- Inca Minerals (ICG) progressed exploration work at its Frewena, Jean Elson and MaCauley Creek projects in Australia
- The company outlined a 29-hole drilling effort to test 11 targets across the Frewena Group project in NT after major survey work was completed
- Inca was also awarded an exploration licence by the NT government which comprises two drill holes — one of which intersected widespread alteration and sulphide mineralisation
- In terms of its financial position, Inca invested in a Mt Isa-based facility to support operations and ended the quarter with $9.4 million in cash
- Company shares are trading flat at 10 cents
Inca Minerals (ICG) progressed exploration at its projects in the Northern Territory and Queensland.
During the quarter, the company completed two major surveys covering around 4680 square kilometres across the Frewena and Jean Elson Iron Ore Copper-Gold projects in the Northern Territory, while an induced polarisation (IP) survey was partially completed at MaCauley Creek due to rainfall in Queensland.
Inca Minerals also owns the Riqueza project in Peru where drilling did take place in the NE Area. However, it didn’t identify economic mineralisation. Future drilling is planned.
Inca outlined an extensive drilling program to follow up on 11 targets generated at the Frewena project in the Northern Territory.
The program comprises 29 holes, for 28,200 metres, and will test sedimentary exhalative (SEDEX) and iron oxide copper-gold (IOCG) mineralisation cross the Frewena Far East, Frewena East and at Frewena Fable areas.
The company was also awarded an exploration licence, extending its Mount Lamb target at the Frewena Group project. Inca was named the successful applicant by the Department of Industry, Tourism and Trade for the licence, which comprises two government-funded drill holes.
Hole NDIBK04 previously intersected widespread hydrothermal alteration and visible sulphide mineralisation over a down-hole interval of 326.8 metres.
Inca Minerals said approval of both blocks, especially NDIBK04, marked a ‘pivotal outcome’ and the ground that hosts NDIBK04 will be absorbed into the Mount Lamb target for drilling in the upcoming program.
“2022 is the year that we commence drilling in Australia,” Managing Director Ross Brown said.
The company is however waiting on government sample results from NDIBK04 which are still subject to a range of tests being undertaken by the Northern Territory Geological Survey.
In addition, Inca Minerals invested in an office/shed facility in Mt Isa, Queensland that will provide a ‘strong base’ from which to launch its Queensland and Northern Territory exploration programs.
In the immediate term, the newly-purchased facility will provide storage and core logging capabilities for the Frewena drilling program as well as for future drilling at Jean Elson and MaCauley Creek.
The company spent $225,000 on staff and admin costs. It invested $533,000 on the property, plant and equipment, and a further $2.1 million on exploration and evaluation.
At the end of the December quarter, Inca had a cash balance of $9.4 million compared to $12.4 million at the end of the previous quarter.
Company shares were trading flat at 10 cents at 12:27 pm AEDT.