Resources Top 5: Caprice wins the day with 160% uplift on gold drilling results

Caprice shares fly sky high as Phase 1 drilling results hit shallow, thick gold
Cosmo Metals enters option to acquire gold-antimony-copper projects in NSW
Blackstone Metals is still up on news last week of a merger with IDM International

Your standout small cap resources stocks for Wednesday, February 12, 2025.

Caprice Resources (ASX:CRS)

Caprice was the biggest resources gainer – by a significant margin and with massive turnover – rising over 150% today thanks to Phase 1 drilling at its Island project returning thick, shallow high-grade gold in multiple stacked lodes.

Shares in the company also climbed strongly on Monday, February 10, prior to its entering a trading halt relating to exploration results at that time.

Punters who had bought in then clearly were on to something given the strong results that were released today from the Phase 1 drilling that was conducted in December 2024.

This returned gold assays of up to 28m at 6.4g/t from a down-hole depth of 114m including 4m at 16.4g/t from 130m in hole 24IGRC009 at the Vadrians Hill target and 12m at 3.9g/t from 90m including 6m at 5.9g/t from 94m in 24IGRC001 at the Baxter target.

Both holes also intersected shallower gold intersections of 27m at 3g/t from 48m including 5m at 6.9g/t from 69m (24IGRC009) and 9m at 2.8g/t from 27m including 3m at 5.8g/t from 30m (24IGRC001).

Adding interest, the multiple thick, stacked gold lodes intersected at depth and down-plunge from surface workings remain open in all directions with drilling constrained to less than 100m vertical depth.

This lends credence to the company’s goal of find a potential mirror of Ramelius Resources’ (ASX:RMS) Break of Day deposit just 12km away, which has a resource of 327,000oz at a super-high grade of 10.4g/t gold. Part of the broader 900,000oz+ Cue gold project, the discovery played a key role in Musgrave Minerals’ $200m sale to Ramelius in 2023.

Phase 2 drilling is currently underway to test this highly prospective structural corridor through the Baxter, Golconda and Vadrians Hill targets with assays expected in late March or early April.

Further drilling will also be carried out to test additional cross-cutting structures, with the objective of delivering a potentially significant maiden resource for the Island project.

Cosmo Metals (ASX:CMO)

CMO has been given the A-OK to acquire the belt-scale Bingara and Nundle gold-antimony-copper projects in NSW’s New England Orogen.

The projects span areas of the highest antimony-gold prospectivity outside of Larvotto Resources’ nearby Hillgrove asset and as mapped by the NSW Mines Department.

Antimony was one of the top performing commodities for 2024 beginning the year at US$13,000/t and rising to US$38,000/t. It is now caught up in the ongoing trade war between China and the US with traders expecting prices to climb above US$40,000 in 2025.

CMO is fully funded to begin initial exploration with the intention of undertaking a 4 for 5 non-renounceable entitlements offer to raise $1.6m.

Immediate activities will include a geophysical survey and geological mapping to identify and prioritise drill targets such as those along strike from historical workings to enable maiden drilling.

Forrestania Resources (ASX:FRS)

FRS has wrapped up a $360,000 placement to further gold drilling at the Bonnie Vale project near Coolgardie, WA.

Drilling at the asset in 2024 extended gold mineralisation over a 225m strike length, which remains open to the north, south and at depth.

The funds raised through a non-brokered private placement at 1c each will see Daniel Raihani emerge with a 7% interest in the company.

“To complete this placement above the recent share price in the current environment is a strong signal of support for the company’s projects and gold exploration strategy,” FRS chairman John Hannaford said.

“We are also very pleased to welcome Daniel Raihani as a substantial shareholder, he has an impressive record of shareholder wealth creation through his existing gold-focussed investments and with his private interests.”

Great Northern Minerals (ASX:GNM)

GNM has welcomed the third earn-in stage sale of Golden Ant shares from Great Eastern Gold (GEG) who has now received a further 35.5% interest in Golden Ant Mining.

This means GEG has moved from a 27.5% equity position in Golden Ant Mining to 63% and will increase to a cumulative 90% interest with a further $1m in cash consideration payable to GNM.

GNM sold its majority interest in the Camel Creek and Golden Cup gold-antimony projects in 2023 to focus on near-term exploration and development at its Finland assets.

Blackstone Minerals (ASX:BSX)

(Up on no news)

BSX entered a ‘merger of equals’ with IDM International to acquire the Mankayan copper-gold project in the Philippines last week.

The project is described by BSX managing director Scott Williamson ‘as one of the largest high-grade undeveloped porphyry projects globally’.

Mankayan features a large mineralised system with a high-grade core and orebody that remains open to the north, south and at depth which provide opportunities for resource growth.

Historical drill intersections include 911m at 1% copper equivalent from 156m, including 253m at 1.43% copper equivalent and 543m at 1.08% copper equivalent from 262m.

At Stockhead we tell lit like it is. While Caprice Resources is a Stockhead advertiser it did not sponsor this article.