Upgraded almost all prospects
Caprice managing director Andrew Muir said: “These results continue to highlight the high-grade nature of the gold mineralisation at the IGP.
“This drilling has upgraded almost all the prospects by either extending the mineralisation down-dip or confirming grade continuity.
“The Murchison region is highly prospective with multiple significant deposits, yet the vast majority of the IGP is unexplored due to being under lake cover.
“We look forward to more expansionary drill campaigns commencing next quarter which will focus on previously untested areas, as well as drilling to extend known mineralisation.”
March quarter drilling
All drilling and historical workings have been limited to the Island area of the IGP, which covers around 25% of the project.
The remaining 75% is covered by Lake Austin. which will be a future focus for the company given the prospective geology and structures, and the fact it is unexplored.
A 35-hole RC program was completed in the previous quarter to test six prospects across the IGP and all holes were targeting BIF hosted mineralisation.
Baxters/Golconda
The Baxters and Golconda prospects are two separate parallel BIF packages separated by a 30-60 metres wide sequence of basalt and dolerite.
Mineralisation is associated with a north plunging fold where extensional veins occur within or proximal to the fold hinge.
Drilling across both the prospects consisted of 16 holes for 2,254 metres and the program was designed to confirm the geometry and continuity of mineralisation.
Results confirmed the interpreted shallow north plunge as well as the cyclical frequency of high-grade shoot.
Best results include:
- 5 metres at 18 g/t gold from 78 metres including 1-metre at 85.1 g/t from 78 metres;
- 2 metres at 13.5 g/t from 70 metres; and
- 1-metre at 5 g/t from 91 metres.
New Orient
Drilling at the New Orient prospect aimed at confirming the geometry of mineralisation and testing for down-plunge continuity with 12 RC holes for a total of 1,727 metres.
Results indicated that the mineralisation has two different geometries, evidenced by narrow south plunging high-grade trend, and a broader more steeply dipping south plunging trend.
Best results:
- 9 metres at 9.6 g/t from 97 metres including 6 metres at 14 g/t from 97 metres;
- 2 metres at 7.8 g/t from145 metres; and
- 4 metres at 3.1 g/t from 111 metres.
Other prospects
Mineralisation at the Iron Clad prospect is hosted within the same BIF package as New Orient.
Two RC holes for 228 metres were completed on a single line at the prospect with best results of:
- 3 metres at 3.1 g/t from 70 metres; and
- 2 metres at 2.3 g/t from 88 metres in ISO119.
Two RC holes for 126 metres were completed at Vadrians Hill targeting BIF hosted mineralisation in the same package as the New Orient prospect.
The drilling confirmed grade continuity around the previous drilling including 2 metres at 1.7g/t gold and the results to date indicate grade continuity over more than 50 metres of strike.
Best result was 8 metres at 1.8 g/t from 36 metres.
Next steps
Recent and historic drilling at the IGP has only focused on delineating localised mineralisation associated with historical mining on the Island area.
Going forward, Caprice will undertake a more expansive exploration strategy including:
The identification of new gold mineralisation in previously untested areas, both on the Island, as well as underneath Lake Austin;
Drill testing the New Orient BIF package to understand the potential scale of mineralisation; and
Testing for down-plunge extensions to known minimisation at the New Orient, Baxters, Golconda, Vadrians Hill and Iron Clad prospects.
Early in the next quarter, the company will start RC drilling on the eastern side of the Island targeting a combination of favourable structural sites and BIF horizons.
A detailed ground gravity survey is to start shortly and this survey will give comprehensive coverage across the entire IGP and provide insight into the structures and geology, particularly under Lake Austin.
Following this, a large-scale aircore program is scheduled for late in the September quarter to test for mineralisation under the cover of Lake Austin and pave the way for new discoveries across the under-explored Lake Austin area.