Major zinc grades at Inca’s Cerro Rayas project

Published at Oct 6, 2017, in Small Caps

Inca Minerals Limited (ASX:ICG) today released promising results from underground channel sampling at its Cerro Rayas zinc-silver-lead project in Peru. The announcement reports bonanza zinc (Zn), silver (Ag) and lead (Pb) grades including 40.92 per cent Zn and 14.06 per cent lead.

The full results are as follows:

40.92% Zn, 2.33% Pb (Sample IM-001004)

34.63% Zn, 7.85% Pb (Sample IM-001006)

33.60% Zn, 7.78% Pb (Sample IM-001012)

32.26% Zn, 10.45% Pb (Sample IM-001013)

27.65% Zn 14.06% Pb (Sample IM-001005)

20.31% Zn, 4.61% Pb (Sample IM-001007)

29.19% Zn, 19.7g/t Ag 27.15% Pb (Sample IM-001001)

23.55% Zn, 10.3g/t Ag, 12.38% Pb (Sample IM-001002)

Considering analysts often use 10 per cent combined zinc-lead as a marker of potential economic grades, ICG’s latest results are very encouraging with some samples being 50+ per cent metal. Over 75 per cent of the samples from just one of the mine prospects, Vilcapuquio, returned ≥ 20% Zn+Pb.

What is of particular interest is the fact these grades are reported from channel samples taken from underground mine workings. Channel samples, taken at the underground mine face, are less selective than rock-chip sampling and, as noted by the company, “a very good indication of actual in situ grades”.

With zinc and lead prices currently both at 10-year highs, and predictions they will remain high for the foreseeable future, ICG’s management will no doubt be pleased with the results coming in from its Cerro Rayas project.

However it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.

The Cerro Rayas Project is located in Peru, approximately 15km northeast of the company’s other Zn-Ag-Pb Greater Riqueza project. Cerro Rayas has at least three prospect areas previously explored by artisanal and community based miners – with these three prospects, Vilcapuquio, Torrepata and Wari, being initial areas of focus for ICG.

The results reported today reflect sampling from mine workings at the Vilcapuquio and Torrepata prospects. However, the company is expecting a further round of underground channel sample assays from both Torrepata and Wari in the next seven to ten days. Management also stated that the sampling shows “strongly developed occurrences of smithsonite”, which is a zinc carbonate with very high zinc content.

Smithsonite is known to contain extremely high levels of zinc (52.15% Zn by molecular weight).

With today’s results, and further assays pending, shareholders could soon see a significant re-rate with ICG.

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