Caprice Resources (ASX:CRS) Hits 30 g/t Gold at Vadrians: Is It Time to Buy or Take Profits?

Caprice Resources Drills 30 g/t Gold at Vadrians

Caprice Resources (ASX: CRS) is starting 2026 with a bang. The gold explorer has delivered bonanza-grade drilling results from its Island Gold Project in Western Australia, including 4 metres at 30.6 g/t gold. The stock is now trading around A$0.11, marking a multi-bagger return of over 450% from its 52-week low of around 2 cents. This puts the market cap at roughly A$74 million. With gold prices at record highs and assay results expected over the coming weeks, investors are asking whether Caprice still has room to run or whether the easy gains are behind us.

The latest drilling at the Vadrians prospect confirms that gold mineralisation extends to at least 400 metres vertical depth and more than 1,000 metres along strike. These numbers matter because they suggest the project has the size and grade to support a meaningful resource estimate.

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Island Gold Shapes Up as a Potential Murchison Discovery

What makes Caprice’s Island Gold Project stand out is its location in the Murchison goldfields, one of Western Australia’s most productive gold regions. The project sits between two major gold producers: Ramelius Resources and Westgold Resources. Both companies operate processing mills within trucking distance, which means Caprice may not need to build its own plant to turn ore into cash.

The geological setting also looks promising. Caprice Resources is targeting structures similar to those that host Ramelius’s Break of Day deposit, which contains 327,000 ounces at 10.4 g/t gold. That deposit led to Ramelius acquiring Musgrave Minerals for more than A$200 million in 2023. Adding credibility, Caprice’s technical team is led by Non-Executive Chairman Rob Waugh, the former Managing Director of Musgrave Minerals.

The company has identified a 5-kilometre strike corridor with more than 30 prospective targets, most of which remain untested below 100 metres depth.

Strong Assay Pipeline Sets Up Consistent Newsflow

Caprice Resources has a busy few months ahead. The company has 80 drill holes awaiting assay results, including 10 diamond tail holes and 70 air core holes. Results are expected from late January to early February, providing a steady stream of potential catalysts.

The 7,000-metre balance of the fully funded Phase 4 drilling program has now restarted. If results continue at the grades seen so far, Caprice Resources could deliver a maiden Mineral Resource Estimate in the coming months.

Managing Director Luke Cox said, “Starting 2026 with a great set of assay results, drilling restarting, and record-high gold prices sets the scene for further success.”

The Investor’s Takeaway for Caprice Resources

We believe Caprice Resources remains one of the more compelling exploration stories on the ASX. The combination of high-grade hits, depth extensions, experienced management, and proximity to existing mills creates a clear path towards value creation.

That said, investors need to weigh the risks. Caprice Resources has no defined resource yet, meaning the share price is driven by exploration results and sentiment. The stock has already rallied hard, so expectations are high. If assay results disappoint or gold prices pull back, the share price could fall quickly.

For aggressive investors who can handle volatility, adding on pullbacks could make sense. Conservative investors may prefer to wait for the maiden resource estimate. Key things to watch: assay results due in February and resource timing announcements.