Caprice Resources : LAST RC RESULTS RECEIVED, LAKE AUSTIN AIRCORE UNDERWAY

The program will test the southern end of Lake Austin and is the first drilling to assess this area, with approximately 4,000m planned.

Aircore drilling has commenced on Lake Austin at the Island Gold Project.

The 2021 RC program identified multiple high-gradeareas that require further testing, with follow up drilling to commence in the next few months.

The assays follow previous outstanding results (ASX: 8/11/21 and 31/01/21), demonstrating the potential of the IGP, including:

The remaining results of the 2021 expansionary RC drilling on The Island have identified an additional high-gradeprospect in Evening Star, with results including:

ASX RELEASE | 17 February 2022 | ASX:CRS

LAST RC RESULTS RECEIVED; LAKE AUSTIN AIRCORE UNDERWAY

onlySUMMARY

1. 7m @ 3.5g/t Au from 89m, incl. 4m @ 5.2g/t Au, o 8m @ 1.0g/t Au from 24m, and
   o 2m @ 2.2g/t Au from 17m.

use

1. 10m @ 16.1g/t Au from 104m, incl. 6m @ 26.1g/t Au - Vadrians Hill, and o 9m @ 4.7g/t Au from 101m, incl. 3m @ 9.2g/t Au - Trigg Gully

personalCaprice Resources Ltd (ASX: CRS) ("Caprice" or "the Company") is pleased to provide an exploration update for the Island Gold Project ("The Island", "IGP", "Project"), located in the Murchison region of Western Australia.

The 2021 expansionary RC drilling successfully validated or identified seven high grade gold prospects on The Island. The results from the last six holes have confirmed a seventh prospect, with high grades returned from Evening Star. Follow up RC is planned to test strike and depth extensions to the mineralisation identified from the program.

Aircore drilling has commenced on the Lake Austin portion of the IGP. This is the first drilling to test the geology and structures underneath the transported cover of Lake Austin. The drilling will target broad, Forlow level regolith anomalies greater than 100ppb Au. A 100ppb regolith anomaly is seen as a halo to high grade mineralisation in adjacent Musgrave Minerals Ltd (ASX:MGV) and Evolution Mining Ltd

(ASX:EVN) ground. Any similar regolith anomalies would provide clear targets for follow up drilling.

Managing Director, Andrew Muir, commented:

"The aircore drilling of Lake Austin is very exciting. Whilst the Murchison region has a number of very significant gold deposits, the Lake Austin part of the IGP has never been drilled. Furthermore, interpretation of geophysical data has indicated favourable structures and geology.

"The expansionary RC program demonstrated the prospectivity of The Island with many high-grade intercepts. Many of the high-grade prospects are associated with structures and orientations that continue underneath the lake, all of which bodes well for the prospectivity of the IGP and its potential to host mineralisation of significance."

CAPRICERESOURCES.COM.AU

Level 3, 10 Outram Street, West Perth WA 6005 Australia

ASX RELEASE | 17 February 2022 | ASX:CRS

only
use			New Orient
	The Island	Lake Austin
		Campers
	Trigg Gully
personal
		Vadrians North
Evening Star		Alpha BIF
Baxters/Golconda
	Vadrians Hill
Chicago/Shamrock		Eureka
		Ironclad
For		Condenser

Figure 1: Island Gold Project Prospects

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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia

ASX RELEASE | 17 February 2022 | ASX:CRS

Geology and Background

onlyThe Island comprises a 600-700m wide sequence of Banded Iron Formation (BIF) packages with intercalated mafic volcanic, mafic intrusive and clastic sediments. The BIF packages range in width from 3m to 30m.

BIF hosted gold was historically mined from many small open pit and underground mines between 1897- 1903. The Project was privately held between 1993 and 2020, with exploration limited to close spaced shallow drilling adjacent to historic mines. Caprice acquired the Project with the aim of applying a modern and systematic exploration approach to unlock the potential of the high-grade mineralisation.

useAll drilling and historical workings to date have been limited to The Island area of the IGP, which covers approximately 25% of the Project. The remaining 75% is covered by Lake Austin.

2021 RC Drilling

The expansive RC exploration program was completed between July and October 2021 with 83 holes personalcompleted for a total of 8,093m. The program largely tested the Bravo BIF package, with a number of

holes also following up mineralisation in several other BIF packages.

All holes targeted BIF hosted mineralisation, though some mineralisation was noted in other rock types. The program was primarily designed to test the frequency and orientation of structures that control high grade mineralisation across the Bravo BIF package.

The first 77 holes were reported to ASX on 8 November 2021 and 31 January 2022. The remaining 6 holes have finally been received, returning quality mineralisation at the Evening Star prospect.

Better results include:

o 7m @ 3.5g/t Au from 89m in 21IGRC0035, incl. 4m @ 5.2g/t Au from 89m, o 8m @ 1.0g/t Au from 24m 89m in 21IGRC0035, and

o 2m @ 2.2g/t Au from 17m89m in 21IGRC0035.

The 7m @ 3.5g/t Au intercept within the Bravo BIF displays the same characteristics as previous Forsignificant intercepts from the program, with quartz veining, pyrite and pyrrhotite replacement and

strong chlorite alteration of the host.

Within the same hole, the overlying Charlie BIF package, which was known to be mineralised through previous drilling and several historic shafts, was also tested and returned two significant intervals.

The identification of mineralisation in both Bravo and Charlie BIF packages highlights the potential for the controlling structures to enable mineralisation in parallel BIF packages where the structures cut across the BIF stratigraphy.

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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia

ASX RELEASE | 17 February 2022 | ASX:CRS

use only

1m @ 2.3g/t

9m @ 4.7g/t

2m @ 9.3g/t

4m @ 0.9g/t

10m @ 16.1g/t

7m @ 3.7g/t

2m @ 3.7g/t

3m @ 3.0g/t

6m @ 2.7g/t	2m @ 3.7g/t

2m @ 1.6g/t

7m @ 3.5g/t

8m @ 1.0g/t

2m @ 2.2g/t

4m @ 3.4g/t

2m @ 3.8g/t

2m @ 4.8g/t

For personal

3m @ 1.3g/t

Figure 2: All drilling across The Island, collars coloured by max Au in hole. New significant intercepts are highlighted in yellow, significant intercepts from 8 Nov 2021 & 31 Jan 2022 are highlighted in white.

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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia

ASX RELEASE | 17 February 2022 | ASX:CRS

Summary

onlyThe results from the 8,093m program highlighted that the distribution of gold mineralisation within a single BIF package is common and frequent. Structural interpretation indicates the mineralisation is being controlled by an interplay between north-east and north-west striking faults and shear zones. These structures are interpreted to cut across multiple BIF packages and are also interpreted to project into the lower stratigraphic sequence (Murrouli Formation) to the east of the Island below Lake Austin.

A significant number of conceptual exploration targets can now be generated where the controlling structures interact with BIF packages and the unknown stratigraphy below Lake Austin.

useFuture RC drilling will aim to confirm the scale and orientation of the recent discoveries within the Bravo BIF package and to begin testing conceptual targets within parallel BIF packages.

Aircore Drilling

The maiden aircore (AC) drilling program is now underway and is designed to test the geology and structures underneath the Lake Austin transported sediments.

personalStrike Drilling has been engaged to undertake the program, with drilling restricted to a sand and calcrete peninsula at the southern end of Lake Austin.

The program will be in the region of 4,000 - 4,500m across 50-60 holes subject to final hole depths and the depth of the weathering profile across the program area.

The line and hole spacing is designed to target broad, low level regolith anomalies of greater than 100ppb Au. This level of gold anomalism is seen overlying significant bedrock mineralisation on adjacent tenements held by MGV and EVN.

The delineation of a coherent +100ppb Au anomaly would provide a clear target for follow up drilling.

In addition, bottom of hole multi-element analysis will be undertaken to aid in the interpretation of bedrock lithologies.

The program is expected to take two to three weeks to complete with first results expected by late April, Fordepending on assay turnaround.

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CAPRICERESOURCES.COM.AU Level 3, 10 Outram Street, West Perth WA 6005 Australia