Caprice Resources Ltd (ASX: CRS) (Caprice or the Company) provides an update on its Cuddingwarra Gold Project (Cuddingwarra) located in Western Australia’s prolific Murchison Gold Fields (Murchison). Exploration has commenced with visible gold located in outcropping quartz reefs above a Caprice high- priority gold target analogous to Westgold Cue gold deposits.
HIGHLIGHTS
- Ongoing ground truthing focussed at ten high-priority structurally controlled gold targets, identified from aeromagnetics, delivered immediate success with visible gold in outcrop above high-priority gold target known as CUD-GPX01:
- CUD-GPX01 is defined by the intersection of north-south striking greenstone and cross-cutting northeast structures.
- Structural setting analogous to Westgold’s Cuddingwarra deposits just 2km to the east where these cross-cutting northeast structures control deposit locations and high-grade gold mineralisation.
- Cuddingwarra historical surface workings highlight extensive quartz reefs:
- Quartz reefs commonly associated with high-grade Murchison gold deposits such as Ramelius Resources’ Hill 50.
- Cuddingwarra mineralised greenstone corridor provides 10km of prospective strike. DEMIRS approval (POW) granted for Cuddingwarra drilling:
- Drilling planned to commence following the surface rock chip sampling and mapping program.
- +15Moz Murchison gold endowment with multiple mining and processing centres. Caprice has implemented a three-pillar gold development pipeline strategy:
- Pillar 1 – Exploration Cuddingwarra
- Pillar 2 – Resource Definition Island Gold Project
- Pillar 3 – Feasibility Study New Orient Gold Mine
Exploration has commenced at the Company’s Cuddingwarra Gold Project, with field geological mapping and surface sampling initially focussed at ten high-priority targets defined by the intersection of prospective north-south striking greenstone stratigraphy and cross-cutting northeast structures identified from aeromagnetics. At the high-priority target known as CUD-GPX01, an outcropping quartz reef, approximately 30m by 10m in size situated along a slightly elevated ridge, hosted vuggy, milky and clear quartz veining. Within the CUD-GPX01 quartz reef localised prospector surface workings have exposed fresh veining hosting visible gold mineralisation (refer to Figure 1).
The Company cautions that with respect to any visual mineralisation indicators, visual observations and estimates of mineral abundance are uncertain in nature and should not be taken as a substitute or proxy for appropriate laboratory analysis. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations
Description of visual gold mineralisation:
CUD-GPX01 vein dominated by quartz with lesser gauge minerals and multiple zones of primary textured free gold mineralisation throughout the sample representing approximately one-percent (1%) of the total sample by volume. The sample will be sent for initial micro pXRF analysis and to the laboratory for assay; with results expected to be available in six to eight weeks.
CEO, Luke Cox, commented:
“With the Australian dollar gold price above A$4,000 an ounce, it makes rich pickings for anyone with high-grade gold deposits and Caprice has an exciting portfolio of gold projects within the prolific Murchison region. Our Cuddingwarra Gold Project is remarkably underexplored, as it has been dismissed by previous explorers who thought it was concealed beneath a blanket calcrete cover. Our field observations have confirmed that this is, in fact, not the case, with the location of outcrop including quartz reefs with visible gold by the Caprice team far exceeding our expectations and highlighting Cuddingwarra’s potential to deliver significant gold discoveries. Initial exploration at Cuddingwarra complements the Company’s growth and resource definition drilling programme at our Island Gold Project and New Orient Gold Mine, as we advance to identifying a potential development opportunity.”
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