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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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CRS:AU
Munda Gold Mine Starter Pit Underway
Highlights
- Munda Mining Proposal and Mine Closure Plan approved.
- Starter Pit site preparation commenced.
- Munda will be mined by Auric, in its own right, with Auric employees.
- Grade control drilling on a 5m x 5m pattern completed.
- Contracts executed for mining fleet hire, drill and blast and key suppliers.
- Mine camp for 12 people established near Munda.
Management Comment
Managing Director, Mark English, said: “This is a milestone moment for Auric. Our whole team is full of optimism and excited to commence the Munda Gold Mine Starter Pit.
“Munda is our major asset; containing a sizeable gold resource. We will start out conservatively with a target to mine 125,000 tonnes of ore, producing around 6,100 ounces of gold at a projected AISC of A$2,635 per ounce.
“We are right on schedule and have mobilised all the necessary machinery and infrastructure. Earth works have commenced, we will begin mining in a few days.
“The Starter Pit will take us approximately six months to complete.
“The project is another significant step, both in our ambition to become a substantial gold producer in the district, and to develop Munda to its full potential.” said Mr English.
Photo 1: MHM Contracting 40-tonne Moxy dump trucks on site at Munda Gold Mine.
The Munda Starter Pit Mining Proposal and Mine Closure Plan have been approved by the WA Government’s Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).
Survey mark-out of the pit crest, haul road, waste dump, ROM pads and site office has been completed.
Auric has executed a contract to dry hire the mining fleet from MHM Contracting Pty Ltd. The fleet will be operated by Auric employees.
A grade control program over the Starter Pit extents for those holes accessible from surface on a 5m x 5m pattern has also been completed. A total of 428 holes for 14,670m were drilled by Kalgoorlie-based Total Drilling Services. Results have been received allowing the mine geologists to define near surface ore blocks in advance of mining. Further grade control drilling on a 5m x 5m pattern will be undertaken as mining exposes new benches.
The Company will commence mining the Starter Pit this week, where it is estimated 125,000 tonnes of ore will be extracted at an estimated grade of 1.8g/t Au at an AISC of A$2,635 per ounce (Tables 2 and 3). The Starter Pit will take approximately six months to complete.
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This article includes content from Auric Mining, 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.
Independent Estimate Confirms Multibillion Barrel Prospective Resources
Highlights
- New independent estimate confirms multibillion barrel prospective resource across five prospects in Tumbes TEA
- Total Best Estimate (2U) of 3 billion barrels of oil prospective resources1 (100% gross unrisked) across Bonito, Raya, Salmon, Caballa and Tiburon prospects
- The largest prospect, Bonito, has a Best Estimate (2U) of 1 billion barrels of oil prospective resource1 (100% gross unrisked)
- Majority of the resources are contained within Lower Miocene Zorritos Formation, a proven reservoir within the basin
- Resource potential determined by leading international petroleum consultancy Netherland Sewell and Associates (NSAI)
- World class multibillion barrel exploration potential builds on Condor’s substantial discovered gas field at Piedra Redonda (1 Tcf 2C)2
- Farmout process commenced with multiple parties in data room
- Shareholder briefing to be held Thursday 10 April, to detail resource estimate update
The NSAI evaluation confirms multibillion barrel potential, with a combined best estimate gross unrisked 2U prospective resource of 3 billion barrels of oil (2.4 billion barrels net to Condor) across the Bonito, Raya, Salmon, Caballa and Tiburon prospect areas (Table 1).
Figure 1 – Independent estimate of prospective resources across five prospects shown in purple, Raya, Salmon, Bonito, Caballa and Tiburon.
Table 1 – Statistically Aggregated Prospective Resource Estimates (Unrisked) at each of the 5 prospect areas Low (P90), Mid (P50), High (P10).
Prospective resources shown are aggregated by prospect area (Table 1). The geological chance of success (GCoS) has been assessed for the primary target reservoir within each prospect. Each prospect contains multiple stacked reservoir intervals, which may increase the effective chance of success due to multiple opportunities within a single structure.
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Optimised Root Lithium Project PEA Highlights Robust Economics
HIGHLIGHTS
- The Root Lithium Project in Ontario, Canada has been evaluated on a standalone basis and considering the recently updated Root Project MRE, revised pit optimisations and mine development options and changed lithium market conditions (previous 2023 PEA results were combined with the Company’s Seymour Lithium Project also in Ontario)
- The study confirms favourable economics across alternative mine development scenarios, including both open pit and underground mining, reinforcing Root as a viable and resilient standalone project
- The selected development option for the Root Lithium Project delivers:
- An increase in NPV to US$668 million
- A reduction in pre-production CAPEX, largely due to lower pre-stripping costs
- Reduction in Total Material Movement (TMM)
- Lower NPV and longer payback period due to more conservative SC5.5 pricing assumptions in early processing years
- Significantly improved LOM strip ratio of 8.1:1, driven by underground development—resulting in lower mining costs that help offset reduced revenues
PROJECT DASHBOARD
- The Root Lithium Project underpins GT1’s vertically integrated development strategy and is expected to provide long-term feed to the Company’s planned Lithium Conversion facility in Thunder Bay
- The immediate focus for the Root project will be advancing permitting and consultation activities in parallel with the Pre-Feasibility Study( PFS)
"The completion of the optimised PEA marks a major milestone for the Root Lithium Project, confirming it as a technically and economically robust standalone operation. With a longer mine life, reduced upfront capital requirements, and strong economics, Root is well-positioned to support GT1’s broader strategy of establishing a vertically integrated lithium supply chain in Ontario. This study reinforces our confidence in Root as a long-term feed source for the Thunder Bay conversion facility and highlights the project’s strategic importance in the North American battery materials landscape.
The economic advantages of executing a project in Ontario are obvious and compelling, driven by outstanding infrastructure, government incentives and proximity to the North American EV supply chain. We remain committed to advancing our Root Lithium Project to realise our overall strategy in Ontario.”
-GT1 Managing Director, Cameron Henry
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This article includes content from Green Technology Metals 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.