Caprice Resources Ltd (ASX:CRS) has seen its share price sizzle at bonanza heights following news that reverse circulation drilling at its Island Gold project in Western Australia has hit grades of up to 34.9 grams per tonne.

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At 12:38pm AEDT, the company’s share price was at 5.8 cents – a 123% increase.

CRS found significantly thick, high-grade gold intersections at gold targets that had not previously been tested from Phase 1 drilling at the Murchison project.

These were identified as structurally controlled, cross-cutting analogues for Ramelius’ Break of Day deposit (in the same region).

Multiple zones of thick, shallow gold mineralisation were found, with intercepts at Vadrians Hill including 28 metres at 6.4 g/t from 114 metres downhole in 24IGRC009, including 12 metres at 7.8 g/t from 114 metres; and four metres at 16.4 g/t from 130 metres and a further mineralised sequence.

At Baxter/Golconda, results included nine metres at 2.8 g/t from 27 metres downhole in 24IGRC001, including three metres at 5.8 g/t from 30 metres.

Phase 1 was completed in December 2024, comprising 10 RC holes for 1,554 metres. CRS has already begun Phase 2 – which will include 30 RC drill holes for approximately 3,500 metres.

CEO Luke Cox said he was pleased to be seeing these results.

“It’s a great pleasure to be delivering these exceptional gold results from our Island Gold Project December drill programme,” he said.

“These first 10 holes of the planned 40-hole drill programme have highlighted mineralisation thickening and increasing grade down plunge compared to the near-surface gold mineralisation.

“Even more encouragingly, multiple stacked lodes were intersected by this drilling.

He continued: “Identical structural settings are present in historical workings at the New Orient Gold Mine in the north and at Shamrock in the south.

“These fertile structures have been mapped… within the host banded iron formations along the five kilometres of strike connecting these historic workings; providing numerous additional greenfield targets and highlighting an enlarged scale to the project.”

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