- Inca Minerals (ICG) confirms 11 tier one scale IOCG/SEDEX targets across its Frewena Far East, Frewena East and Frewena Fable projects in the NT
- The targets have been identified in a recently completed, independent report
- Third-party consultants have recommended a more than 9000-metre drilling program at Frewena to test the targets
- Ground gravity surveys are also recommended across the projects, with the results to inform planned drilling at Frewena later this year
- Shares in Inca Minerals are trading steady at 13 cents apiece at 11:01 am AEST
Inca Minerals (ICG) has confirmed 11 tier one-scale iron-oxide copper-gold/SEDEX targets across its portfolio of projects situated in the Northern Territory’s East Tennant region.
The targets have been identified by an independent report, which details finalised interpretations, target descriptions and exploration recommendations concerning the Frewena Fable, Frewena East and Frewena Far East projects.
According to Inca, the report was informed by a detailed study, which included the compilation, processing and 3D modelling of geophysical data, as well as the integration of results with other available data sets, high-level interpretation and target generation.
Significantly, the company said the study identified of a cluster of five IOCG-SEDEX targets at Frewena Far East, of which three were rated top priority.
All of the targets reportedly have coincident magnetic and gravity anomaly highs — a signature characteristic of IOCG deposits — and are located on major northeast–southwest structures.
The cluster is also said to correspond to the Mount Lamb, Plains and Desert Creek targets.
Additionally, the Frewena Fable Project has been found to host four IOCG targets, with one priority one and three priority three targets.
Elsewhere, at Frewena East, two priority one IOCG/SEDEX targets have been identified, with one corresponding to Inca’s existing Roadhouse Target, which is centred 800 metres east of ASX-lister Middle Island Resources’ (MDI) copper discovery at its Crosswind Copper Prospect.
While the discoveries take the total number of identified targets across Frewena to 11, ICG said it was important to note the company’s airborne magnetic and radiometric survey had not covered Frewena Far East, resulting in a less complete data set when compared with the other surveyed projects.
Next steps
Following the report, Inca’s independent consultant has recommended two ground gravity survey grids at Frewena Far East, in addition to two at Frewena East and one at Frewena Fable.
The third-party has also recommended a 10-hole first pass drill program over 9201 metres, with holes ranging from 600 metres to 1200 metres in depth and averaging 920 metres.
Inca intends to review the suggested targets and recommendations over the coming weeks, with the intention to integrate the new targets with those already existing at Frewena Fable, such as Tamborine and Alpaca Hill.
Notably, most of the recommended ground gravity surveys are already advanced in their design, with quotes anticipated in the coming months.
Subject to the surveys’ results, Inca plans to commence drilling at Frewena later in the year. Based on existing data, the company said first-phase drilling would likely take place at the Mount Lamb Target.
ICG is reviewing a dossier of geophysical images of the targets and project areas, provided by the consultancy, and intends to release selected images to help shareholders and new investors understand each target.
Early in the session, Inca Minerals shares were trading steady at 13 cents apiece at 11:01 am AEST.