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- Inca Minerals (ICG) has received highly encouraging results from an exploration program completed at its Jean Elson Project in the Northern Territory
- All up, 81 rock chip samples were collected across the Ningaloo, Sunset Boulevard, and Mt Cornish South prospects to validate historically reported iron-oxide-copper-gold (IOCG) mineralisation
- Grades peaked at 6.4g/t silver, 10.3 per cent copper, 42 parts per billion gold, and more than 50 per cent iron
- Inca will now look to fast track exploration during 2021 with an airborne magnetic-radiometric survey to be undertaken shortly
- Company shares are up 5.45 per cent this morning, trading for 5.8 cents each
Inca Minerals (ICG) has received highly encouraging results from an exploration program completed at its Jean Elson Project in the Northern Territory.
The project is held in a joint venture between Inca Minerals and MRG Resources and consists of two exploration licence applications (EL).
The aim of this program was to validate historically reported mineralisation and elevated geochemistry.
All up, 81 rock chip samples were collected across the Ningaloo, Sunset Boulevard, and Mt Cornish South prospects with the size and scale of the mineralisation greatly expanded.
“Early results at Camel Creek show a stacked sequence of hydrothermal copper-silver veins and breccias. On a very much broader scale, both are located within a craton-margin tectonic setting – corridors for iron-oxide copper-gold (IOCG) and orogenic gold mineralisation,” Managing Director Ross Brown said.
Ningaloo
32 samples were taken from the Ningaloo Prospect with work confirming the location and metal content of historical quartz-hematite veins.
Additionally, Inca also identified significant extensions to the mineralisation and found for additional veins.
There are now six individual veins, spanning a width of at least 500 metres and a length of 200 metres.
Of the 32 samples collected, 11 returned between 1.62 per cent and 10.3 per cent copper, while 10 returned between 0.1 per cent and 1 per cent copper.
Further, up to 6.4g/t silver, 42 parts per billion (ppb) gold, 65 parts per million (ppm) uranium, and 37 per cent iron was returned.
Sunset Boulevard
12 samples were collected from the Sunset Boulevard in an area to the immediate southwest.
Sunset Boulevard lies roughly 1.5 kilometres southeast of Ningaloo, with both prospects controlled by structure and having a similar orientation, elevated geochemistry, and alteration.
As a result, they are considered to be related to each other, potentially representing a single hydrothermal system.
Mt Cornish South
The remaining 37 samples were collected from the Mt Cornish South Prospect with peak results of 564 ppm copper, 37ppb gold, 1.31 per cent silver, 3290 ppm lead, 240 ppm zinc, 65 ppm uranium, and more than 50 per cent iron being returned.
Historic work returned up to 0.31 per cent copper, 320 ppm uranium, and 22.9 per cent iron. While there wasn’t a repeat of historical assays for every result, these new assays confirm an important geochemical signature.
Inca will now look to fast track exploration during 2021 with an airborne magnetic-radiometric survey to better define Mt Cornish South’s regional structures.
Company shares are up 5.45 per cent this morning, trading for 5.8 cents each at 11:43 am AEDT.
