Caprice Resources Ltd has released an update detailing the encouraging Phase 3 Reverse Circulation drilling results from its Island Gold Project in Western Australia’s Murchison Goldfields. According to the announcement, the first 17 assay results out of 43 drilled holes have revealed the highest quality intercepts recorded to date – including an outstanding intercept of 11 meters at 17.3 grams per tonne gold at the Vadrian’s target. Notably, portions of this intercept even returned 9 meters at an impressive 21.0 grams per tonne, confirming the recent Evening Star discovery as a new high-grade lode. The drilling has also extended mineralisation along the high-grade system to at least 350 meters along strike and has added valuable depth information to what remains an open and expansive deposit. The technical details indicate multiple promising high-grade intercepts at Vadrian’s, along with significant new gold mineralisation near New Orient. In one drill hole near New Orient, a 21-meter intercept with 1.3 grams per tonne gold was recorded, which also included a sub-interval of 2 meters at 9.2 grams per tonne. These findings validate historical targets and underscore the potential for additional stacked gold lodes within the 5-kilometer-long IGP Corridor. The project, characterized by banded iron formation host rocks and cross-cutting structures, exhibits similarities to other prolific gold deposits in the area. The company has already planned follow-up drilling – including an air core programme under the shallow sediment cover near Lake Austin – slated to commence in September and extend into fourth-phase drilling later in 2025. For beginner traders, the news highlights a significant exploration milestone with strong technical indicators such as high-grade intercepts and substantial intercept lengths. The Phase 3 results, which represent about 50% of the new at-depth drilling at Vadrian’s, bring renewed optimism that Caprice Resources Ltd is on track to define a maiden high-grade gold resource, bolstered by its strategic location near established processing facilities. Market sentiment can be seen as mixed. On the bullish side, the exceptional intercepts and extension of mineralisation at depth suggest a sizable upgrade to the project’s potential, pointing to strong upside for investors as further assay results are anticipated. Conversely, the bearish perspective notes that only the first batch of assays has been released, and additional drilling and assay results are still pending. As with any early-stage exploration project, uncertainties remain regarding the full extent of the resource, and the success of planned follow-up programmes will be critical in converting exploratory successes into a viable mining project.