Caprice Resources Share Price Makes Up for Months of Losses with Gold Extension
The share price of Caprice Resources Ltd [ASX:CRS] has spiked today thanks to exciting new gold intercepts from the New Orient prospect at the Island Gold Project in WA.
At time of writing CRS shares are up 27.66%, or 6.5 cents, to trade at 30 cents per share.
The rise in the share price today has reversed the explorer’s losses made over the past two months.
With the gold price now looking like it’s levelling out, the CRS share price could begin to retrace some of its big gains made last year.
High grade gold extended at New Orient
CRS released the final drill results today from its 2020 drill program at the New Orient prospect in the Cue Goldfields of WA.
The program was designed to confirm the plunge and the continuity of the high-grade zones, as well as extending the depth and strike of the deposit.
The explorer says conclusion of the program demonstrated extensions to the high-grade gold mineralisation at depth.
REVEALED: What’s next for Aussie gold stock prices? Learn more.
In addition, they confirmed the primary plunge of the mineralisation is associated with the intersection of the north west trending fault.
Highlights from the final results include:
- 3m at 32.96 grams of gold per tonne (g/t) from 129m, including 1m at 68.25g/t from 130m
- 10m at 10.99 g/t from 67m and 1m at 3.43 g/t from 96m
- 4m at 12.46 g/t from 80m
- 6m at 4.72 g/t from 110m, including 3m at 8.6 g/t from 110m
Source: Caprice Resources
CRS say the results further enhance their understanding of the structural controls on the high-grade shoots within the broader mineralised system, which remain open at depth and along strike.
Executive Director Scott Patrizi said:
‘We are particularly pleased with these latest results at New Orient, given the presence of very high-grade intersections that are continuing at depth and the prospect of offset zone(s) of mineralisation uncovered…
‘Our understanding of the structural controls continues to develop, which has allowed us to expand our current targets ahead of the 2021 exploration campaign.’
What does Caprice have going on in 2021?
We could be in store for even more extension from CRS this year with a 4,000m drilling campaign to resume in early February to further extend known targets.
Which means we might see momentum build for the CRS share price over the coming months, particularly as Australia strengthens its position as one of the world’s top gold countries.
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For The Daily Reckoning Australia