Caprice Resources : NORTHAMPTON PROJECT TARGET GENERATION UNDERWAY

NORTHAMPTON PROJECT TARGET GENERATION UNDERWAY;

MAIDEN DRILLING SCHEDULED FOR H2 CY22

SUMMARY

The three Exploration Licences that significantly expanded the Northampton Project to over 1,170km2 have now been granted

Reprocessing of regional aeromagnetic geophysical data completed, enabling more refined regional targeting

A baseline regional stream sediment sample program has been completed Systematic target generation is now underway to define a range of priority areas RC Drilling expected in H2-CY2022

Caprice Resources Ltd (ASX: CRS) ("Caprice" or "the Company") is pleased to provide an update on the Northampton Base Metals Project (Northampton), located in the Northampton Mineral Field of Western Australia.

The large Exploration Licences (E66/111-113) that make up a majority of the Northampton project by area have been granted. These tenements have been subject to very limited historical in-ground exploration. To support regional targeting, regional airborne magnetics data has been reprocessed, as well as a review of the GSWA 20km spaced Sky TEM data.

In addition, a regional low-level multi-element stream sediment geochemistry program has been completed to give baseline information, as well as to assess correlation between mineral occurrences and anomalous base metals pathfinder elements.

Detailed target generation is underway, combining the geological and structural interpretation, geophysics and geochemical data.

Next steps will involve drilling of selected advanced targets, focussing on the historical Lady Sampson workings at Yungaro, as well as following up the 2020 drilling at Wheel Fortune that returned 31m @ 1.1% Cu, 2.0% Pb & 9g/t Ag (ASX 1/10/20). Geophysics are planned for the earlier stage and more regional targets. Work has also commenced on access agreements for the more advanced targets.

Managing Director Andrew Muir commented:

"We are very pleased with the initial findings from our work completed since we significantly expanded the project, particularly the geophysics reprocessing, which has significantly helped to refine our path forward. We look forward to drilling our advanced targets in the second half of CY2022, whilst we refine the larger more regional structural targets."

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Figure 1: Northampton Project

Geology and Background

Caprice's Northampton Project covers an area of 1,170km2, encompassing a large portion of the Proterozoic Northampton Complex. Caprice believes the area has significant potential for base metals mineralisation and is developing an appropriate exploration strategy to test the area's prospectivity.

The Northampton Complex is a fault bound Proterozoic inlier composed of granulite facies paragneiss. The paragneiss has been introduced by an early suite of granitoids and pegmatites followed by a late swarm of tholeiitic dolerite dykes. The dolerite dykes are interpreted to have intruded along regionally dominant north-east striking faults prior to the development of Pb-Cu-Zn-Ag mineralisation. The north-east striking faults are interpreted to have acted as the main channel for Pb-Cu-Zn-Ag mineralisation into narrow dilational sites. The Northampton Complex is uncomfortably overlain by Perth Basin sediments. The deposition of the Perth Basin sediments is thought to postdate mineralisation.

The Pb-Zn-Cu-Ag mineralisation mined in historical deposits was narrow, typically sub-vertical and composed of massive to semi-massive sulphides.

Historically, lead was the dominant mineral mined, with minor copper and a small number of zinc operations. Mine plans and reports have referenced copper zones where lead mineralisation gave way to copper dominant mineralisation. As historical mines were targeting lead zones, mining often ceased once the copper rich zone was encountered.

Exploration Strategy

Drilling

The Company intends to undertake RC drilling in the second half of CY2022. This drilling will focus on the advanced targets within the project, which are better understood due to previous historical work and by Caprice.

The two immediate areas of focus will be around the historical Lady Sampson workings, and following up CRS's 2020 drilling at Wheel Fortune.

At Lady Sampson, located on the recently acquired Yungaro Project, there are small scale historical workings, associated with the Lady Sampson fault. Whilst holes are yet to be planned, drilling will likely test the depth, thickness and strike extents of the mineralisation.

At Wheel Fortune, CRS completed a small RC program in late 2020, yielding some excellent results (see ASX: 1/10/20) including:

• • 31m @ 1.1% Cu, 2.0% Pb & 9g/t Ag,

• • incl. 3m @ 3.8% Cu, 3.8% Pb & 3g/t Ag

RC drilling for Wheel Fortune is still at the planning

stage but is likely to focus on testing the extents of the historical mineralisation, as well as follow up on the 2020 results.

Geophysics

On a more regional scale, the Company is looking to focus exploration on the interaction between the early pre-existing structures and features with the controlling north east striking structures.

With the recent granting of the large Exploration Licences, the Company has now reprocessed the regional airborne magnetics and gravity to improve clarity on the geology and structures of the Project.

In addition, Caprice has undertaken a review of the GSWA 20km spaced Sky TEM data to assess for the potential of any relevant conductors within the Project.

The review and reprocessing have significantly improved the clarity of CRS's understanding of the structures within the Project and the region, highlighting a number of areas worthy of follow up and more detailed study.

Given the coarse spacing of the regional data, and very broad area, additional air magnetics will be undertaken to refine our understanding of specific areas, ahead of on ground field work.

Geochemistry

A modest sized regional low-level multi-element stream sediment geochemistry program has been completed.

The aim of the program is to generate a baseline dataset to assess the potential correlation between historical mineral occurrences and anomalous base metals pathfinder elements.

It is likely that more detailed geochemistry programs will be undertaken, combined with field reconnaissance and mapping in due course, once the regional targets have been refined following additional geophysics and targeting.

Summary and Next Steps

Following the granting of the EL's and Yungaro acquisition, Caprice has the dominant landholding in this fertile yet overlooked and underexplored mineral field.

Work to date has shown that Caprice's exploration concepts remain valid, with the geophysical reprocessing and review giving much improved insights on previous datasets.

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