The Market Online - At The Bell

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

  • Micro-cap explorer Inca Minerals (ICG) has received fresh recommendations from an independent consultancy for an extra nine holes for drilling at its Riqueza project in Peru
  • The company now has 19 drill targets in the project area, each prospective for several styles of mineralisation
  • Following the recommendations, Inca has upgraded its planned program to 30 holes for 13,460 metres of drilling
  • Inca has now started the drill permitting process so that it’s legally allowed to start exploring the project
  • This process usually takes around 17 to 25 weeks, according to Inca
  • Shares in the company closed grey today and worth 0.2 cents each

Micro-cap explorer Inca Minerals (ICG) has received fresh recommendations from an independent consultancy for an extra nine holes for drilling at its Riqueza project in Peru.

The recommendation highlighted an extra five drill targets in the project area. This means the company now has 19 drill targets all prospective for epithermal, porphyry, skarn, and other styles of mineralisation.

The way Inca puts it, each target represents a stand-alone opportunity for a significant discovery.

Following the new recommendation, the company has upgraded its planned drilling program and will explore 30 holes for 13,460 metres of drilling.

It should be noted, however, that the five new targets from the review were not included in a recent induced polarization (IP) survey, but are rather recommended for drilling based on other strong criteria such a magnetic, geochemistry, geology, and more.

Inca said after today, it won’t receive any more drill targets from the independent consultancy but told investors it will be adding to the list of drill targets itself.

Importantly, the drill permitting process has officially started. Inca said getting all required permits — which includes water, archaeological, and other types of permits and a certificate to commence work — generally takes between 17 and 25 weeks.

Inca is now two weeks into the process, meaning this first stage of permitting is likely still a good few months away.

Of course, all the drilling targets in the world mean nothing if you aren’t allowed to drill. As such, today’s news did little to budge the Inca Minerals share price as investors wait out the permit period. Shares closed grey worth 0.2 cents each in an $8.13 million market cap.

ICG by the numbers
More From The Market Online

Provident Aurum’s off-market bid sends Sihayo shares soaring

Small-cap mineral and gold explorer, Sihayo Gold (ASX:SIH) shares have soared, on news that the company…

It’s hard to imagine a world without a mining company called Anglo American

Growing up in South Africa it seemed inconceivable that Anglo American, a mining colossus at its zenith…
The Market Online Video

Geology is King: Sun Silver says Maverick Springs will outshine high-grade Australian mines

Sun Silver Ltd (ASX:SS1) is seeking gold, silver and pathfinder elements at their Maverick Springs project…

Viridis’ Brazilian holdings good for both light and heavy REEs, results beyond 27K ppm

Viridis Mining and Minerals (ASX: VMM) has remained steady on the market today on grades topping 27,000 parts per million from its rare