Upcoming assay results could drive Inca higher
Strong news flow throughout the month of August resulted in shares in Inca Minerals increasing 50% from .004 cents to a high of .006 cents last week.
The most recent spike occurred under high volumes and was in response to the company’s announcement that it had discovered 31 mineralised bodies during mapping and sampling at its Riqueza project in Peru.
It should be noted here that ICG trading trends to date are not an indication of future share price performance and these should not form the basis of an investment decision.
This brings the total number of mineralised bodies known to date to 61 and management highlighted that the frequency of discovery suggests more promising news can be anticipated given that areas on the eastern and western flanks of the deposit are also likely to point to potential exploration targets.
This most recent exploration activity comes on the back of strong success at the group’s Pinta prospect during May and June where peak grades were 10% zinc, 240 grams per tonne silver and 11.5% lead.
In relation to current and planned exploration pre-drilling, managing Director Ross Brown said, ‘We are pursuing a strategy of find, refine and define”.
He highlighted the importance of understanding the number, shape and size of targets prior to drilling and noted that with the vast majority of the prospect area yet to be covered, the company was still very much in the find or discovery phase.
On this note he said, “The timing needed to secure the drill permit and operations certificate will suit us well and we will use that time to identify all possible targets, define their spatial parameters and prioritise the targets prior to commencement of drilling”.
Given there are still assay results pending from the August mapping/sampling program at Riqueza there is the potential for share price catalysts to emerge in the near term. These results should be released in September.
In relation to upcoming assay results, Brown said, “I’ve been delighted by the sheer number and quality of the new discoveries during this program and with assay results keenly anticipated I am looking forward to increasing the number of quality targets in readiness for our maiden drilling campaign at Riqueza”.
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