The maiden aircore program on the southern end of Lake Austin is now complete. The program consisted of 80 holes for a total of 2,451m.
Variety of rock types intersected with contrasting stratigraphy to that of The Island. Samples have been submitted for analysis and are expected mid to late April.
High grade rock chips returned from the new Detector Gully prospect on The Island with results of 26.0g/t Au, 8.4g/t Au & 1.7g/t Au.
LAKE AUSTIN MAIDEN AIRCORE COMPLETED;
DETECTOR GULLY ROCK CHIPS OF UP TO 26.0g/t Au

ASX RELEASE | 8 March 2022 | ASX:CRS

onlySUMMARY

useCaprice Resources Ltd (ASX: CRS) ("Caprice" or "the Company") is pleased to provide an exploration update for the Island Gold Project ("IGP", "Project"), located in the Murchison region of Western Australia.

personalAircore drilling on the Lake Austin portion of the IGP has been completed. The program was the first drilling to test the southern end of Lake Austin. A total of 80 holes were completed for 2,451m at an average hole depth of 31m. This is considerably lower than the budgeted 75m per hole. Pleasingly, the average depth of transported cover was less than 10m, significantly shallower than expected.

A range of rock types were intercepted, including ultramafic, mafic and intermediate lithological units, as well as felsic porphyry and dolerite intrusives. Shearing and quartz veining was also seen in several holes. All samples have been submitted for analysis with turnaround time expected of 6 - 8 weeks.

In addition to the completion of aircore drilling, mapping and rock chip sampling on The Island identified a new high-grade prospect, Detector Gully. The high-grade grab samples taken from BIF exposures at surface is very promising, with this new prospect to be tested in the next round of RC drilling.

Managing Director, Andrew Muir, commented:

"The Lake Austin aircore drilling program has been very insightful, revealing a number of positives in a previously untested area. Whilst immediately adjacent to a salt lake, there is less than 10m of transported cover, significantly less than expected. The area contains a variety of favourable rock types, as well as a

Forhighly variable depth of weathering, possibly reflecting the presence of structures and alteration. The assay results will be eagerly awaited.

Exploration continues on other parts of the IGP, with rock chip and mapping identifying the new Detector Gully prospect. With high grade gold at surface, this prospect is a high priority drill target for the next round of RC drilling on The Island scheduled to commence in the next few months.

In addition, work is ongoing on Cuddingwarra, Big Bell South and Northampton, with activities including target generation, geophysics planning and interpretation, in preparation for drilling programs across a range of projects."

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Level 3, 10 Outram Street, West Perth WA 6005 Australia

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ASX RELEASE | 8 March 2022 | ASX:CRS

The Island

Lake Austin

Detector Gully

Lake Austin

Aircore Drilling

Figure 1: Island Gold Project Prospects

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Figure 2: Lake Austin Aircore Hole Locations with Hole Depths

Figure 3: Aircore Samples (LHS) & Strike Aircore Rig in Operation (RHS)

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Detector Gully

onlyDetector Gully is located towards the northern end of The Island. Caprice undertook mapping and sampling of a small exposure proximal to historical workings. The exposure is part of the Delta BIF which also hosts the Baxters mineralisation c.2.1km to the south.

The mapping identified a possible south-west dipping fault with c.20-30m strike slip offset. This fault appears to be associated with folding and veining. The BIF contained regularly spaced veins and fractures, similar to Vadrian's North, that continues up to 30m south along the BIF outcrop.

useFour grab samples were taken from the exposure, with results of: o 26.0 g/t Au - 21G028 - Siliceous fault on BIF contact;

o 8.6g/t Au - 21G027 - Oxidised BIF fold nose; o 1.7g/t Au - 21G025 - Quartz vein; and

o 1.0 g/t Au - 21G026 - Quartz vein.

personalFollowing these results, several drill holes testing Detector Gully will be incorporated into the next RC program, currently scheduled for April.

For

Figure 4: Detector Gully Mapping and Samples - Geologist Pick for Scale

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ASX RELEASE | 8 March 2022 | ASX:CRS

Next Steps

onlyCaprice continues on-ground exploration on the IGP, targeting new mineralisation.

We expect results from the aircore program in the next 6 to 8 weeks, noting the slow assay turnaround impacting the industry.

Following that, we expect to undertake follow up RC drilling on the Island in the next month or two.

Beyond that, at Big Bell South and Cuddingwarra projects we intend to undertake soil sampling, mapping and followed by preliminary aircore drilling towards the middle of the year.

useThis announcement has been authorised by the Board of Caprice.

For further information please contact:

Andrew Muir personalManaging Director

muir@capriceresources.comFor

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Caprice Resources Ltd. published this content on 07 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2022 22:40:02 UTC.