Caprice Resources Ltd. to provide an exploration update for the Solis Prospect, at the southern end of the Island Gold Project ("IGP", "Project"), located in the Murchison Region of Western Australia. The maiden aircore program at Solis in early 2022 delineated a +1km long regolith gold anomalous zone. The maiden program was drilled on 400m line spacing with 80m spaced holes.

An infill program consisting of 39 holes for 1,146m was recently completed at Solis, tightening the hole spacing in the main anomalous areas. The program has successfully returned grades in line with the maiden program and confirmed the +1km gold anomaly. In addition, the closer spaced drilling enabled a preliminary interpretation of the anomaly's geometry within the regolith profile.

The information from the combined aircore programs has been used to plan a follow up RC program, which is scheduled for late June/early July. The RC program will look to test depths of c.100m, compared to the average aircore depth of c.30m, and will give insights into the mineralisation in fresh rock. The Solis Prospect, located within the IGP, is at the southern end of Lake Austin within E 21/186.

The maiden aircore program was completed earlier in the year. That program consisted of 80 holes for 2,451m and delineated a +1km gold in regolith anomaly, with multiple +1g/t intercepts. The recently completed follow up aircore program consisted of 39 holes for a total of 1,146m.

The holes were focussed on five of the existing 400m spaced drill lines. The drilling was designed to improve drill coverage across the stratigraphy, with hole spacing improved to 20-50m, as well as evaluate the orientation of regolith anomalies from the maiden program. In-line with the maiden aircore program, 4m composite samples were collected downhole, with 1m resamples taken for composite samples that returned gold values greater than 0.1g/t Au.

Better 1m results from the infill program include: 1m @ 3.6g/t Au from 37m in 22IGA0088, 1m @ 1.3g/t Au from 34m in 22IGA0086, and 1m @ 1.0g/t Au from 17m in 22IGA0095. Importantly, there were multiple +0.3g/t intercepts that indicated an apparent west dipping gold in regolith anomaly. The westerly dip was most evident in the highest-grade area of the anomaly and will be used to guide hole locations for follow up RC drilling.

Gold anomalism at Solis is associated with shearing and/or sericite-carbonate alteration with minor fine quartz filled fractures or veins. Bottom of hole multi-element analysis indicates that the stratigraphy consists of an alternating sequence of tholeiitic basalt, high-Mg basalt, and ultramafic units. The drilling also highlighted several felsic to intermediate intrusives, which were often proximal to anomalism or hosting anomalous intervals.

Whilst the stratigraphy is striking north-north-east, gold anomalism is most likely trending towards the north-east, based on maximum downhole gold, bottom of hole gold, and several bottom of hole pathfinder element anomalies, including arsenic, antimony, molybdenum, and bismuth. However, given the broad line spacing, the interpretation of the geometry and strike is likely to be refined once more detailed data is acquired. Aircore drilling has successfully identified a large-scale +1km gold anomaly at Solis, indicating there is excellent potential for the prospect to host gold mineralisation.

Follow up RC drilling will give crucial insights into the mineralisation in fresh rock and at depth, with drilling scheduled for late June/early July, with final timing dependent on rig availability. Beyond the RC drill program, the company will look to test the other previously untested islands on Lake Austin with aircore drilling in the coming months.