Short answer @Zboats is YES !

I've been buying IRL and here, although I missed today's low IRL unfortunately. They appeared to be sold down on the drilling results in their announcement today - HIGH-GRADE GOLD GROWTH CONTINUES ACROSS THE ISLAND GOLD SYSTEM.pdf [27-May-2026] - being lower than those bonanza grades (22m @ 66.2 g/t gold, including 8m at 181 g/t gold from just 42m downhole) that they announced three weeks ago - Bonanza 22m @ 66.2 g/t Gold Intersected in New High-Grade Zone Parallel to Vadrians.pdf [06-May-2026].

However the assay results from below and to the left of that bonanza grade hit are still pending - those assays were NOT released today.

Here's the cross section schematic from the announcement on the 6th:

The most important assays we are waiting for are 26IGRC030D and 26IGDD0010, the former being an RC (reverse circulation) drillhole and the second being a Diamond Drilling (DD) hole, hence the letters "RC" and "DD" in the respective hole identifiers. Those two are down plunge from the bonanza grades intersersected by 26IGRC010, and we haven't got those assays back yet. Even if the gold does not extend down to that second or third drillhole (below the bonanza-grade hit), it's still going to add significant gold to their MRE once they update it, which will take more drilling and assays obviously, but if it DOES extend down further, CRS could be worth multiples of their sub-10-cents share price (they closed at 8.5 cps today).

So, on that diagram above, they explained (on May 6th) that the new bonanza grade hit was ~120 meters parallel to the primary Vadrians lode.

Today's announcement was to explain that they have decent grade gold that extends at least 5 km in terms of horizontal strike length:

The Bonanza Grades are behind (120m west of) the main Vadrians lode in the middle of that diagram, and today's announcement sheds zero light on whether that bonanza-grade gold extends at depth because today's result was about different drillhole assays:

There was only one drillhole from Vadrians that was reported in today's announcement - being the top one in that table (26IGRC015), and that's not one of the ones that we're waiting for. All of the rest are from further away, i.e. to the North or South of Vadrians, because the schematic oblique section of the Island Gold System above (above the table) is looking west. Vadrians is just one part of the Island Gold System and they're drilling all around the system to see just how far the gold extends. They are now drilling way more around those Bonanza-grades near Vadrians because of that hit, but those drillholes haven't been completed and assays from those are still weeks away, but they HAVE already drilled two holes below that massive 22m @ 66.2 g/t gold hit they reported on May 6th, being 26IGRC030D and 26IGDD0010, and while those assays were not released today (because they haven't received the results back yet), they shouldn't be too far away.

So it's their 100%-owned Island Gold system (shown below) that is where they are finding all this gold currently, and that's part of their Murchison Project (shown above)

And within that 5 km of mineralised ground that forms the Island Gold System, they have their highest grades in the middle at Vadrians, shown below:

All of the drill hole intercepts marked with a P above are pending assay results. This is from Caprice's website today: https://www.capriceresources.com/projects/murchison-projects/

Everything that's pink above is thought to have between 10 and 50 grams of gold per vertical metre based on their interpretation of their drilling results so far, and the purple areas means greater than 50 grams of gold per vertical metre.

Here's the same schematic they included in today's drillhole assay results announcement:

So they're only showing NEW drillhole results since their last announcement about drillhole results. All of the drill hole intercepts marked with a P above are still pending assay results. This one (directly above) is from Caprice's announcement today (27th May): HIGH-GRADE GOLD GROWTH CONTINUES ACROSS THE ISLAND GOLD SYSTEM.pdf

Here's where Vadrians sits using a satellite image looking north.

Again that's off their website today: https://www.capriceresources.com/projects/murchison-projects/

So the TL;DR version is that today's announcements are nice but they are not the results that I'm hanging out for with CRS. Those are still to come.

And as I have previously mentioned, they are in an ideal location from the POV of having cashed up neighbours who have operating gold mills close by.

CRS have multiple projects...

Source: https://www.capriceresources.com/

...but I'm only interested in one of those, Island Gold, which is one of their Murchison Gold Projects. Their other Murchison tenements might also be good value over time, but right now it's that ultra-high ("bonanza" grade) gold that they've found next to Vadrians in their Island Gold project that interests me most.

And today's announcement doesn't tell us anything about that particular section of that particular project - we are still waiting for those assay results.

Disclosure: Ohh yeah, Holding.

Regarding that hole specifically that you refer to @Zboats it's shown on the right at the northern end of Vadrians below:

The bonanza grades were hit at the southern end of this schematic, which faces west, behind the main Vadrians lode (120m west of it, and this is looking west, so it's behind it). And there are a lot of Ps down that end, meaning assays Pending. This diagram (from today's announcement) only shows new drillhole assay results, not ones that have previously been reported, and the one you mentioned is the one on the far right of that schematic above from today's announcement, at the northern extension of Vadrians (or "Vadrians North").

My thoughts are that it could have been this particular statement on page 4, which might have made things unclear to the market: "RC drilling is now targeting shallow positions surrounding the high-grade gold intercept in 26IGRC010 to better define the orientation and continuity of this mineralisation, following recent deeper drilling that did not intercept the structure in the interpreted orientation."

Also, with that recent hole which they reported on today (26IGRC015) which is to the right of the diagram above, they are trying to establish whether more ultra-high grade gold exists on the other side of the dyke (which can stop the normal mineralisation spread?). That section to the right is still open and they have plenty of planned drilling there and in the other sections to see how far the high grade mineralisation extends, so I guess it's okay that they had "only a decent" grade there as this result and the others there hint that they might still find something in that open section.

Thanks as always for your detailed responses!

Yes, you're absolutely correct @Zboats - I missed that. So it appears that they HAVE indeed received assays from 26IGRC030D and 26IGDD0010 as those would be the "recent deeper drilling" referred to there on page 4, and there was bugger-all gold, so they are considering the system to be closed off at depth at those levels. I guess they only report on the drill holes that actually do have gold above their cut-off grade, and those two didn't make the cut, so haven't been included in today's announcement beyond that mention on page 4 which we should assume refers to them.

Yes, that would have certainly contributed to the sell-off today.

So I guess there's two obvious possibilities, being (A) that the gold extends in a different direction, or (B) that the gold doesn't extend at all, which I would find odd, but not impossible.

A few years ago a company I was following (and had shares in) called Stavely Minerals Limited (SVY) was looking for gold and hit massive copper grades and their share price went to the moon (well, from 24 cps to $1.36) on the expectation that they'd just discovered a massive new high grade copper deposit in Victoria, but it turns out that it was really small in terms of that high grade copper, and they'd drilled right through the middle of it and it really didn't extend much at all, and never became a mine.

Led by executive chair and long-time JORC committee member Chris Cairns, the company made a massive, shallow, high-grade copper-gold-silver discovery at the Cayley Lode (within the Thursday's Gossan project in western Victoria) in September 2019. While they've found more copper plus gold at the project since then over the past five and a half years, it never lived up to the expectations that everybody had when they first reported that ultra-high-grade copper in 2019. and SVY's share price has dropped from a high of over $1.30 to now being $0.012, so just over one cent per share.

So, yeah, CRS might go down a similar path to SVY, but $20K of my investable capital is betting that they won't. We shall see.

While i was not specifically asked, I agree with what has been said so far. Caprice did include the RC drilling results with only the wording on Page 4 and a few references in the diagram, but it’s clear in the table of intercepts that they had no significant intercepts for this assay. However the update yesterday does not appear to include the results of the Diamond Drilling 25/GDD0010.

Like @Bear77 said, they are still doing some further drilling around the site, and if I'm interpreting right, they would be looking in that Banded Iron formation to the left and right of the high grade intercept to see if other results can be found. Its not dead in the water but the hope of finding more 'bonanza grades' is somewhat diminishing and is likely to be why the price may have tanked a bit yesterday.

As for future potential, there's still quite a lot of pending assays around Vadrians.CRS have also slightly altered their proposed drilling approach, which resulted in 5 of their drilling targets at Vadrians being removed in their release to the market yesterday, with one also changing from planned to pending DD. Note the image below is from the market release on 6/5 and used for comparison purposes only.

Even with the fewer planned drill holes in those locations, there will still be plenty of potential news flow events in the coming weeks/months that could still tilt the dial to the positive, especially with the green shaded area where the assays are still pending. I am guessing this is what Bear was referring to above in his post.

Their proximity between two major miners is very promising and helps make this one a very asymmetric bet.

Disc: Held IRL and SM.

Value? Yes

Why? EV to my estimate of ounces is attractive

Should you? Depends

Directionality is important as with the down dip extensions of 26IGRC010 coming up light, it takes away momentum and reigns in the blue sky. It also overshadows the result of 26IGRC015 as investors will assume small pod not new big structure until proven otherwise.

Overall, the release is a mixed bag.

At 26IGRC010, the down dip holes were designed to hit Vadrians so them not being effective isn’t unreasonable. If the orientation of that hit is different to the BIF units then it means it will more likely be a smaller structure, albeit one that can add meaningful ounces still.

The Dyke cutting through the north appears to have broken up the system and for now has capped northern extensions, but this requires further drilling (which CRS is doing) as the long section notes higher grade hits. There is also a porphyry rock unit cutting the BIF at 26IGRC015/16. The northern end of Vadrians is proving to be choppy and more complex.

The result of 26IGRC001D came back at 0.45gpt or essentially NSI which suggests Vadrians is pinching out to the north but when I put it in my 3D model it doesn’t look like it effectively tested the structure. So, whilst cautious that the south may be closing out along strike, I’m not sure its definitive yet. Otherwise, it generally remains open down dip/plunge.

50km of drilling means lots of holes and catalysts ahead for CRS.

I also think the SVY analogy is not relevant as that is a different set up to CRS. Whilst it could follow a similar sort of pathway if drilling continues to bust and this is all we get resource wise, being on MLs in the middle of gold country WA in a M&A cycle provides more support.

For me, not buying or selling at this point in time.