Inca excited by MaCauley Creek results


Published 30-JUL-2019 10:49 A.M.


2 minute read

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Inca Minerals Limited (ASX:ICG) announced this morning that it has identified a number of significant geochemical anomalies generated from previous stream, soil and rockchip sampling programs its MaCauley Creek Project.

The MaCauley Creek Project was acquired by Inca in June this year and the company has continued its research and review of past exploration activities.

Read: Inca sees strong porphyry potential at MaCauley Creek

This diligence now looks to be paying off.

MaCauley Creek is located in Queensland and occurs within the Townsville-Mornington Island mineral belt, which hosts more than twenty porphyry deposits and/or prospects.

Multi-element stream, soil and rockchip geochemical anomalies have revealed strong copper, gold, molybdenum, zinc and lead mineralisation associated with granite outcrops within a large geophysics magnetic target.

Highlights include:

  • sample #204027: 8.44% copper (Cu), 720g/t gold (Ag), 2.35% zinc (Zn);
  • sample #204023: 4.34% Cu, 348g/tAg;
  • sample #204024: 4.28% Cu, 156g/t Ag, 2.34%Zn, 1.50% lead (Pb);
  • sample #204007: 3.10% Cu, 227g/t Ag, 1.90%Zn, 8.20% Pb, 128ppm Mo; and
  • sample #204003: 1.60% Cu, 204g/t Ag, 11.70% Pb.

These results, enhanced by past geochemical results, point to MaCauley Creek’s prospectivity as a potential Tier-1 porphyry project.

Here’s a look at 10 of 24 rockchip samples collected at MaCauley Creek by RMA Energy in 2007-08 showing Cu, Ag, Mo, Pb and Zn results.

The diagram below shows the relationship between gold and copper based on the samples above and shows that as gold increases, so too does copper.

Ag and Cu mineralisation is linked, as can be expected in a mineralised porphyry system.

Between 2007and 2011 RMA, who held ground that now comprises Inca’s MaCauley Creek Project area, conducted a number of stream sediment, soil and rockchip sampling programs. For more detail about this program see today’s ASX announcement.

Inca believes this previous exploration strongly supports the concept of a possible porphyry at MaCauley Creek and that its potential metal payload of Cu, Au, Mo (as well as Ag, Zn, Pb).

As such, Inca is seeking to fast-track significant exploration at MaCauley Creek by targeting communications with a select number of major mining houses who are actively searching for porphyries in Australia.

Inca will also seek to implement an exploration program that immediately investigates the strong porphyry evidence already known in the project area.

The proposed 24-month program will include:

  • Further interpretation and integration of RMA and government geophysical data;
  • Ground reconnaissance focusing on known target areas and old mine workings;
  • Detailed mapping and sampling for the purpose of generating prioritised drilling targets;
  • Possible ground geophysics to better define targets for future drill testing; and
  • Drill testing high priority porphyry targets.

Inca is planning a site visit to the MaCauley Creek Project in July-August.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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