Caprice Resources Hits 8.73 g/t Gold South of Golconda Ahead of Maiden Resource
Key Takeaways
- Hole 26IGRC083 returned 3m at 8.73 g/t gold from 192m, about 400m south of Golconda, opening a largely untested southern corridor now being drilled by RC.
- Baxter has been extended to roughly 200m depth and 450m down plunge, with 4m at 4.05 g/t from 148m in 26IGRC106.
- The maiden Mineral Resource Estimate is due in early November 2026, making it the key near-term catalyst.
- Two rigs are operating, with about 26,500m of the planned 50,000m programme complete as of 14 October 2026.
- Aircore drilling has begun across the western half of the Island, targeting the Break of Day trend, extra BIFs and historical workings, while Chicago and Ironclad returned lower grades due to near-surface depletion.
Aircore drilling commences as Baxter and Golconda results extend gold zones
Caprice Resources (ASX: CRS) has commenced aircore drilling on the western zone of the Island Gold Project (IGP) in Western Australia’s Murchison Region. New Reverse Circulation (RC) gold drilling results also extend gold mineralisation at the project.
The headline intercept is 3m at 8.73 g/t gold from 192m in hole 26IGRC083, about 400m south of Golconda. Two rigs are now operating, with approximately 26,500m of the planned 50,000m aircore, RC and diamond drilling programme completed as of 14 October 2026.
The maiden Mineral Resource Estimate (MRE) remains on track for early November 2026. That puts these drilling results in front of the next major catalyst for the stock.
Luke Cox, Managing Director
“Aircore drilling is now underway across the western half of the Island, targeting the interpreted Break of Day gold trend, additional banded iron formations and historical gold workings to identify new mineralised zones for follow-up RC drilling…”
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Baxter and Golconda results open new search space
Drilling south of the central structural break, which hosts Vadrians, Golconda, Baxter and Eureka, has intercepted gold mineralisation 400m south and 200m deep. Caprice says RC drilling is currently testing this new search space. No resource has been reported.
Baxter extends down plunge
Results from Baxter provide further evidence of gold mineralisation at depths up to 200m and down plunge approximately 450m. Notable intercepts include:
- 4m at 4.05 g/t gold from 148m in 26IGRC106 (down plunge)
- 2m at 4.38 g/t gold from 104m in 26IGRC101 (up plunge)
Hole 26IGRC106 also returned a wider 8m at 2.35 g/t interval. For context, a prior announcement (13 July 2026) reported 7.0m at 10.0 g/t Au from 119m in 26IGRC045D.
Golconda 400m step-out
The southern intercept in 26IGRC083 lies along the same BIF unit as Golconda and across the central structural break. It includes 1m at 15.2 g/t gold.
The RC rig is now drilling the largely untested ~400m strike corridor south of the main prospect. Earlier Golconda results of 5m at 18.0 g/t and 12m at 3.9 g/t were reported on 12 February 2025 and are historical, not new.
Other notable intersections
The table below shows other results from the announcement.
| Hole ID | Prospect/target | Interval | Grade | From depth |
|---|---|---|---|---|
| 26IGRC075 | Western BIF (shallow) | **2m** | **6.54 g/t** | **6m** |
| 26IGRC082 | Eureka at depth | **1m** | **5.79 g/t** | **308m** |
| 26IGRC061D | Vadrians hanging-wall at depth | **3.7m** (including **0.6m** at **30.0 g/t**) | **5.1 g/t** | **291.4m** |
Intercepts are downhole lengths, not true width. True widths are estimated at 60-70% of the drill hole intercept width.
At Chicago and Ironclad, follow-up drilling returned lower grades. Logging and modelling identified significantly deeper weathering and more extensive gold depletion near surface, and the targets below these depleted zones remain untested.
Why does aircore drilling matter for explorers?
Aircore is a shallow, fast and typically lower-cost first-pass drilling method used to test large areas for new targets. RC drilling goes deeper and is used to follow up promising ground, while diamond drilling recovers solid core for detailed analysis. The announcement describes the aircore programme as regional first-pass drilling, with results guiding follow-up RC drilling.
Banded iron formations (BIFs) are layered iron-rich rocks that host gold at the IGP. A maiden MRE is the first formal estimate of the mineral quantity in a deposit, and it gives investors a baseline for judging scale.
The aircore targets are:
- The interpreted Break of Day host rock package, a strike extension of Ramelius Resources’ Break of Day mine, approximately 5km to the south
- Additional BIFs
- Historical surface gold workings
For you as an investor, low-cost regional drilling widens the pipeline of potential discoveries. It does not guarantee any will emerge.
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Next steps and what to watch
Caprice’s next steps, with two rigs operating, are:
- Continued regional aircore drilling across the western half of the Island
- RC testing of the Golconda corridor south to 26IGRC083
- Baxter follow-up, planned once the RC rig completes its current targets, testing depth and down-plunge extensions to the north and potential parallel lodes
- A small number of carefully targeted holes at Chicago and Ironclad to test mineralisation at depth in fresh rock
Samples from 21 RC holes (5,376m) targeting the Gap Zone, North Vadrians and Golconda are at various stages of laboratory processing. Results are expected to be received progressively and reported in batches, and the announcement gives no timing or resource size.
The maiden MRE, due early November 2026, is the key near-term catalyst.
The IGP sits in the Cue–Mt Magnet greenstone belt, close to Westgold’s Big Bell, Great Fingall, Comet and Tuckabianna operations, and Ramelius’ Break of Day and Hill 50 deposits. Figure 3 shows a strike length of +5km, with ten stacked BIF host rock units providing 50 strike-kilometres of highly prospective BIF.
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