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Caprice Resources (ASX:CRS) has had a day to forget on Tuesday, plunging as much as -30% lower through the trading day after investors were left than impressed by the explorer’s latest deep intercepts just uncovered at Island.
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The explorer has clawed back some of its worst losses to sit at 9.9 cents a share at the time of writing (about -20% from open), but it’s still dour reading.
It wasn’t all bad news in the Dec. 9 release, with Caprice still flagging strike and dip extensions at the Vadrians lode system at its Island gold project. That, the company wrote, was important because it “demonstrates mineralisation exists down to at least 400 metres below surface,” and it remains open, too.
Two diamond holes in the drill run intersected gold at 294 and 415 metres down dip, with both clipping the margin of a plunging high-grade lode.
But, for all the declarations of this being an “exceptional outcome” and heaping on great potential for the project from managing director Luke Cox in the same release, Aussie traders simply weren’t biting today.
The biggest issues many Caprice traders had hinged on the actual intercept numbers clocked up at depth today; the best was reported at two metres at 2.7 grams per tonne gold from as far down as 413 metres.
Some on the HotCopper forums described the results as “pretty ordinary,” though others took the huge Tuesday dump as an opportunity to buy up more.
There was less optimism on other social media platforms, where some holders said the explorer “could be f**ked.” There were still some outlying advocates, though, one of whom said they thought the drop was “overdone.”
None of that has dented Caprice’s excitement, though, with the leadership group still pointing to “a very exciting period ahead” as Phase Four drilling really gets underway and three more rigs spinning up on-site.
“These results continue to enhance our model, drill targeting, and general understanding of the controls on high-grade mineralisation,” Mr Cox concluded.
To lunchtime, CRS shares have been down -20.1%.
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