The Market Online - At The Bell

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

  • Inca Minerals (ICG) kicks off fresh geophysical work to refine drill targets across its Jean Elson iron-oxide-copper-gold (IOCG) project in the Northern Territory
  • The company launches an airborne versatile time domain electromagnetic (VTEM) survey over five prospects to test for massive sulphide occurrences
  • Once complete, Inca then plans to commence a gradient array induced polarisation (GAIP) survey in mid-September
  • The work comes as Inca lodges an application for a third exploration licence in the area to increase its Jean Elson footprint to over 2100 square kilometres
  • Shares in Inca Minerals are up 6.52 per cent to 4.9 cents at 11.08 am AEST

Inca Minerals (ICG) has kicked off fresh geophysical work to refine drill targets across its Jean Elson iron-oxide-copper-gold (IOCG) project in the Northern Territory.

The company has launched an airborne versatile time domain electromagnetic (VTEM) survey over five prospects in the area to test for massive sulphide occurrences.

Meanwhile, Inca has planned to launch a gradient array induced polarisation (GAIP) surveying in mid-September. The GAIP survey was originally scheduled for between May and June but had to be pushed back due to COVID-19 restrictions. Inca said it expected the survey to take around a month to complete.

When results have been received from these two surveys, the company will integrate the data with existing magnetic-radiometric and gravity datasets to help identify and prioritise drilling targets.

Subject to the completion of the surveys, Inca has planned to have drill rigs onsite in the upcoming drilling season in early 2023.

General Manager Ross Brown said the cumulative results being generated by exploration at the Jean Elson project were “compelling”.

“Like the early development of Frewena, which is still in its drilling infancy, exploration at Jean Elson has ticked all the key lead-up boxes,” Mr Brown said.

“Reconnaissance exploration followed by systematic target generation is Inca’s preferred development pathway and we are pursuing this approach to unlock the potential of this exciting new region.”

The company said the large-scale targets defined at the project so far, particularly in Spinifex Pigeon and Kestrel prospects, showed strong indications of sedimentary exhalative (SEDEX) and iron-oxide-copper-gold (IOCG) potential.

Today’s news comes as Inca lodges an application for a third exploration licence in the area to increase its Jean Elson footprint to over 2100 square kilometres.

Shares in Inca Minerals were up 6.52 per cent to 4.9 cents at 11.08 am AEST.

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

Daily ASX Market Close: Index slides as basketball fan makes $40 million bid for Perth Wildcats, May 30, 2024

The ASX200 continued to slide today, shedding another half a per cent off the back of…
The Market Online Video

Daily ASX Market Update: Materials drags market under – May 30, 2024

The ASX200 is trading down as predicted, around half a per cent.

Sports Entertainment Group jumps 15% as firm bids to buy Perth Wildcats for $40M

Sports Entertainment Group announced on Thursday it has received a non-binding offer to buy WA basketball…
The Market Online Video

Market Update: ASX turns green with real estate flowering

The ASX200 is trading up around 0.7 per cent.