Chart Analysis
CRS Daily Timeframe Chart as of 6 May 2026
Caprice Resources (ASX: CRS) — 22m at 66.2 g/t Gold Including 8m at 181 g/t Au Defines New High-Grade Lode Parallel to Vadrians at Island Gold Project
On 6 May 2026, Caprice Resources Limited (ASX: CRS) reported exceptional shallow gold drill results from its Island Gold Project (IGP) in the Murchison goldfields of Western Australia, with RC hole 26IGRC010 returning 22m at 66.2 g/t gold from just 42m downhole, including 8m at 181 g/t gold. The intercept defines a new high-grade mineralised zone located approximately 120 metres west of the primary Vadrians lode, within a parallel hanging-wall position — confirming the emergence of a multi-lode gold system at Island. The mineralisation occurs within a preferentially weathered shear zone directly beneath the near-surface depletion horizon, and the primary host lithology has not yet been clearly resolved. Holes drilled directly beneath the bonanza intercept have been sent for fast-track assay, and immediate follow-up drilling is planned to recommence in the area. The results form part of an ongoing 50,000-metre drill programme (air core, RC, and diamond) aimed at defining a maiden Mineral Resource Estimate for the Island Gold Project.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Island Gold Project, Murchison Goldfields, WA (100%-owned) |
| Headline Intercept | 22m @ 66.2 g/t Au from 42m, incl. 8m @ 181 g/t Au (hole 26IGRC010) |
| Peak Grade (2m composite) | 686 g/t Au over 2m from 42m (within the 22m intercept) |
| New Lode Location | ~120m west of Vadrians, parallel hanging-wall position |
| Depth | From 42m downhole (shallow) |
| Sampling Method | 2m composite RC samples (1m splits sent for refinement) |
| Additional Results (same hole) | 9m @ 2.8 g/t Au from 186m (Vadrians BIF) |
| Other Significant Results | 5m @ 3.4 g/t Au from 147m (26IGRC009); 7m @ 2.3 g/t Au from 261m (26IGRC016) |
| Drill Programme | 50,000m (air core, RC, diamond) — ongoing |
| Mineral Resource | None — pre-resource, targeting maiden MRE |
| True Width Estimate | 60–70% of downhole intercept width |
Headline Drill Results — 22m at 66.2 g/t Gold From 42m Downhole
The standout result from the current batch is RC hole 26IGRC010, which intersected 22 metres at 66.2 g/t gold from just 42 metres downhole, including 8 metres at 181 g/t gold and a peak interval of 2 metres at 686 g/t gold. The intercept is based on 2-metre composite RC samples. One-metre split samples from the high-grade zone have been sent to the laboratory to refine the composite results.
This intercept is located approximately 120 metres west of the main Vadrians BIF-hosted lode, within a parallel hanging-wall position spatially associated with a narrow BIF horizon and a significant quartz vein. The mineralisation sits within a strongly preferentially weathered shear zone, with the primary host lithology not yet clearly resolved. The company describes this as potentially representing a mineralisation style distinct from the BIF-hosted mineralisation at Vadrians.
The same hole also returned 9 metres at 2.8 g/t gold from 186 metres downhole within the Vadrians BIF, including 5 metres at 4.5 g/t gold — confirming that the main Vadrians lode is also mineralised at this location.
Additional Significant Results From Current Batch
| Hole | From (m) | Interval | Grade | Location |
|---|---|---|---|---|
| 26IGRC010 | 42 | 22m | 66.2 g/t Au (incl. 8m @ 181 g/t) | New hanging-wall lode |
| 26IGRC010 | 186 | 9m | 2.8 g/t Au (incl. 5m @ 4.5 g/t) | Vadrians BIF |
| 26IGRC009 | 147 | 5m | 3.4 g/t Au (incl. 3m @ 5.2 g/t) | Vadrians BIF |
| 26IGRC016 | 261 | 7m | 2.3 g/t Au (incl. 5m @ 3.1 g/t) | Vadrians BIF |
Hole 26IGRC016 extends mineralisation north along strike at a vertical depth of approximately 200 metres, with the system remaining open down plunge, down dip, and along strike.
Intercepts are calculated using a lower cut-off grade of 0.30 g/t gold with a maximum internal dilution of 3 metres. All lengths are downhole — true widths are estimated at 60–70% of intercept width.
Island Gold Project — Location and Geological Setting
The Island Gold Project is located in the Murchison Greenstone Belt, approximately 60 km north of Mt Magnet and 20 km south of Cue in the Murchison mining district of Western Australia. The project sits within 50 km of several consolidated mining and processing hubs. All tenements (M 21/66, M21/140, E 21/186) are held 100% by Goldview Metals Pty Ltd, a wholly owned subsidiary of Caprice Resources.
The IGP hosts Archaean mesothermal orogenic gold mineralisation hosted within deformed Banded Iron Formation (BIF) and surrounding mafic lithologies and shales. The Vadrians deposit occupies a five-kilometre corridor within the Golconda Formation, which includes up to seven distinct BIF/sedimentary packages separated by volcanic sequences. Mineralisation is controlled by large-scale regional structures and associated lower-order structures.
The new high-grade intercept in hole 26IGRC010 occurs in the hanging wall to the Vadrians BIF, within a separate weathered shear zone. The company describes this as validating its broader exploration model, where low-level air core gold anomalism acts as a vector to concealed high-grade mineralisation in transition and fresh rock beneath the semi-depleted weathered profile.
Ongoing Drill Programme and Next Steps
The company is conducting a 50,000-metre drill programme across the Island Gold Project, Comet, and Cuddingwarra projects. Immediate next steps include:
Follow-up drilling of the high-grade intercept in hole 26IGRC010, with drilling to recommence in the area the following week. Three completed diamond holes are awaiting assay results, testing depth and grade continuity at Vadrians — including follow-up to hole 25IGRC098B, which intersected 11 metres at 7.1 g/t gold at approximately 300 metres vertical depth. RC drilling is ongoing, targeting northern strike and depth extensions at Vadrians while completing pre-collars for upcoming diamond drilling. RC drilling has commenced at the First Light and Chicago air core targets. RC and diamond drill planning has begun to follow up newly defined targets from the completed air core campaign along strike north and south of Vadrians.
Market Context
CRS closed at $0.125 on the announcement day, up +66.7% from a previous close of $0.075, with an intraday high of $0.132. The 52-week range spans $0.042 to $0.160. The move occurred amid elevated gold prices and strong investor interest in high-grade gold discovery stories on the ASX, particularly in the Murchison region.
Risks & Considerations
Pre-resource stage: No Mineral Resource Estimate exists for the Island Gold Project. The 50,000-metre drill programme is aimed at defining a maiden MRE, but there is no certainty that exploration will result in a formal resource.
Composite sampling: The headline 22m at 66.2 g/t Au intercept is based on 2-metre composite RC samples, not 1-metre splits. One-metre samples have been sent for analysis to refine the results. Composite sampling can introduce grade smearing, and the final 1-metre results may differ from the reported composites.
High-grade variability: The intercept contains extreme grade variability — from 686 g/t Au over 2 metres to sub-gram intervals within the broader 22-metre zone. High-grade gold deposits, particularly in weathered shear zones, can exhibit nugget effects and erratic grade distributions that may not be representative of the broader deposit.
New lode interpretation: The parallel hanging-wall zone is defined by a single drill hole intercept. The geometry, continuity, and extent of this new mineralised structure have not been established. Follow-up drilling is required to determine whether the zone is continuous or represents a localised high-grade pocket.
Downhole lengths ≠ true widths: All reported intercepts are downhole lengths. True widths are estimated at 60–70% of downhole intercept width. The geometry of the new hanging-wall zone has not been confirmed.
No formal QAQC audits: No formal audits of sampling techniques and data have been completed due to the early-stage nature of the drilling. Internal QAQC procedures are in place.
Funding: The announcement does not disclose the company's current cash position or the remaining cost of the 50,000-metre drill programme. Further capital may be required.
Key Dates & Timeline
| Date | Event |
|---|---|
| 2022–2026 | Progressive exploration and drilling at Island Gold Project |
| 4 March 2026 | Most recent prior drill results announcement |
| 6 May 2026 | Bonanza 22m @ 66.2 g/t Au result announced; share price moved +66.7% |
| Next week (post-announcement) | Follow-up drilling at high-grade hanging-wall zone to recommence |
| Pending | 1-metre split assays from high-grade intercept in 26IGRC010 |
| Pending | Assay results from three completed diamond holes testing depth at Vadrians |
| Ongoing | 50,000m drill programme across Island Gold, Comet, and Cuddingwarra |
| TBC | Maiden Mineral Resource Estimate for Island Gold Project |
Price Data
- Previous Close: $0.075
- Close Price (6 May 2026): $0.125
- Change (6 May 2026): +66.7%
- 52-Week Range: $0.042 – $0.160
Notable Price Levels
- $0.159 — near the 52-week high
- $0.150 — upper range of prior trading activity
- $0.140 — prior trading level
- $0.132 — intraday high on announcement day
- $0.125 — announcement-day close
- $0.120 — near the closing range
- $0.115 — intermediate level
- $0.110 — lower range of recent activity
- $0.075 — pre-announcement close
Key Takeaways
- CRS moved +66.7% on 6 May 2026 following a price-sensitive ASX disclosure, with an intraday high of $0.132.
- The announcement — 22m @ 66.2g/t Au in New High-Grade Zone Parallel to Vadrians — was the primary catalyst for the price movement.
- RC hole 26IGRC010 returned 22m at 66.2 g/t gold from just 42m downhole (including 8m at 181 g/t Au and a peak of 2m at 686 g/t Au), defining a new high-grade lode approximately 120 metres west of the primary Vadrians deposit.
- The same hole also intersected 9m at 2.8 g/t gold within the Vadrians BIF at 186m downhole, and hole 26IGRC016 extended mineralisation north along strike at ~200m vertical depth.
- The new hanging-wall lode is defined by a single hole and occurs within a weathered shear zone beneath the depletion horizon. Follow-up drilling is planned to recommence the following week.
- The headline result is based on 2-metre composite samples — 1-metre splits have been sent for refinement. No Mineral Resource exists. A 50,000-metre drill programme targeting a maiden MRE is ongoing.
Summary
Caprice Resources reported a bonanza gold intercept of 22 metres at 66.2 g/t gold from just 42 metres downhole at the Island Gold Project in Western Australia's Murchison goldfields, including 8 metres at 181 g/t gold and a peak interval of 2 metres at 686 g/t gold. The intercept defines a new high-grade mineralised zone approximately 120 metres west of the primary Vadrians lode, within a parallel hanging-wall position — confirming a multi-lode gold system at Island. The announcement coincided with a +66.7% move to $0.125. The result is based on 2-metre composite RC samples, with 1-metre splits sent for refinement. The new lode is currently defined by a single drill hole, and follow-up drilling is planned to recommence the following week. No Mineral Resource exists for the project. A 50,000-metre drill programme targeting a maiden MRE is ongoing, with diamond hole assays and additional RC results pending.
This article is for informational purposes only and does not constitute financial advice. Market Flow does not recommend buying or selling any securities. Past performance is not indicative of future results. Readers should conduct their own independent research and consult a licensed financial adviser before making any investment decisions. This content is published in accordance with ASX Market Rules and is not a financial product recommendation.