Inca focusing on big discoveries in northern Australia

Drilling in Queensland and NT this year

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Inca focusing on big discoveries in northern Australia Inca focusing on big discoveries in northern Australia Inca focusing on big discoveries in northern Australia Inca focusing on big discoveries in northern Australia Inca focusing on big discoveries in northern Australia

Explorer Inca Minerals spent the December quarter laying the groundwork for a big year of exploration in 2022.

The company was active across three projects in the Northern Territory and Queensland in the December quarter, with all delivering promising results.

In the NT, the company completed a multiple zone ground gravity survey at the Frewena project in the September quarter.

Modelling defined multiple drill-worthy targets targeting tier one iron oxide-copper-gold (IOCG) and sedimentary exhalative (SEDEX) deposits under the cover sequence.

A reconnaissance drilling program has been designed to test the targets at Mount Lamb, Jumping Spider, Desert Creek, Plains and Roadhouse.

Inca had a big win in the December quarter when the NT government awarded the company an exploration licence encompassing a government-funded diamond hole which hit widespread hydrothermal alteration and open-ended visible sulphide mineralisation over 326.8m from 89.5m downhole.

The company won A$200,000 in co-funding from the NT government for 90,000 line kilometres of detailed airborne magnetic and radiometric surveys over Frewena and the separate Jean Elson project.

In Queensland, rain interrupted an induced polarisation survey at the McCauley Creek project.

Inca has established an office and core shed in Mt Isa to support exploration activities at Frewena, Jean Elson and McCauley Creek.

Looking ahead, the company is planning three phases of drilling at Frewena this year, with the second and third phases to be dictated by the results of the first phase.

At Jean Elson, ground geophysics is planned for the June quarter, ahead of drilling in the second half of the year.

Inca will use the results of the IP survey to generate drilling targets at McCauley Creek for the September quarter.

"2022 is the year that we commence drilling in Australia," Inca managing director Ross Brown said.

Inca also holds the Greater Riqueza copper-gold-silver-lead-zinc project in Peru, which counts BHP, First Quantum and Anglo American as its neighbours.

Four holes drilled in the northeast area of the project did not identify economic mineralisation, but the acquisition of Riqueza South will see the company focus on the more prospective southern areas of the project this year.

It is planning drilling at Central and Southern Riqueza in the June quarter, as well as mapping and sampling at Riqueza South.

The company closed the December quarter with a healthy cash balance of $9.4 million, which it expects will fully fund activities this year.

 

 

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HEAD OFFICE:

SOCIAL MEDIA:

DIRECTORS: 

  • Ross Brown
  • Dr Jonathan West
  • Gareth Lloyd
  • Adam Taylor

QUOTED SHARES ON ISSUE:

  • 481.2 million

MARKET CAP (at March 8, 2022):

  • $43.8 million

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category-img

HEAD OFFICE:

SOCIAL MEDIA:

DIRECTORS: 

  • Ross Brown
  • Dr Jonathan West
  • Gareth Lloyd
  • Adam Taylor

QUOTED SHARES ON ISSUE:

  • 481.2 million

MARKET CAP (at March 8, 2022):

  • $43.8 million