- Inca Minerals (ICG) makes a “positive start” to its initial reconnaissance drilling program at the Frewena Group Project in the Northern Territory
- The company has drill rigs progressing the Mount Lamb and Roadhouse-Jumping Spider prospects in the project area
- Inca says early-stage results from its drilling work are showing strong indications of sedimentary exhalative (SEDEX) and iron-oxide-copper-gold (IOCG) potential
- Meanwhile, in the Jean Elson area, Inca has outlined six new drilling targets based on data from airborne magnetic and radiometric surveys and open-file databases
- Inca Minerals shares were down 3 per cent to 9.7 cents at 11:03 am AEST
Inca Minerals (ICG) has made a “positive start” to its initial reconnaissance drilling program at the Frewena Group project in the Northern Territory.
The company this morning said it had completed 3210 metres of drilling so far in the area so far, with work showing strong indications of sedimentary exhalative (SEDEX) and iron-oxide-copper-gold (IOCG) potential.
Rig 1 in the greater Mount Lamb prospect area has completed its first hole and is nearly at the finish line for the second hole. The first hole has recorded SEDEX-style alteration and sulphide occurrences in initial core logging.
Rig 2 at the Roadhouse-Jumping Spider prospect has completed four reverse circulation collars and is nearly finished with its first diamond tail.
Inca said although the drilling program at Frewena was in its early stages, results so far — based on onsite preliminary core logging — were positive, and the company was looking forward to advancing the program.
Meanwhile, at the Jean Elson area, the interpretation of recent airborne magnetic and radiometric information alongside data from open-file databases has resulted in the identification of six new large-scale targets.
Inca said it had moved quickly to further improve the definition of these targets through a comprehensive program of geophysical surveying that includes ground gravity surveys, which are nearly complete.
Data from these surveys will better define the drill targets, with drilling slated for the December quarter.
After visiting the drill site, Inca Managing Director Ross Brown said he was pleased with the rapid development of the company’s Australian exploration portfolio.
“The two rigs at Frewena and the activation of all three recommended geophysical surveys at Jean Elson is a demonstration of our commitment to Australian-based exploration,” Mr Brown said.
“At the same time, we are keeping the best of the untested and new exciting targets at Riqueza.”
Inca Minerals shares were down 3 per cent to 9.7 cents at 11:03 am AEST.