Inca Minerals and South32 ready to attack Riqueza
2 minute read
Having ratified its joint venture and earn in agreement with South32 Ltd (ASX:S32), Inca Minerals Ltd (ASX:ICG) provided an update on its activities at the Riqueza project in Peru, as well as underlining its intentions to embark on another joint-venture opportunity with a particular focus on low-cost opportunities that show early potential for large scale mineral systems.
At the time of the update Inca Minerals also advised that it had entered into binding arrangements to raise $289,500 (before raising costs), an initiative that will provide additional funds for upcoming exploration.
However, Riqueza remains the main game and having maintained a state of readiness at the site, the resumption of exploration operations focused on zinc and copper mineralisation is imminent.
Furthermore, a number of initiatives have been undertaken leading up to the exploration program that will assist the company in defining targets.
Exploration results to be available in coming months
Among other activities, WorldView3 satellite imagery has been ordered to further define targets.
The interpretation is being completed by the same firm that completed the headline geophysics target modelling.
Parallel to remote sensing work, planning for the two programs that includes detailed mapping, focusing on porphyry, skarn and structure and grid (geochemical) sampling are well advanced.
Expert porphyry-skarn-structure geologists will join management on site in early May.
The grid sampling program will generate over 1,800 samples and will provide geochemical heat map targets to overlay the geophysics targets.
The combination of geochemical and geophysical anomalies will further refine the potential targets for future drilling.
A comprehensive exploration program has been scheduled for the first year and the company expects a steady news flow of various exploration results in the coming months, a possible source of market moving developments.
Another potential share price catalyst is the securing of a new project as we discussed earlier.
The following demonstrates management’s methodology in selecting such a project.