- Inca Minerals (ICG) has been awarded an exploration licence in the Northern Territory, extending its Mount Lamb target at the Frewena Group project
- The Department of Industry, Tourism and Trade named Inca the successful applicant for the licence, which encompasses two government-funded drill holes
- If the licence is granted, ICG says one of the drill holes will be “absorbed” into the Mount Lamb target and integrated into the drill program, as if it was drilled by the company
- In other news, the company is completing geophysical surveys across the Frewena East and Frontier area and expects to generate further targets
- Shares are trading in the green, rising 12.5 per cent to 9.9 cents at 10:42 am AEDT
The Northern Territory’s Department of Industry, Tourism and Trade has deemed Inca Minerals (ICG) as the successful applicant for an exploration license and will now move through to the granting process.
The licence encompasses two government-funded drill holes, NDIBK01 and NDIBK04, which will become part of its Mount Lamb target at the Frewena Group project in the Northern Territory.
According to the company, this approval is a pivotal outcome that will see the land area of NDIBK04 integrated in to the upcoming drill program at the Mount Lamb target and would be “as if it was drilled by the company”.
The drill core and data obtained will remain property of the Northern Territory Government however, ICG said the hole has “enormous” strategic importance in unlocking the sedimentary exhalative deposits and iron oxide copper-gold potential of the broader region.
Inca will progress to the granting process and if successful, will be entitled to drill at the same location and potentially re-open the holes to drill to greater depths.
While Government sample results are pending, ICG said NDIBK04 hosts widespread hydrothermal alteration and sulphide mineralisation over a down-hole interval of 326.8 metres, from 89.5m end of hole.
Additionally, visible copper and arsenopyrite have been noted from 250 metres to the end of hole.
At the wider Frewena East and Frewena Frontier, the company is undertaking a large airborne magnetics and radiometric survey, covering the Jumping Spider and Roadhouse prospects.
Once completed, Inca hopes to have identified further targets to be refined by ground gravity surveying ahead of any drill testing.
To service all its Australian projects, the company has purchased a property at Mt Isa which will include a field office, sample storage, core storage and core logging facility.
Inca said with drilling imminent at Frewena and future drilling planned at Jean Elson and MaCauley Creek, the facility will be vital.
Shares are trading in the green, rising 12.5 per cent to 9.9 cents at 10:42 am AEDT.