Inca’s plan to drill IOCG targets in the Top End sends shares soaring 40%

Inca Minerals Ltd (ASX: ICG) shares keep pushing up – rising 40 percent from market open – as the company announces plans to drill several prospective IOCG targets at Camel Creek and Kestrel prospect in the Northern Territory.

The two prospects form part of the Jean Elson project – located 325 kilometres east of Alice Springs and 30 kilometres north of Inca’s Lorna May project – where previous work has suggested the area could be prospective for Olympic Dam style iron ore copper gold (IOCG) mineralisation.

Several drill-ready targets have been picked out through Inca’s previous work, comprised of geological interpretation, rock chip geochemical data work and 3D modelling of gravity and magnetics data.

Each prospect shows quite different geological features: Camel Creek is dominated by outcropping – mainly of malachite – with two main areas of interest being Sunset Boulevard and Ningaloo, while the Kestrel prospect is entirely under cover.

At Sunset Boulevard, 3D modelling has revealed coincident gravity and magnetic anomalies underlying the outcropping, while that of Ningaloo features low magnetics, and correlates with a widespread haematite alteration mapped in the area.

At Kestrel, drill targets have been identified through gradient array IP data, which strong chargeability and conductivity features.

In addition, the targets at both Camel Creek and Kestrel are shallow, meaning they can be tested with shallow reverse circulation (RC) drilling, and rigs are set to be on-site within the week to begin a program of work described as ‘long awaited’.

The initial program will focus on Ningaloo-Sunset Boulavard’s outcropping mineralised vein system, where economic grade copper assays were recorded around the ‘J’ and ‘K’ veins.

Inca was trading at 0.7c at 13:30 AEST.