• Air core drilling commences as part of 20,000m Phase 4 drilling campaign
• Targeting strike extensions to Vadrians deposit and parallel banded iron formations
• Ground gravity modelling identifies high-priority targets for drill testing

Caprice Resources Ltd (ASX: CRS) has commenced the air core (AC) drilling component of the Phase 4 drilling campaign at the Island Gold Project (IGP). The AC program forms part of the fully funded 20,000m Phase 4 drilling campaign, which also includes reverse circulation (RC) and diamond drilling. Approximately 10,000m of AC drilling is scheduled to target high-impact strike extensions to the Vadrians deposit and test parallel banded iron formations (BIFs) which represent new discovery targets within the IGP mining lease. The Company now has 3 rigs operating across the IGP, with diamond, RC and AC drilling forming a systematic resource definition and discovery program. Ground gravity 3D inversion modelling has identified three major breaks, with the northern and central breaks aligning with known mineralization at New Orient and Vadrians, respectively. The northern and southern breaks correspond with two sparsely tested one-kilometre long zones which are covered by thin lake sediment, yet shallow artisanal workings on the margins indicate strong potential for new gold systems similar to Vadrians. The AC component across numerous target domains will offer additional discovery pathways this year, while the RC and diamond drilling will extend known zones of high-grade gold mineralization and collect data to underpin a maiden Mineral Resource Estimate.

The Company anticipates completing the diamond drilling component of the Phase 4 campaign during the fourth quarter of CY2025, with assay results expected late this year and early 2026. RC drilling will continue in parallel, providing a steady stream of batched results from across the mineralised corridor. The integration of the recently acquired Comet Gold Project into Caprice's broader Murchison exploration portfolio further enhances the Company's district-scale gold potential and pipeline of drill targets for testing.