Northern Territory Image Sourced ShutterStock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

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.

ICG by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Bourse finishes week on a high as Wisetech pummeled | November 22, 2024

The ASX200 closed up 0.85% at 8,393 points. Economists increasingly expect interest rates in Australia won’t…
The Market Online Video

HotCopper Highlights: Your most watched stocks for Week 47, 2024

In this segment we’ll look at the top stocks HotCopper users have been watching, and discussing,…
Nuclear explosion mushroom cloud concept

Week 47 Wrap: HotCopper users’ most watched; Brent lifts on Putin’s scary letter; RFK dents CSL

Welcome to the end of another week. Let's start with what HotCopper users have been watching…
Dale Gillham's photo, and wording 'Words from Wealth Within's Chief Analyst Dale Gillham.

Dale Gillham’s weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

The $8.8 billion dollar merger between Sigma Healthcare and Chemist Warehouse is poised to reshape the Australian pharmacy landscape, consolidating power in th…