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Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) is pleased to provide an update on its Phase 1 Reverse Circulation (RC) drill programme at the Island Gold Project. Phase 1 drilling has returned exceptional thick, high-grade gold intersections from testing previously unrecognised, high-grade, structurally controlled, cross-cutting “Break of Day”1 analogue gold targets.
HIGHLIGHTS
- Island Gold Project drilling intersects multiple zones of thick, shallow, high-grade gold mineralisation across numerous targets, open in multiple directions along 5km of strike
- Significant gold intercepts at Vadrians Hill include:
- 28m @ 6.4 g/t from 114m downhole in 24IGRC009, including:
- 12m @ 7.8 g/t from 114m; and
- 4m @ 16.4 g/t from 130m and a further mineralised sequence up-dip;
- 27m @ 3.0 g/t from 48m downhole in 24IGRC009, including:
- 4m @ 4.9 g/t from 61m; and
- 5m @ 6.9 g/t from 69m
- 15m @ 4.6 g/t from 112m downhole in 24IGRC008, including:
- 9m @ 7.0 g/t from 113m
- Significant gold intercepts at Baxter/Golconda include:
- 9m @ 2.8 g/t from 27m downhole in 24IGRC001, including:
- 3m @ 5.8 g/t from 30m
- 12m @ 3.9 g/t from 90m downhole in 24IGRC001, including:
- 6m @ 5.9 g/t from 94m
- 8m @ 1.5 g/t from 114m downhole in 24IGRC002, including:
- 2m @ 4.6 g/t from 118m
- 9m @ 2.8 g/t from 27m downhole in 24IGRC001, including:
- 28m @ 6.4 g/t from 114m downhole in 24IGRC009, including:
- 5km of highly prospective strike to be tested with numerous identical structures identified between the New Orient and Shamrock historical gold workings
- Multiple thick, stacked high-grade gold lodes intersected at depth and down plunge from surface workings that remain open in several directions with drilling constrained to less than 100m vertical depth - Substantial maiden resource opportunity
- 5,000m RC drill programme recommenced at the Island Gold Project:
- Phase 1 comprising 10 RC drill holes for 1,554m completed in December 2024
- Phase 2 comprising 30 RC drill holes for approximately 3,500m in progress
CEO, Luke Cox, commented:
“It’s a great pleasure to be delivering these exceptional gold results from our Island Gold Project December drill programme. 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.
“Identical structural settings are present in historical workings at the New Orient Gold Mine in the north and at Shamrock in the south, and these fertile structures have been mapped at multiple locations 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.
“The Phase 2 RC drill programme will continue to test this highly prospective structural corridor through Baxter, Golconda and Vadrians Hill, before moving north to test additional cross-cutting structures, with the objective of delivering a potentially significant Island Gold Project maiden resource in the coming months.”
Gold Mineralisation
At the Island Gold Project (IGP), gold mineralisation occurs along a strike length of 5km from the New Orient Gold mine in the north to the Skipper prospect in the south within the IGP Corridor (Figure 1). The IGP Corridor is 700 to 1,000m wide and contains multiple BIFs up to 30m thick, which are the preferred host rock for gold mines in the Murchison. Prior to the Company’s recent Phase 1 drill programme, drilling was limited to an average depth of 70 vertical metres below the surface. Phase 1 RC drill hole 24IGRC009 intersected two thick sequences of mineralisation including 28m at 6.4 g/t gold from 114m down hole and 27m at 3.0 g/t gold (Table 1), highlighting the potential of the highly prospective 5km long by 1km wide IGP Corridor to host multiple significant gold ore bodies.
Figure 1. Perspective aerial view of the IGP Corridor showing the location of historical shallow gold workings.
Figure 2. Long section along eastern most Banded Iron Formation (BIF) highlighting gold mineralisation, plunging high-grade shoots and drilling constrained to less than 100m vertical depth.
The IGP gold mineralisation and structural setting is displaying similarities to the high-grade gold deposits in the prolific +15Moz Murchinson Goldfields, with the key factors for high quality gold deposit formation being BIF host rocks and cross-cutting structures controlling high-grade gold lodes present at the Company’s IGP.
High-grade gold mineralisation appears to be associated with a series of en’echelon vein sets that have developed obliquely to the strike of the brittle and reactive host BIF. These en’echelon vein sets trend NNW-SSE and are sub-vertical to steep west dipping and are controlled by a major cross-cutting structure which also trends NNW-SSE (Figures 2 and 3).
High-grade gold mineralisation is controlled primarily by these major NNW-SSE structures, with ‘reef- style’ high-grade gold quartz lodes also developed in fold structures where the axial plane of the fold trends 330° to 350° and fold hinges plunges 45° to 60° to the NNW.
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This article includes content from Infinity Lithium Corporation Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CRS:AU
Maiden Mineral Resource Estimate 45MT Tanbreez Rare Earth Project Greenland
The MRE was prepared in 2016 for Rimbal Proprietary Limited and since acquiring the Tanbreez Project in 2022 is reporting the 2016 MRE.
The Tanbreez Fjord and the Tanbreez Hill rare-earth mineral sites are contained within a mineralised Kakortokite host unit covering an area of approximately 5km x 2.5km and 270 meters thick, estimated at 4.7 billion tonnes of Kakortokite. The host does not indicate any certainty of hosting mineralisation.
Tanbreez Project Acquisition
European Lithium first acquire a 5% interest in Tanbreez Mining Greenland A/S (Tanbreez) on 3 October 2022 and acquired a further 2.5% interest in Tanbreez on 6 February 2023. At this time, the investment of 7.5% in Tanbreez was not considered material to the Company and as such the MRE was not disclosed at the time of acquiring an interest in Tanbreez. In June 2024, Critical Metals Corp. (NASDAQ: CMC) entered into the Heads of Agreement with Rimbal Pty Ltd to acquire up to 92.5% in Tanbreez and have completed the initial investment and stage 1 interest to hold a 42.0% interest in Tanbreez. As of the date of this announcement, European Lithium and CMC hold a combined interest of 49.5% in Tanbreez. European Lithium is CMC's largest shareholder and as such now considers the Tanbreez Project to be material and as a result is announcing the Maiden MRE in this announcement following consultation with the ASX.
CMC has completed due diligence and is preparing a S-K 1300 Report for lodgement with the SEC in the United States of America. It has undertaken a recent drilling program for confirmation, extension and infill drilling to prepare the project for Mine Development Studies and anticipates assay results will be available in the near future.
The Company wishes to report The Maiden Mineral Resource Estimate for the Tanbreez Project located in Greenland. This estimate was prepared by Al Maynard and Associates Pty Ltd on 30 August 2016 in accordance with the JORC Code 2012. The authors of the report are independent consultants with a long experience with the project. They are qualified as `Competent Persons' under the JORC Code 2012 and the VALMIN Code 2015. The authors are P.A. Jones, BAppSc (App.Geol), MAusIMM, MAIG., and A.J. Maynard, BAppSc (Geol), MAIG MAusIMM.
The MRE report was commissioned by Rimbal Pty Ltd in 2016, a private company registered in Australia and not required to provide any disclosure. EUR subsequently acquired part of the Project in June 2024 and has now reported the MRE. The Mineral Resource Estimate provided by European Lithium for reference in accordance with ASX Listing Rules as a basis for further public disclosures relating to the Tanbreez Project.
The Mineral Resource Estimate has not been updated and no more recent estimates or data relevant to the reported mineralisation is available.
The estimate is conceptual in nature. It is based on extensive historic and Tanbreez exploration drilling (414 holes) coupled with the exposures in multiple creek sections. Investors should not place undue reliance on this information.
Overview of the Tanbreez Project
The Tanbreez Project is a significant critical minerals asset positioned to provide a sustainable, reliable and long-term rare earth supply for North America and Europe. Once operational, Tanbreez is expected to supply REEs to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defence industry. The Tanbreez Project is expected to possess greater than 27% Heavy Rare Earth Elements (HREEs), which carry a much higher value than Light Rare Earth (LREEs). In an industry where competitors primarily target LREE, the Tanbreez Project is believed to be unique, not only due to its significant size, but also because of its HREE asset mix.
2016 Mineral Resource Estimate Summary
Table 1 2016 MRE for Inferred and Indicated Resource Estimate
The Tanbreez Project is favourably located in Southern Greenland and is expected to have access to key transportation outlets as the project's area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.
Commenting on the 45MT MRE, Tony Sage, Executive Chairman of the Company, said:
" /am pleased to report Tanbreez has reached a significant milestone by declaring the MRE that now will allow our next results and drilling develop the initial resource to more tonnes and grade in the coming months"
"The deposit drilling only covers approximately 5% of the total project area and deeper and extension drilling will commence shortly to deliver an even higher resource"
"We are measuring the real potential for Tanbreez on the significant investment over the past 2 decades by Rimbal and this major discovery as my team take this amazing deposit into a world class REE development project".
`lam excited with more good news in the coming the months will be rewarding for all stakeholders as we achieve greater milestones on this important REE project for the western world"
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This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
